Student loan forgiveness programs exist!!! But wait, you have to qualify and most likely work hard hours or work in an area most people don't want to work in, like small town Nebraska. But you do get your loans either fully forgiven or partially forgiven which is a fantastic way to get started in the right direction and free up some cash flow. If you’re willing, here are some student loan forgiveness programs for nurses.
There are two federal programs available and most likely your state has a program as well. Unfortunately, not all the states understand the importance of nurses so they don’t all have programs yet including my hometown state of South Dakota.
Federal Perkins Loan Discharge for Nurses:
You can have the full amount of the loan discharged but you have to work full time and your loans are discharged over five years, not right away. Click here for more information on the requirements and process.
NURSE Corps Loan Repayment Program:
The NURSE Corps Loan Repayment Program is for those that work in the rural or low-income communities? These can be very rewarding opportunities to serve in but may be very draining emotionally so you need to be prepared. You can receive up to 60% of your student loans can be paid off if you work in an underserved community. More information on these requirements can be found here.
Special Forgiveness Programs for Nurses by State
As stated before, many states have their own forgiveness programs. Below, I have covered Nebraska and its neighboring states that have programs. By checking out this Student Loan Hero article you can see if your state provides a student loan forgiveness program.
Nebraska: If your employer offers a matching fund program the state will also offer up $20,000 per year. You have to work three years within an area that has a nurse shortage.
Colorado: Colorado Health Service Corps program offers nurse practitioners up to $50,000 in repayment assistance for working three full-time years in a qualifying program. Half time nurses may receive up to $25,000.
Iowa: The Registered Nurse & Nurse Educator Loan Forgiveness Program will help pay off up to 20% of a student loan balance. You have to be in good standing with your loans, be employed a quarter of the time and employed in Iowa.
Kansas: Those that work in a Health Professional Shortage Area for two years can receive up to $20,000 from the state’s repayment program.
Wyoming: If you work full time as a nurse in a Health Professional Shortage Area you may receive up to $20,000 if you qualify for the program and work for two years in the area.
As nurses, you deal with enough stress from doctors, patients and hard hours. You shouldn’t need to deal with the stresses brought to you by student loans as well. These programs can help you take control of your student loans. And if you don't want to pursue one of these programs let me help you create a plan customized to pay down your debt, build your wealth and achieve your desires and goals.
Steven LaFleur grew up in Rapid City, SD and after high school went to college at the University of Nebraska-Lincoln where he majored in finance and met his wife Kelly. After college graduation in 2013 working for the family business for three years Steven decided it was time to pursue a passion of his in helping people and their finances. Steven is now a financial advisor at True Measure Wealth Management in Omaha, NE. Steven and his wife Kelly have two daughters who keep them busy at all times of the day. Steven enjoys skiing in the mountains and also biking and golfing during the non-snowy months.