Full Guide to Student Loan Forgiveness for Nurses

Having a nursing degree can be a great way to give back to the world and help others. The Added bonus is it can also be a lucrative field with tons of in-demand jobs.

The biggest drawback? Studying to become a nurse will likely result in you getting large student loans. Luckily, student loan forgiveness for nurses is available through some nurse forgiveness programs.

Everything thats new in The Nursing Student Loan Forgiveness Programs for 2016 is in this article. Student loan forgiveness programs for nurses do remain available through a series of Federal programs, even though federal budgets have been reduced elsewhere, making this one of the last areas of incredible loan forgiveness benefits for people who are under never ending student loans.

Doesn’t matter where you live in the United States, employed as a nurse, you are almost guaranteed to have access to some of the student loan relief, whether that comes through the federally-funded nursing loan repayment program, or a state-funded nursing loan forgiveness program. It’s a Win Win!

The Benefits available vary by the area in which they live, their actual position (RN vs. Nurse Practitioner, etc.), and their level of education. As a nurse, you are virtually guaranteed to have access to some form of debt forgiveness, so please make sure you read the entire article before leaving.

Federal Loan Forgiveness for Nurses

Currently, there are three major federally-funded programs currently offering nursing loan forgiveness benefits.

These programs include:

  • The NURSE Corps Loan Repayment Program (NHSC)
  • Perkins Loan Discharge or Loan Cancellation for Nurses
  • The Public Service Loan Forgiveness Program

The NURSE Corps Loan Repayment Program

The NHSC Program, which is referred to as the Nursing Education Loan Repayment Program (NELRP), this program was created to help with the financial education costs for Registered Nurses (RN’s) who work in underserved hospitals and or clinics.

In case you were wondering, “underserved” means that the Federal Government is willing to pay RN’s to work in poor urban or rural communities in need of nurses (most of the time is because most nurses simply don’t want to work in these areas).

This program comes close to being like the Public Service Loan Forgiveness Program, in that it pays well-trained Americans to go to work in a bad area. Regardless, these programs are no joke, in fact, the benefits are so great that it has become very competitive, requiring applicants to be in a selection process to receive approval for benefits.

Here’s how the program works:
For 2 years of nursing service at a qualifying facility, the Federal Government will pay off 60% of your qualifying nursing loans
For 1 additional year of nursing service, the Federal Government will pay off another 25% of your original loan balance

Also Depending on where you live, there may be nurse student loan forgiveness programs in your area.

Alaska

Alaska’s SHARP program is designed to recruit healthcare professionals to work in specified shortage areas in exchange for loan assistance.

Nurses are eligible for loan repayment under their Tier-2 program and can receive up to $27,000 per year in loan assistance, depending on their positions. Eligible sites must be designated service shortage areas and each site must offer an employer match as part of the program.

Arizona

Under the Arizona Loan Repayment Program, qualified health care professionals working in Health Professional Shortage Areas can receive loan assistance to help pay off their student loan debt.

Nurse practitioners can either work full- or half-time and must commit to working at a qualified site for at least two years. This program is rather generous: nurses can receive up to $50,000 in repayment assistance for each year of service.

California

Live in the Golden State? If you’re a nurse, you may qualify for the Bachelor of Science in Nursing Loan Repayment program.

Registered nurses who work in a Health Professional Shortage Area or Medically Underserved Area can receive up to $8,000. You must commit to working for two years at a qualifying organization. Recipients of the award can apply again and get up to $11,000 in repayment assistance.

Colorado

Through the Colorado Health Service Corps program, nurse practitioners who work in a Health Professional Shortage Area may be eligible for loan assistance.

Nurses must work for a period of three years at a qualifying organization. This program offers assistance for nurses on both a full-time and half-time basis. Full-time nurses can receive up to $50,000 and nurses who work half-time are eligible for up to $25,000.

Florida

In 1989, the Florida legislature created the Nursing Student Loan Forgiveness Program to encourage nurses to work in Health Professional Shortage Areas in exchange for loan repayment assistance. The program offers up to $4,000 per year, for a maximum of four years, to nurses who work full-time at qualifying organizations.

In order to qualify, nurses must be licensed in the state of Florida as an LPN, RN, or ARNP and have student loans from a nursing education program.

Hawaii

Nurse practitioners in Hawaii who work in Health Professional Shortage Areas may be able to receive loan assistance through The Hawaii State Loan Repayment Program.

Applicants must work full-time for two years or half-time for four years at a qualifying organization. This is a grant-funded program, so the amount awarded depends on funds available.

Idaho

Under the Idaho State Loan Repayment Program, health care practitioners who work in Health Professional Shortage Areas may be eligible for awards that range from $5,000 to $25,000 each year, for two years. This program is available to a variety of health care professionals who work in a nonprofit or public setting.

Illinois

Nurses in Illinois who commit to working in veterans’ homes may be eligible for loan assistance of up to $5,000 per year for a period of four years.

In order to be eligible for The Veterans’ Home Nurse Loan Repayment Program, nurses must be Illinois residents, meet certain licensing requirements from the Illinois Department of Financial and Professional Regulation ,and have their employment verified in good standing by the Illinois Department of Veterans’ Affairs.

Iowa

The State of Iowa has a loan assistance program called the Iowa Registered Nurse & Nurse Educator Loan Forgiveness Program, which provides an award of up to 20 percent of the recipient’s student loan balance.

The maximum award amount for a 2015 graduate is $6,658. In order to qualify for this program, nurses must be employed in Iowa. Nurse educators are also eligible for the program if they hold a master’s degree or higher and teach at a qualified college or university.

Applicants must be employed at least quarter-time and be in good standing with their federal student loans. Eligible candidates may qualify for forgiveness for no more than five consecutive years.

Kansas

Under The Kansas State Loan Repayment Program, nurse practitioners can receive up to $20,000 in repayment assistance by committing to work in a Health Professional Shortage Area for two years. The program is competitive and open to other health care professionals as well — as of 2014, 14 percent of the awards were given to nurses.

Kentucky

The Kentucky State Loan Repayment Program is a unique program that offers loan repayment as a 50/50 match. In other words, for every dollar provided by the program, there must be a match of the same amount by a sponsor, such as an employer, foundation, or friend.

Nurse practitioners in Kentucky can take advantage of this program if they work in a Health Professional Shortage Area for two years. Nurses can receive repayment assistance between $20,000 and $40,000 depending on their designation.

Louisiana

The Louisiana State Loan Repayment Program was created to encourage health care professionals to serve in rural or inner-city communities in exchange for loan assistance.

Nurses who work full-time at a designated Health Professional Shortage Area, or at a nonprofit may be able to receive up to $15,000 each year with a three-year commitment. Eligible nurses must be licensed in Louisiana and be in good standing with their student loans.

Maryland

Through the Janet L. Hoffman Loan Assistance Repayment Program, Maryland residents who work as nurses at qualified organizations serving low-income and underserved residents may be eligible for loan assistance.

Eligible candidates must be employed full-time and have earned a degree in Maryland. In addition, your gross salary may not be more than $60,000. Award amounts depend on how much student loan debt you have, but can range from $1,500 to $10,000 per year, for a period of three years.

Michigan

The Michigan State Loan Repayment Program offers loan assistance for nurse practitioners who work in underserved communities. Nurses who work full-time and commit to working at least two years in a designated Health Professional Shortage Area can receive up to $200,000 to pay back their student loans throughout a period of eight years.

Minnesota

The Minnesota Nurse Loan Forgiveness Program offers repayment assistance to licensed practical or registered nurses who work with the developmentally disabled or in a licensed nursing home for at least two years, with the possibility of extending the program for another two years.

Eligible candidates may receive $5,000 each year, with a maximum award of $20,000 over a four-year period.

Montana

The Montana Institutional Nursing Incentive Program offers loan assistance for registered nurses who work full-time at a Montana state hospital or prison. Eligible candidates must submit proof that their current loan balance is at least $1,000.

The amount awarded depends on the number of candidates, as well as available state funding. Program participants can apply for repayment assistance for up to four years.

Nebraska

The Nebraska Loan Repayment Program is a matching fund program to help recruit healthcare professionals; local entities will match state dollars in order to pay for employees’ loan assistance.

Nurse practitioners are eligible for this program if they commit to working for three years in a designated shortage area. Eligible candidates can receive up to $20,000 each year.

New Hampshire

Under The New Hampshire State Loan Repayment Program, nurse practitioners who work in underserved areas may be eligible for awards up to $45,000. Eligible candidates must work full-time for at least 36 months. If interested, candidates can extend the program for another 24 months and receive up to $20,000.

New Jersey

Through the Primary Care Practitioner Loan Redemption Program of New Jersey, certified nurse practitioners who work in specific Health Professional Shortage Areas or underserved areas may be eligible for significant loan repayment assistance.

Eligible candidates must work full-time for at least two years to qualify, with an option to extend the program an additional two years. The amount you are awarded depends on your outstanding balance as well as how many years you served. The award goes up to $120,000 for a four-year service period.

New Mexico

The New Mexico Health Professional Loan Repayment Program offers up to $25,000 per year for advance practice nurses who work full-time in a medical shortage area for two years. Candidates who work in designated Health Professional Shortage Areas can receive up to $35,000 per year. Eligible candidates must be residents and licensed in New Mexico.

New York

The New York State Nursing Faculty Loan Forgiveness Incentive Program was created to attract adjunct clinical faculty and nursing faculty members to teach nursing in New York State. The program offers registered nurses with graduate degrees who have worked as educators in the field of nursing up to $40,000.

Eligible candidates can receive $8,000 per year for a period of five years under this program.

Ohio

Under the Nurse Education Assistance Loan Program, Ohio nursing students who plan on working as instructors or nurses post-graduation may be eligible for loan assistance. Essentially, this program offers a loan of up to $1,500 per year and nurses can receive up to 100 percent loan cancellation after working as a full-time nurse in Ohio for five years.

Oregon

Through the Oregon Partnership State Loan Repayment (SLRP) program, a variety of healthcare providers, including nurse practitioners and registered nurses, are eligible for repayment assistance by working in a Health Professional Shortage Area.

There’s a two-year service requirement and providers may be eligible for two one-year extensions after their initial commitment. Awards are based on a variety of factors, but are ultimately a percentage of your loan balance.

Pennsylvania

The Pennsylvania Primary Care Loan Repayment program offers loan assistance for registered nurses who work full-time in designated Health Professional Shortage areas. Eligible candidates can receive up to $60,000, while half-time workers can receive up to $30,000. The service commitment is two years.

Rhode Island

Under the Rhode Island Health Professional Loan Repayment program, nurse practitioners and registered nurses who work in Health Professional Shortage Areas may qualify for loan assistance. Award amounts may vary and recipients are required to make a two-year commitment for full-time work and four years for part-time.

In addition, nurse educators in Rhode Island may be eligible for the Nurse Educators Loan Forgiveness Program, which offers awards for nursing faculty of up to $5,000 each year, for up to four years.

Tennessee

The Graduate Nursing Loan Forgiveness Program was created to encourage Tennessee nurses to become educators. Eligible candidates must be residents as well as have a nursing license and be enrolled in a higher education nursing program.

Candidates must work full-time for four years in order to have their loans forgiven. Essentially, this program is a type of student loan that will be forgiven after working as a teacher for a period of time.

Texas

The Rural Communities Health Care Investment Program offers loan reimbursements to health care providers who are not physicians. Eligible candidates must commit to working at least 12 months and can receive awards of up to $10,000.

Vermont

Vermont’s Educational Loan Repayment Program for Nurses offers a maximum annual loan repayment award of $10,000, with a commitment of 12-24 months at a time in an underserved area, designated by the program. Nurses must agree to working a minimum of 45 weeks each year, with 20 hours per week dedicated to clinical hours, in order to qualify for the program.

Virginia

The Virginia State Loan Repayment Program could grant practicing nurses that have obtained a post-baccalaureate certificate or master’s degree in nursing up to $25,000 per year toward their outstanding student loan balances.

Eligible candidates must commit to two-years of service. Additional extensions of the program can grant up to $35,000 per year toward student loan balances. In order to be eligible, applicants must have obtained their degrees from school that are accredited by the National League of Nursing and be working in their field for at least 40 hours a week.

Washington

Through the Health Professional Loan Repayment Program, health professionals who work in facilities that are located in designated Health Professional Shortage Areas may be eligible for loan assistance.

The program requires a three-year working commitment in exchange for an award of up to $75,000. Applicants are required to work as primary care providers.

West Virginia

West Virginia’s State Loan Repayment Program offers loan repayment for nurses practicing full-time for a minimum of two years in rural, underserved areas.

Qualifying sites must be in a designated Health Professional Shortage Area. Eligible candidates can receive up to $40,000 under a two-year commitment and may receive an additional $25,000 for another two years if the contract is extended.

Wisconsin

Through the Health Professions Loan Assistance Program, nurses in Wisconsin may receive up to $100,000 in loan assistance. Eligible candidates must commit to working at least three years in a qualified underserved or urban community.

Wyoming

The Wyoming State Loan Repayment Program offers loan assistance for nurses who work full-time in qualifying Health Professional Shortage Areas. Eligible candidates must commit to working for at least two years in exchange for an award of up to $20,000.

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