Credible takeaways
- Nurses with student loans are often able to get some of their educational debt eliminated.
- Many debt relief programs exist for nurses who commit to serving a certain number of years in a specialized health care field or facility.
- Nurses with federal loans can take advantage of programs like Public Service Loan Forgiveness and Perkins Loan cancellation.
Nursing is an important and rewarding profession, but becoming a nurse can come at a high cost. Many students must borrow money to earn their nursing degree or certification, and paying back loans can be a challenge.
Fortunately, there are many options when it comes to student loan forgiveness for nurses. Check out the following programs that may help you eliminate some of your federal and private student debt.
1. Nurse Corps Loan Repayment Program
- Best for: Nurses or nursing faculty working in critical shortage areas
- Forgiveness potential: Up to 85% of unpaid nursing education debt
- How to apply: Find directions to submit an application on the Health Resources and Services Administration website
The Nurse Corps Loan Repayment Program is open to licensed registered nurses, advanced practice registered nurses, and nurse faculty members who work full-time in a high-need area or at an accredited nursing school.
Eligible nurses can have 60% of their total debt forgiven over a two-year service contract. After that, you may be eligible to stay on for a third year to have an additional 25% of debt forgiven.
2. Public Service Loan Forgiveness (PSLF)
- Best for: Public health practitioners with Direct Loans
- Forgiveness potential: Up to 100% of your unpaid loan balance
- How to apply: Submit a PSLF form using the PSLF help tool
Nurses working in a clinical setting or school-based health service may qualify for the Public Service Loan Forgiveness program to get a portion of their federal debt eliminated. This program is open to any public service worker — it’s not exclusive to nurses. However, you must work for a government employer or a not-for-profit organization.
PSLF provides forgiveness of the full remaining balance on federal Direct Loans after 120 qualifying on-time payments. These must be made under an income-driven repayment plan. It takes at least 10 years of payments before you can be eligible for forgiveness.
3. NHSC Loan Repayment Program
- Best for: Nurse practitioners in eligible fields, including primary care, family care, pediatrics, geriatrics, women's health, and psychiatry; certified nurse midwives
- Forgiveness potential: Up to $50,000
- How to apply: Submit an application through the National Health Service Corps (NHSC)
Nurse practitioners in eligible fields and certified nurse midwives working full-time for two years at an NHSC-approved site in a health professional shortage area may be eligible to have up to $50,000 in student debt forgiven. Nurses who work half-time for two years can get up to $25,000 of their debt forgiven. A continuation contract could qualify you for additional funds if you meet the eligibility requirements.
4. Perkins Loan cancellation
- Best for: Nurses with Perkins Loans
- Forgiveness potential: Up to 100% of your Perkins Loans
- How to apply: Apply directly with the school that made the loan or the Perkins Loan servicer for the school
Qualifying full-time nurses or medical technicians can have 100% of their Perkins Loans canceled if they complete five years of service. The cancellation occurs incrementally: 15% of Perkins Loans are forgiven for the first and second years of service; 20% for the third and fourth years; and 30% for the fifth year. Contact your school or its loan servicer for details on how to apply based on your specific type of cancellation.
5. STAR Loan Repayment Program
- Best for: Nurses working full-time at a STAR LRP-approved facility
- Forgiveness potential: Up to $250,000
- How to apply: Find directions to submit an application on the Health Resources and Services Administration website
Fully licensed and credentialed nurses, including nurse practitioners, registered nurses, psychiatric nurse specialists, and clinical nurse specialists, may be eligible for up to $250,000 in loan repayment under the Substance Use Disorder Treatment and Recovery (STAR) program. You must work full-time at an approved facility to qualify.
The facility must be in a mental health professional shortage area or a county or municipality with an average drug overdose death rate above a certain threshold. Nurses must make a six-year full-time service commitment to receive the full amount in repayment assistance.
6. Rural Community Loan Repayment Program
- Best for: Nurses working in rural areas
- Forgiveness potential: Up to $100,000
- How to apply: Submit an application through the National Health Service Corps
Nurses in eligible disciplines, including nurse practitioners, psychiatric nurse specialists, and registered nurses, may be eligible for loan forgiveness if they work at a rural NHSC-approved substance use disorder treatment facility.
Nurses who make a three-year, full-time service commitment may be eligible for up to $100,000 in loan repayment assistance. Nurses may be eligible for up to $50,000 in assistance for half-time work. The application can be completed online and takes approximately three weeks to complete.
7. Health Professions Loan Repayment Program
- Best for: Nurses in the military
- Forgiveness potential: Up to $250,000
- How to apply: Contact your state’s Specialty Branch Recruiter
Qualified nurses who enlist in the military and join the Medical and Dental Corps can become eligible for up to $250,000 in loan repayment by committing to seven years of service. The Army National Guard will offer $40,000 per year for the first six years of service and $10,000 after the seventh and final year.
Different branches of the military have different eligibility requirements. Contact the Specialty Branch Recruiter for your state to determine your eligibility.
8. Indian Health Service Loan Repayment Program
- Best for: Nurses serving American Indian and Alaska Native communities
- Forgiveness potential: Up to $50,000
- How to apply: Submit an application online through the Indian Health Service website
Eligible nurses can have $25,000 per year forgiven, up to a maximum of $50,000, if they make a two-year service commitment to work in a health facility that serves American Indian or Alaska Native communities. Participants also have the opportunity to extend their years of service annually until all of their qualified student loans are paid off.
9. Faculty Loan Repayment Program
- Best for: Nurse faculty members working at accredited health professions schools
- Forgiveness potential: Up to $40,000, plus funding to offset the tax burden
- How to apply: Find directions to submit an application on the Health Resources and Services Administration website
Nurses from economically and environmentally disadvantaged backgrounds can become eligible for loan forgiveness if they serve on the faculty at an accredited health professions school and work in an eligible specialty.
Nurse faculty members must make a two-year full-time or part-time service commitment, and can become eligible for up to $40,000 in repayment assistance, plus additional funding to help cover taxes on it.
10. State-sponsored forgiveness programs for nurses
- Best for: Nurses in eligible states
- Forgiveness potential: Varies by program
- How to apply: Varies by program
A number of states offer loan forgiveness options for nurses. For example, nurses in Colorado can take advantage of its Nurse Faculty Loan Repayment Program to obtain up to $50,000 in loan repayment help after serving two academic years as a full-time faculty member at an accredited nursing training program.
You can check with your state’s Department of Education or with local professional organizations to explore forgiveness opportunities for nurses where you live.
FAQ
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