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The Public Service Loan Forgiveness (PSLF) program offers student loan forgiveness for nurses who are working full time for a government or nonprofit organization bypaying off the remainder of their loans after the first 120 payments. You must either have a William D. Ford Federal Direct Loan or consolidate existing loans into a Direct Loan.
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Can nurses get student loan forgiveness?
However, national and state programs offer student loan forgiveness for nurses. These forgiveness programs usually require multiple years of work in federally designated healthcare professional shortage areas (HPSAs) or for nonprofit and government employers.
What are the different types of loan forgiveness programs for nurses?
Find Nursing Programs 1. Public Service Loan Forgiveness 2. Nurse Corps Loan Repayment Program (NCLRP) 3. National Health Service Corps (NHSC) Loan Repayment Program 4. State-Level Loan Forgiveness for Nurses 5. Perkins Loan Cancellation 6.
How does the Connecticut nursing loan forgiveness program work?
Connecticut’s student loan forgiveness for nurses repays 60% of student loans in exchange for a two-year commitment of full-time employment. Participants may request a third year to receive an additional 25% repayment. This program, unlike many other states’ nursing loan forgiveness programs, focuses solely on mental and behavioral health.
How does Maine’s student loan forgiveness work for nurses?
Unlike many other states, Maine’s student loan forgiveness for nurses does not require working in an HPSA, though those working in HPSAs receive 50% loan forgiveness each year. The program offers the greater of 25% of the original total loan amount or $7,500 forgiveness for each year of practice.