NPs hoping to benefit from NCLRP must complete the following time requirements in one of the following arenas: To qualify for NCLRP, NPs must work for one employer or within the same network of dependent satellite facilities. Upon completion of this requirement, there is a small chance that student loan debt will be forgiven. Scholarships, loans, and loan forgiveness programs are all potential options for health professions students to pay for their education. The following loans may qualify for the PSLF program: In order to qualify for PSLF, NPs must work full-time for one employer or the equivalent of full-time for multiple employers in the following sectors: To ensure that one’s employer qualifies, an NP can utilize the PSLF help tool. Most of the repayment programs require the following of NPs: Nurse practitioners selected to participate in NCLRP make a promise to work in underserved healthcare organizations in underserved regions, or in much-needed nurse training roles for a minimum of two (and up to three) years. Find out about the State Loan Repayment Program (SLRP), which provides cost-sharing grants to states and territories to operate their own loan repayment programs. Nursing is riddled with various roles, career paths, and backgrounds. Open to registered nurses (RNs), advanced practice nurses (APRNs), and nurse faculty, the number of qualified applicants to this highly competitive program far exceeds the number of awards. Training Grants Supported by the National Institute of Nursing Research NP students can figure out what types of loans they have by either calling the Federal Student Aid Information Center at 1-800-4-FED-AID, logging in to their studentaid.gov account or by checking their credit report. Applications are accepted July through September. For example, some state loan forgiveness programs may only be open to … Only 10 percent of funding is allocated to nursing faculty. Maine Health Professions Loan recipients with an initial loan made prior to January 1, 2011 may be granted loan forgiveness. Make sure to research the details of these repayment programs, as some of them base approval on the type of federal loan and employment sector. Student Loan Forgiveness Programs for Nurse Practitioners: What to Know, American Association of Colleges of Nursing, Bureau of Health Workforce Health Resources and Services Administration, Top No GRE Online Nurse Practitioner Programs, Top Online Adult-Gerontology Nurse Practitioner Programs, Top Online DNP Nurse Practitioner Programs, Top Online MSN Nurse Practitioner Programs, Guide to Nurse Practitioner Fellowships & Residencies (2021), Guide to Nurse Practitioner Continuing Education Resources (2021). Nurses and Nurse Practitioners Application Instructions Application Information The applicant must complete this section in its entirety. You can follow the adventure on Instagram at @LimitlessEcoAdventure, and join the project at Limitless.Eco. Which U.S. States Have the Highest Demand for Nurse Practitioners? To ensure that their employment counts, it is recommended that those seeking PSLF submit an Employment Certification Form each calendar year, or when an NP changes employers. NursePractitionerSchools.com is an advertising-supported site. Student loan debt prevents students from investing in the retail market and helping the economy grow. Unlike income-based plans, the PLFP plan offers tax-exempt loan forgiveness after making only 120 payments. Member Stories; #ShareYourService; Corps Community Month; National Advisory Council; Log In. It is not clear how many of the participants applied for continuation. Loan Repayment. NPs accepted for a third year of service may apply for an additional 25% reduction of their student loan. She and her adventure partner, Leandre Deryckere (@leandrolling), are traveling around the world on fully loaded bamboo touring bicycles, learning what seeds we need to plant now so that a more beautiful future world has the chance to flourish. A loan repayment program available to registered nurses and advanced practice registered nurses, such as nurse practitioners, working in a public or private nonprofit Critical Shortage Facility. Because NCLRP is focused upon diminishing the primary and mental health care gap, 50 percent of all funding is allocated to NPs: 20 percent to PMHNPs and 30 percent to all other NPs. Although some states do not offer these programs, or limit the participation of some nursing specialties, NPs should become familiar with the programs available in the state where they intend to work. If your Canada Student Loan is in repayment, you must continue to make your regular monthly payments. Moreover, average student loan debt sits at approximately $29,200 per borrower, which limits some people from buying a home or a car. ET (except federal holidays) … January 2016 . NHSC loan repayment funds are exempt from federal income and employment taxes. For nurses, the program is limited to nurse practitioners, psychiatric nurse specialists and certified nurse mid-wives. Loan forgiveness for nurse practitioners is available through the Colorado Health Service Corps program. As a nurse, if you acquire loan forgiveness through the Public Service Loan Forgiveness (PSLF), you’re eligible for the CARES Act. If a Perkins loan is consolidated into a Federal Direct Loan Consolidation program, it no longer qualifies for Perkins-specific cancellation or discharge. Students also pursue NP education to have more autonomy on the job and a more specialized working knowledge. In March 2020, Congress enacted the CARES Act, which provided a $2 trillion stimulus package. NPs with Perkins loans will need to contact their school or lender to understand if their Perkins loans qualify for cancellation, the terms by which this qualification can occur, and what burden of proof is necessary to receive partial or full loan forgiveness. Those who enroll in this program are automatically enlisted as officers. Other Loan Forgiveness Options. No one dreams of accruing massive amounts of student debt after graduating, but many new undergraduate and graduate degree-holders continue to grapple with this reality. Applicants can choose from four income-driven repayment (IDR) plans. Applicants who have defaulted on their student loans cannot receive IDR assistance. Full- and part-time nurses with federal or private loans can take advantage of this program. For those going into nurse education, participation priority will be given to those with a high debt-to-salary ratio teaching at a school of nursing where 50 percent of students come from a disadvantaged background. Please note that all types of loans can qualify for this plan. Open to critical care, medical surgical, perioperative, and psychiatric nurses, as well as nurse anesthetists, the healthcare professionals loan repayment program offers up to $20,00 per year for the first two years and up to $10,000 in the third year for a potential repayment of $50,000. While an NP could enroll in multiple repayment programs over the course of their career, they can only do so sequentially (e.g., an NP could enroll in NCLRP for three years to repay 85 percent of student loan debt, and once done with that commitment, they could enroll in NHSC LRP to pay back the remainder). If an NP fails to meet the requirements of NHSC LRP, they will have to return all funds to the program. Successful candidates receive assignments working with high-need populations and in facilities experiencing critical nursing shortages. Most of the programs that NPs can pursue to aid with student loan debt are repayment programs. Federal Perkins Loan Cancellation. While consolidation is desirable to make student loan debt more manageable by lumping all loan payments into one, consolidation can work against the PSLF progress in certain circumstances. However, if done in a timely manner (often before total loan repayment begins), a Perkins loan consolidated into a federal direct loan will become a part of that direct loan. However, nurses should understand program … Someone with a lot of debt and a lower-end salary working in the highest-need regions would be the most likely to be chosen for the program. Call: 1-800-221-9393 (TTY: 1-877-897-9910) M-F , 8:00 a.m. – 8:00 p.m. An NP working for multiple employers does not qualify for NCLRP. Tallahassee, Florida 32399-0400 . Should an NP find themselves in breach of contract, they will be required to pay back any funds delivered during that time within three years of the breach. The following loans may qualify for the NHRC program: To qualify for NHSC LRP, NPs must work at an NHSC-approved site in one of the following capacities: Ineligible worksites include county/local prisons, inpatient hospitals (except critical access or Indian health services), other inpatient facilities, and clinics that limit care to veterans and active military personnel. Note: You can apply for Canada Student Loan forgiveness for family doctors and nurses if you are enrolled in full-time or part-time studies, are currently repaying your student loan, or are in your 6-month non-repayment period. NPs employed full time in a federal, state, local or tribal government facility, a tax-exempt nonprofit organization, or the Peace Corps or AmeriCorps may qualify for the Public Loan Forgiveness Program (PFLP). Eligibility and funding criteria for these state-based plans vary widely from state to state. You received your nursing education from an accredited school of nursing located in a U.S. state or territory. In exchange for two years of clinical practice in an HPSA, the NHRC offers loan repayment up to $50,000 (full-time clinical practice) and $25,000 (part-time). Our members represent more than 60 professional nursing specialties. If an NP is consolidating loans from undergraduate nursing with loans from their APRN program, the consolidation needs to occur before the time of application. If an NP combines their loans with another person’s or consolidates non-qualifying loans with qualifying loans, their loans are no longer eligible for repayment. Overarchingly, loan repayment programs are designed to distribute NP talent to underserved populations, and/or to get NPs to commit to serving the underserved for the long term. Nurses must work for three years at a qualifying organization. Under this program, nurses with Perkins Loans—low-interest loans for students with exceptional financial need—may qualify for 100% forgiveness if they’ve worked full-time for at least 5 years in the nursing field. © 2020 Sechel Ventures. Repayment amounts depend on employment status and the level of community need. Because the NHRC LRP is designed to incentivize a range of healthcare providers to serve underserved populations for as long as possible, providers who receive this funding and still have debt can apply for funding one year at a time until their debt is paid off (so long as they maintain eligibility). Detailed information about enlisting as an army nurse can be through the United States Army. Recipients may reduce monthly payments by 10-15% of discretionary income over a repayment period up to 25 years, after which the loan balance is forgiven. Since 2017, 23,889 nurses have applied for NCLRP and 1,601 have been accepted into the program—an acceptance rate of 6.7 percent. Affordable Nurse Practitioner Programs Online, Family Nurse Practitioner vs Doctorate Nurse Practitioner, Wisconsin Health Professions Loan Assistance Program, Alphabet Soup: LPN, RN, APRN, NP – Making Sense of Nursing Roles & Scope of Practice, How to Write the Perfect Nurse Practitioner School Personal Statement, © 2020 NursePractitionerSchools.com, a Red Ventures Company. Several states across the U.S. have established nursing loan forgiveness programs for applicants willing to take positions in designated critical-need facilities and regions. $10,000.00 for eligible Registered Nurses (RN) $20,000.00 for eligible Advanced Practice Nurses (APN, NP, CRNA, FNP) Repayment of Loans/Service Obligation. Nurses and nurse practitioners will receive forgiveness of one-fifth (20%) of their outstanding Saskatchewan Student Loan debt, up to $4,000 annually, for up to five years, to a maximum of $20,000. Requests for an additional NHSC loan repayment participant may be submitted, however, most clinics cannot hire multiple nurse practitioners awarded NHSC loan repayment, of the same specialty, in a given year. Repayment amounts are up to $50,000 for full-timers and up to $25,000 for part-timers. In exchange for varying levels of loan repayment/forgiveness from the federal and/or state government, providers work at an approved site in an underserved area for a certain amount of time (often subject to increase, if desired). Following consolidation, the NP would need to begin the 120-payment process from the very beginning. The IDR plans cover federal family education loans and direct loans but exclude parent plus loans. There is a range of loan repayment and loan forgiveness programs, including the Nurse Corps Loan Repayment Program (NCLRP), the National Health Services Corps Loan Repayment Program (NHSC LRP), and Public Student Loan Forgiveness (PSLF), among others. Full-time nurses can receive up to … Perkins loans and federal family education loans only qualify if consolidated into a direct loan plan. While many facilities do qualify, three very specifically do not: Generally, an NP must already be working or have a contract to work full-time at a CSF in an HSPA or at a qualifying school of nursing before applying. In a forgiveness program, NP works in public service for a set period of time while making payments to their loans in hopes that the remainder of their student loan balance will be discharged afterward. This program offers assistance for nurses on both a full-time and part-time basis. Active duty officers in the Nurse Corps can qualify for up to $40,000 in forgiveness per year for a total of $120,000 to pay off debt associated with their nursing degree. Enlisting as an army reserve nurse requires a commitment of two days per month, plus two weeks per year for eight years. With three out of every four NPs staring down a debt horizon, understanding student loan forgiveness may spell the difference between a career that feels like indentured servitude and one that feels like a career choice made freely. In either case, the loan repayment award is tax-free. If accepted to participate, NPs sign a contract for two years worth of work. The Wisconsin Health Professions Loan Assistance Program awards up to $25,000 for eligible NPs who agree to serve in health professional shortage areas throughout the state for three years. The top 5 student loan forgiveness programs for nurses are: Public Service Loan Forgiveness Program (PSLF) Nurse Corps Loan Repayment Program (NCLRP) State-Level Loan Forgiveness; Perkins Loan Cancellation; Military Student Loan Forgiveness for Nurses Our mission is to Empower, Unite, and Advance every nurse, student, and educator. Comprehensive information about NCLRP is available through the Bureau of Health Workforce Health Resources and Services Administration. SHARP offers student loan forgiveness to nurse practitioners, RNs, psychiatric nurse specialists, and certified nurse-midwives who agree to work in areas with critical staffing shortages for a two-year period. has endorsed the DNP as the level of preparation... Nurse practitioners (NPs) have assumed an essential role in patient care across the country. One type of loan forgiveness program is the Public Service Loan Forgiveness program. The NLRP recipients earn forgiveness on their loan repayment award through a service obligation. ), Nine months per year at a qualifying school of nursing, Consolidating non-nursing debt with nursing debt, Government loans (except Parent PLUS loans), Loans from private student loan lending institutions, Federal civil service or as an active member of the U.S. Public Health Service Commissioned Corps, Contractor, solo practitioner, or member of a group practice, Priority funding goes to NHSC scholarship recipients, Then, the applicants are sorted by HPSA scores, and applications for HPSAs of greatest need are considered first, After that, a provider’s background and their likelihood to remain in an HPSA are considered—providers who come from a disadvantaged background who seem likely to remain in an HPSA are given priority for funding, Full-time clinical practice, HPSA score 14 or higher – $50,000 over two years, Full-time clinical practice, HPSA score 13 or lower – $30,000 over two years, Part-time clinical practice, HPSA score 14 or higher – $25,000 over two years, Part-time clinical practice, HPSA score 13 or lower – $15,000 over two years, Years 3 and 4, full-time – $20,000 per year ($25,000 with DATA 2000 waiver), Years 5+, full-time – $10,000 per year ($15,000 w/DATA), Years 3 and 4, part-time – $10,000 per year ($15,000 w/DATA), Years 5+, part -time – $5,000 per year ($10,000 w/DATA), FFEL and/or Perkins Loans Consolidated into a Federal Direct Loan, Government (federal, state, local, or tribal), Non-tax-exempt organizations that provide qualifying public services (this includes NPs in a clinical setting), Revised Pay As You Earn Repayment Plan (REPAYE), Income-Contingent Repayment Plan (ICR Plan), Of the 3,089,620 employment certification forms, 44 percent were considered ineligible (mostly due to missing information), Of the 203,106 complete PSLF applications, 4,444 (22 percent) were deemed eligible—75 percent of those being for government employees, 198,662 applications were considered ineligible—56 percent due to lack of qualifying payments and 25 percent due to missing information, For the 3,233 unique borrowers whose student loans were forgiven, the average balance discharged was $73,054. If you work for a qualifying employer the program forgives the remaining balance of all federal loans after the nurse has made a minimum of 120 qualifying monthly payments. Once accepted to become a part of NCLRP, the entire two-year contract must be completed in the original arena—an NP who began their NCLRP contract at a CSF (critical shortage facility) cannot switch to a nursing faculty track until after the contract period is complete. Annual awards are either $20,000 or $27,000, based on how hard the positions are to fill. Providers must commit to working full-time for two years or halftime for four years in an HPSA. The Limitless Project is built on a gift economy, living one’s authentic purpose, leading with love, leaving competition and domination behind, moving past a production mindset, and spending as much time as possible with nature (we also ride some crazy dirt roads in the mountains)! Nurse practitioner loan forgiveness and loan repayment programs can help nursing graduates burdened with sizable student debt obligations. NPs who funded nursing school through Perkins loans prior to the death of this program may be able to apply for up to 100 percent of cancellation for five years of eligible service. The details on each of these options and more are profiled below. Graduate credits typically cost more than undergraduate credits. It is also important to note that, when applying for PSLF, at the culmination of the 120-session payment period, the NP needs to be employed full-time at a qualified employer. Quick Links. Nurse practitioner loan forgiveness and loan repayment programs can help nursing graduates burdened with sizable student debt obligations. NPs have the potential to earn an additional $10,000 per year for three years ($30,000 total); critical care NPs can earn an additional $12,500 per year ($37,500 total); and practicing certified nurse anesthetists can earn an additional $15,000 per year ($45,000 total). The rate of forgiveness is based on location and type of practice and/or population served. This total will be considered a part of the qualifying amount for other direct-loan eligible repayment or forgiveness when consolidated at the right time. NPs make 120 loan payments (does not need to be consecutive) on their direct federal loans under a qualifying repayment plan without defaulting. Some hospitals offer loan forgiveness awards to nurses, but eligibility requirements can include holding an advanced degree, having a specific loan type or working in a specialized department. Connect with NHSC. Comprehensive information about NCLRP is available through the Bureau of Health Workforce Health Resources and Services Administration. In this case, tuition—and later student loan debt—is the tradeoff for most NPs in the United States. All Rights Reserved. Aspiring to earn a higher income encourages nurses to pursue master of science (MSN) or doctor of nursing practice (DNP) degrees. Florida Department of Education Office of Student Financial Assistance 325 West Gaines Street, Suite 1314 . Since 1997, allnurses is trusted by nurses around the globe. The loan repayment and loan forgiveness programs detailed below are designed to incentivize providers to choose positions that may offer lower-than-average pay and/or are in underserved regions working with underserved populations. According to StudentAid.Gov, here are the stats for PSLF as of August 2020: Originally designed for students with extreme financial need, the Perkins Loan Program failed to renew in congress in 2017. There is a range of loan repayment and loan forgiveness programs, including the Nurse Corps Loan Repayment Program (NCLRP), the National Health Services Corps Loan Repayment Program (NHSC LRP), and Public Student Loan Forgiveness (PSLF), among others. There is no one way to become a nurse, and there are so many different kinds of these invaluable healthcare... A doctor of nursing practice (DNP) appeals to nurses interested in an evidence-based patient care degree instead of a research-focused doctorate. Florida administers a Nursing Student Loan Forgiveness Program that provides up to $4,000 in tax-exempt loan forgiveness funds each year to licensed practical nurses, RNs, and APRNs. NHCS LRP’s funding priority is providers who will work in HPSAs for longer than the initial loan repayment contract period. The Rural Iowa RN & PA Loan Repayment Program offers loan repayment of up to $20,000 to nurse practitioners working in select Iowa communities for a minimum of five years. Graduate students account for 40% of all student debt, with six types of graduate programs generating the most: law, medicine, master of arts, business administration, master’s degrees in education, and master of science degrees. The Iowa Registered Nurse and Nurse Educator Loan Forgiveness Program will repay eligible nurses and nurse educators up to 20% of their federal student loan balance per year for up to five years. Dr. Karen Crowley, associate professor at the School of Nursing at Regis College, explains that student loan forgiveness programs offer both the chance to eliminate student loan debt and gain continued job security. The National Health Service Corps (NHSC) offers loan repayment assistance to health care providers serving in areas of medical need. 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