Sunday, May 8, 2016

Student Nurses Day: 3 Ways Nurses Can Get Rid of College Debt Fast

To celebrate National Student Nurses Day May 8 we have a great guest post filled with valuable information about student loans and repayment programs for nurses.

By Andy Josuweit, CEO of Student Loan Hero

Nurses perform one of the most valued and important jobs on Earth. With Student Nurses Day fast approaching, it’s time to honor those who plan to dedicate their life to the nursing profession.

Thanks to highly trained nurses everywhere, we have access to quality medical care performed by individuals who actually care about us.

3 Ways for New Nurses to Drop College Debt Fast

Still, we all know that nursing school isn’t cheap. With college tuition to pay and books to buy, even student nurses who work full-time or part-time usually need to borrow money for school. And once they graduate, the monthly payments can be difficult to manage.

Fortunately, student nurses have a few unique options at their disposal. In fact, it’s possible to have all of your student loan forgiven in a few short years if you meet certain criteria and agree to work in specific, high-need nursing careers.

Want to drop your college debt fast? Consider these three options:

1. NURSE Corps Loan Repayment Program: With this program, nurses who work at least 32 hours per week in certain high-need facilities can have 60 percent of their student loan forgiven after just two years. When you add an additional year of commitment, however, another 25 percent of loans can be forgiven. Read here for the guidelines and application details.

2. Federal Perkins Loan Cancellation and Discharge: Did you take out Federal Perkins Loans as part of your financial aid package? If so, you could have them wiped out if you meet certain requirements.

In order to qualify, you must register for the program and work full-time. After that, your loans will be discharged over a period of five years. To apply to have your Federal Perkins Loans discharged, ask your school or loan servicer about next steps.

3. Public Service Loan Forgiveness Program (PSLF): Public Service Loan Forgiveness, often referred to as PSLF, is a government program that was created to incentivize people to work in public service careers.

Since many nurses work in public nursing facilities and hospitals, this program is an obvious fit for nurses struggling under the weight of student loan debt.

To qualify, you need to work full-time (at least 30 hours per week) in a qualified position and make on-time payments on your loans for 120 consecutive payments (10 years). After that, all Direct Loans will be wiped off the face of the Earth.

The Bottom Line

In addition to these options, plenty of states offer programs that help nurses get out of debt fast as well. Check out Student Loan Hero’s complete guide to student loan forgiveness for nurses for details on each state’s unique program requirements.

Nurses are valued members of the community who work in rewarding and necessary careers. However, it’s much easier for them to enjoy the fruits of their labor once they student loan debt is gone – and gone for good.


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