STUDENT LOAN FORGIVENESS PROGRAMS FOR NURSES AND TEACHERS
To help the nursing community the federal government has specifically designed student debt forgiveness programs which will benefit the nursing students. This has been available for many years now under the Federal Nursing Student Loan Forgiveness Program. There are three different programs which will assist the Nursing students in Nursing Loan Forgiveness.
- The Public Service Loan Forgiveness Program: This program is not only specific to nurses but for any person who is willing to take up a job in the public sector. So any nurse who will be willing to work in the public service position will be eligible for this program. Under this program, any nurse who holds a full-time and a qualifying position as a nurse will need to make 10 years worth of loan repayments which will be at least 120 repayments. Once this is done the remaining loan amount will be completely forgiven, no matter how much the amount is.
- The NURSE Corps Loan Repayment Program: This program which is now commonly referred to as NHSC was earlier termed as NELRP which is the Nursing Education Loan Repayment Program. This was initially created to motivate nurses to work in underserved clinics and hospitals. This will, on the other hand, benefit them to write off some of their student loans if they provide qualified service. Under this program, the nurses will be able to wipe out almost 60 percent of their nursing loans if they serve for 2 years in a qualifying facility. If they serve for one more year in the same sector they will get an additional 25 percent more.
- Loan Cancellation for Nurses and Perkins Loan: What many people are not aware of is that the teacher loan cancellation program will be applicable to the nurses also. This will benefit the nurses who work on a full-time basis as they will be able to wipe out 100 percent of their Perkins loans if they work as a qualified full –time nurse for a period of five years. This condition will be applicable for the Perkins loan only. So a student will have to research earlier and choose this program.
These programs are some of the best programs available under the student loan forgiveness programs.
Teacher Student Loan Forgiveness Program
The Federal government has come up with several programs to help the teachers wipe out their student loans. One program which benefits the teachers the most is the Stafford Loan Forgiveness Program. This program is designed to encourage teachers to work in underdeveloped sectors by serving low-income families. This is to make sure that those families have access to education as well as the resources which will not be attainable otherwise.
Under this program, the borrower will have to work for five years in one of the low-income areas and should finish the job which will count five consecutive years. This program will be applicable only for certain types of loans. If the borrower has got a Direct Subsidized or Unsubsidized loan, if they have gone for FFEL Stafford Loan or otherwise Consolidation Loan, then this will be applicable.