Handling Nursing College Loan Repayment

Written By Devi Kristanti on Monday, September 8, 2014 | 12:53 PM


College loan repayment is usually far from the mind of the student. Once you have completed your education, however, the grace period on your student loans will pass rather quickly and you need to decide how you will go about making payments on the loans that financed your education.

There are a number of ways to handle college loan, you can repay it individually if you have one or two loans that have fixed rates and simple payment plans, you can consolidate your loans if you have multiple small loans or want to benefit from a low interest rate or you can work to have your loans forgiven.

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The student loans that you have taken out can be forgiven if you choose to enter fields where the need for professionals is high but the number of professionals is low or decreasing. Fields such as teaching and nursing are sorely in need of qualified professionals and the government offers incentives such as loan forgiveness to attract students to the fields.

Nursing Education Loan Forgiveness Program

The purpose of the program is to recruit and retain nurses and nursing educators. There is a shortage of nurses in the United States and the number of people interested in nursing is on the decline. With the baby boomers entering midlife and their later years, there are more people who need good primary care than ever before.

Well trained nursing staff members are offered great salaries, benefits and loan forgiveness to assist in college loan repayment. The amount of the loan forgiven is determined by the scarcity of nurses in the area and the particular nursing field. The maximum allowed forgiven is variable by state. The program is intended as a college loan repayment assistance program. In some cases, after a certain time in service, the full amount of the loan remaining can be forgiven.

Eligibility

To be eligible for the Nursing Loan forgiveness program's college loan repayment system you must:

o Be enrolled in at least a Masters nursing program for nursing educators

o Be enrolled in and graduate from a registered nursing program for registered nurses

o Pass any licensing exam required

o Be employed full time in the field within 12 months of graduation

o Have outstanding federal student loans

o File an application for the Nursing Loan Forgiveness program before the annual deadline

Eligible Loans

o Stafford Loans

o Nursing Loans

o Federal consolidation loans

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