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:
- Hospitals
- 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.
Application process:
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.