Tapping Into Student Loan Forgiveness Plan For Healthcare Workers

Nursing graduates can turn to student loan forgiveness programs and cancellation programs
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In August 2022, the Biden administration announced a plan to reduce debt for Americans with federal student loans. Those making less than $125,000 per year who meet certain qualifications are now eligible for $10,000 - 20,000 in loan forgiveness. Many nurses and other healthcare workers qualify. This can reduce monthly payments and the duration of your loan significantly.

Nursing school can be expensive, especially at the BSN, MSN, and DNP levels. If you're working and burdened by loans, this guide explores several options for student loan forgiveness, specifically for nurses. You can be free of most or even all of your student loan debt in just a few years. Keep reading to learn more about how to start enjoying or saving more of your salary today.
What Is Loan Forgiveness, and How Does it Work?

Nursing graduates can turn to student loan forgiveness programs and cancellation programs to School of Nursing at Regis College, explains that student loan forgiveness programs offer the chance to eliminate student loan debt and gain continued job security. However, nurses should understand program specifications before accepting funds.

"It is essential that nursing students and nurses understand what will be required of them, for how long, and decide if these requirements are something they see as feasible," she says.

Student loan forgiveness programs come with strings attached. Many require students to fulfill work commitments for at least two years. Crowley reminds nurses that, "because of the requirements set by these programs, nurses won't have the flexibility of where they work or switching employers without loss of the forgiveness benefits."
Student Loan Forgiveness Programs for Nurses

Most loan forgiveness programs require nurses to care for underserved populations or fill other unmet needs. These may involve working for specific organizations, working in specific locations, or serving in the military.
Nurse Corps Loan Repayment

To help address the shortage of nursing school faculty, the Health Resources and Services Administration offers forgiveness of up to 85% of loans (plus interest) for RNs, APRNs, or nursing faculty. You must work for up to three years in a Critical Shortage Facility (CSF) or an accredited nursing school.

Who is Eligible: RN, APRN, or nurse faculty with student debt, with a degree from an accredited school, who works in a CSF, or teaches nursing

Read more: https://nursejournal.org/resources/student-loan-forgiveness-for-nurses/

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