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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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How do I get my nursing loan forgiven?
Public Service Loan Forgiveness Full-time working nurses who have made at least 120 monthly payments on their Direct Loan through an income-driven repayment plan can find reprieve from their debt. This program benefits nurses based on their employers rather than the type of work they perform.
What are the top 5 student loan forgiveness programs for nurses?
The top 5 student loan forgiveness programs for nurses are: 1 Public Service Loan Forgiveness Program (PSLF) 2 Nurse Corps Loan Repayment Program (NCLRP) 3 State-Level Loan Forgiveness. 4 Perkins Loan Cancellation. 5 Military Student Loan Forgiveness for Nurses.
Can nurses with student loan debt apply for forgiveness?
Nurses saddled with student loan debt can apply to state loan forgiveness programs. While guidelines and award amounts vary by state, generally nurses need to be U.S. citizens and hold a valid state license. States like California require nurses to work full time for two years, or part time for four years.
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.