Nurse Loan Repayment: Options to Consider

Nurse Loan Repayment: Options to Consider

The U.S. has 3 million nurses at the time of this writing and they account for the largest section of healthcare workers in the country. Despite that, demand is fast outpacing the country’s supply, and a national nursing shortage is still imminent, says The Atlantic. The Bureau of Labor Statistics says there’s bound to be about 1.2 million vacancies from 2014 to 2022. As baby boomers age, the implications of this shortage becomes even more alarming.

Nurse loan repayment programs are just one of the many ways the government is trying to encourage more healthcare workers to join the field.

The nurse loan repayment program

If you are a full-time employee at a facility where there’s a shortage of nursing staff, you might qualify for loan forgiveness that could amount to about 60 to 80 percent. Full time employees work about 32 hours or more every week. However, you must render that service for two years in a non-profit facility where there’s a clear shortage of nurses. If you choose to serve for a third year, that would give you another 25 percent off on your student loans, providing you with a total of 85 percent off on your student loan debt in just the span of 3 years.

National Health Service Corps program

The National Health Service Corps also offers nurses, along with other healthcare professionals, a way to eliminate their student loan debts if they work with the National Health Service Corps. However, you must be willing and able to render your assistance to an under served community for two years.

Assistance and support

However, qualifying for the nurse loan repayment program isn’t going to be easy. To improve your chances of getting into the program, you can consider the merits of organizations that can help you process your application as well as help you choose the right program for you.

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