How Can Nursing Student Loan Forgiveness Help You?
Nursing student loan forgiveness programs have been established by the federal government to encourage people to become nurses. This is a particularly good time for this, because the nursing industry is growing rapidly, and there are plenty of positions available. The need for nurses in the field of health care is predicted to grow 10% by the year 2030, and this puts a tremendous amount of pressure on the shortage of nurses. Some six million students currently enrolled in nursing schools around the country. And even with an anticipated shortage, these programs have been put into place to help ensure that every qualified candidate is able to obtain a nursing degree.
The reason that these programs are available is to ensure that all nurses get to practice their profession. As long as they can keep working in this profession for the duration of their four years of college, they won’t be subject to repay their loans. The repayment assistance program works in conjunction with the student’s plan to work full time in the nursing field, so that they will be able to repay their loans in a reasonable amount of time.
There are a few different kinds of repayment programs available to students who qualify for nursing student loan forgiveness. They include subsidized assistance programs, subsidized assistance programs, and private student loan debt consolidation. The type of assistance program that a student is assigned depends upon their financial circumstances. subsidized assistance programs are designed to provide a certain level of money each month that can be used up front to help defray the cost of tuition. And the unsubsidized programs allow students to borrow only a set percentage of the total cost of tuition.
When it comes to nursing school, students need to start making plans well ahead of graduation. Because the repayment programs only work for students who have yet to start working in the field, some programs offer very limited assistance while still others offer money per year for at least four years. Students who have chosen subsidized assistance programs can apply for a federal loan forgiveness program when they have graduated from nursing school. The same applies to unsubsidized loan repayment programs.
Those students who wish to pursue their nursing career but do not qualify for nursing student loans may apply for financial assistance through private lenders. One option available to these potential borrowers is the IDR or Individual Deferred Repayment. With an IDR, after a specified number of months the loan is paid back based on the schedule established by the federal government. Typically, the repayment begins once a person has been working in the health care field for at least one year.
Nursing students who wish to pursue federal funding may be eligible for direct payments. Direct payment programs offer money to borrowers based on their income. However, private loan repayment options may offer more attractive interest rates and terms. To see what current loan repayment options are available, contact the Sallie Mae help desk.
As a nurse, you may also be able to use your military retirement pay to help pay off your student loan debts. As long as the money is used for clinical purposes, the repayments will be tax-free and eligible for both interest and income tax reduction. Also, there are repayment programs available for active duty or retired military members. Many banks offer a 100% loan repayment program to former army reserves. A recruiter can provide more specific details.
If you have been out of school for several years, or are a recent graduate, you may qualify for tuition assistance. Tuition assistance programs for returning nurses are available through most federal agencies and many state sources. Contact the federal government for a complete list of scholarship and loan repayment programs. As a nurse, you will understand how important it is to have all of your education. As a result, you should consider applying for all of the available loan repayment programs. This will not only help relieve some of the financial stress of completing your advanced degree, it will also give you peace of mind in knowing that the future looks bright for your nursing career.