How to get Student loan forgiveness for Nurse Educators
Student loan forgiveness is a US government program that helps the registered educator nurses with certain non-profit healthcare services and loan forgiveness. The program participants get 60% from the total nursing education loan. They also get salary and other benefits that based on the negotiations with the employing facility.
Requirements for taking student loan forgiveness:
Below are the eligibility criteria for taking loan payment:
- You should have degree of Doctoral, any Associate Degree, and Bachelors Degree, Masters Degree or diploma in nursing.
- You must have completed full time with 32 hours in a weak as a Registered Nurse (RN). Alternatively, you should have current, unencumbered, permanent or unrestricted license that show your practice as a RN and the license should be authorized in the State where you performed your practice.
- You must be a US national, US born, US citizen, legal permanent resident.
- You must have worked as a full time nurse faculty member at any non-profit nursing school whether it is public or private.
- You must have completed education in the nursing program for which loan balance is applied.
Eligible Facilities Types:
Eligible facilities to take student loan forgiveness for nurses are as under. Remember just non-profit facilities are able to take loan from the following types:
- Skilled nursing Facilities
- Hospice programs
- Federal level Qualified health centers
- Rural health clinics, native Hawaiian health centers, Indian service health centers
- Human services department
- Local or State public health
- Nursing homes
First preference applicants for funding:
- Those applicants have loan preference that got 40 percent total educational loan after qualifying or greater from their base annual income.
- It is also given to those nurses that are working in the facilities types that contain the large amount of stern nursing shortage.
Before you apply:
- Keep in mind that applications for student loan forgiveness are accepted only once per year.
- Read the loan program guidelines as well as the application carefully as the program guidelines updates yearly.
- There is an agreement in the application that requires you to accept the point that you will serve two years at facility that are displayed on your application form.
- In case they select you and you do not fulfill the listed obligations then you will have to face severe financial penalty.
To apply for student loan forgiveness for nurse educators loan program follow below steps
- Choose the loan forgiveness organization from where you want to take the loan. For example HRSA service or student loan organization.
- Complete the general information and agreement section on application form and then submit the form.
What to expect:
- If an applicant is selected for NELRP program award, then a contract will be signed from secretary of health and human services. Keep in mind, the contract will not be effective without Secretary’s sign. You will receive a copy of contract, payment authorization worksheet (PAW) and award letter.
- You will get monthly award payment in two years. Electronic funds shift to saving or checking account of participants.