Guide to student loan forgiveness for nurses

Publish date: 2024-08-30
Content provided by Credible. Credible is solely responsible for this content and the services it provides. New York Post receives a fee if you click a link below and close a loan through Credible. WHY TRUST CREDIBLE: Our goal is to give you the tools and confidence you need to improve your finances. We do that by creating expert-curated and deeply-researched articles that adhere to our editorial guidelines. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS #1681276, is referred to here as "Credible."

For some careers, including those in health professions, student loan help is more plentiful than you might imagine. 

If you earn student loan forgiveness as a nurse, your debts are discharged without being repaid in full. Public Service Loan Forgiveness (PSLF) is one nationwide program that’s available if you can meet employment requirements and have qualifying federal loans.

As a nurse, you may also qualify for a national or state-based repayment assistance program. Unlike forgiveness, you won’t see your debt discharged or erased. Instead, you can get at least partial help making payments on your loans in exchange for your work as a nurse.

This guide explains eligibility for PSLF, plus additional repayment assistance programs that could help you get rid of your nursing school loans more quickly and easily. 

Public Service Loan Forgiveness for nurses 

Public Service Loan Forgiveness is available to nurses who work for qualifying employers and have eligible federal student loans, including Direct Loans or certain consolidated federal student loans. 

In order to be eligible for PSLF, you must:

When you have finished making your 120 qualifying payments, any remaining balance on your loans will be forgiven. You can use Federal Student Aid’s PSLF Help Tool to determine your eligibility. 

Nurse Corps Loan Repayment Program 

The Nurse Corps Loan Repayment Program, offered by the Health Resources and Services Administration, is another option for nurses who need help with student loans. 

Your loans won’t be forgiven with this program, but you could receive repayment assistance. You can get up to 60% of your eligible loans repaid during two years of qualifying employment, and another 25% of your loan balance repaid if you stay with your qualifying employer for an additional year. 

To be eligible for this program, you must:

A critical shortage facility is a public or private healthcare organization in a designated health professional shortage area. That’s a location where there are not enough medical, dental, or mental health professionals to meet the needs of the community.  

An eligible nursing school is one that has been accredited by the U.S. Department of Education, a state agency, or a national nursing accreditation board.

National Health Service Corps Loan Repayment Program

The National Health Service Corps Loan Repayment Program can provide loan repayment assistance to nurse practitioners, psychiatric nurse specialists, and certified nurse midwives who meet qualifying requirements. 

You can get up to $50,000 in loan repayment for an initial two-year term if you work full time, or up to $25,000 if you provide half-time service. You must meet certain requirements to be eligible, including the following:

State-based loan repayment programs

Most states also offer nursing loan repayment help or other forgiveness options, including the following examples:

Check with the Department of Education or Department of Health in the state where you work to determine if you may be eligible for any help.

In many cases, you will be eligible for state-based programs only if you work in underserved areas that have a shortage of health professionals, or where the work you do is otherwise seen as providing important services to the community.

Student loan forgiveness for nurse faculty

Through the Health Resources and Services Administration’s Faculty Loan Repayment Program, nursing faculty may be eligible for up to $40,000 in student loan repayment assistance in exchange for a two-year term as a faculty member teaching students at an eligible health professions school. 

You may be eligible if you:

Tip: If you don’t work for a government or higher education institution, talk to your workplace’s human resources department. It might offer employer-based repayment assistance, or at least point you in the right direction for relief. 

Other options for nurses

These student loan forgiveness strategies for nurses can hopefully help you eliminate your educational debt ahead of schedule. But you may not always be eligible to have your entire loan balance forgiven or repaid. 

If you don’t qualify for these programs or need additional help, refinancing your student loans could make your payments more manageable. To refinance, you take out a new loan to pay off your existing nursing debt. If you’re able to qualify for a new loan at a lower rate, this can reduce interest costs, lower monthly payments, and make payoff cheaper and easier.

It’s important to note you typically don’t want to refinance federal student loans, as doing so would mean losing important benefits for borrowers including income-driven payment plans as well as eligibility for PSLF. You should also review eligibility requirements for any smaller or state-based loan repayment programs you hope to qualify for, as refinancing may affect your eligibility. 

ncG1vNJzZmimqaW8tMCNnKamZ6Kas6q6wKeanmWjqcKlsc2tZKWnkaPAcL%2FTrpuepqRiubCtzWadqKqXnsOmusSsqmaen6d6r8HRrJysZw%3D%3D