how does loan forgiveness work for nurses

Best answer

Public Service Loan Forgiveness is available to nurses who work for the government or a qualifying not-for-profit. When you participate in this program, you mustmake 120 payments on a qualifying income-driven payment plan. After making the required number of payments, the remainder of your balance is forgiven.

People also ask

  • 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.

  • Does Arkansas have a nursing loan forgiveness program for nurses?

  • Arkansas’ nursing loan forgiveness program requires two years of service in an HPSA, though participants can serve longer. The program pays up to $50,000 for nurses working full time and up to $25,000 for part-time workers. Who Is Eligible: NPs who work at HPSAs, hold unencumbered licenses, and possess unpaid student loans qualify.

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