Nurse Loan repayment program is an attractive educational funding scheme. It is an additional forgiveness scheme linked to the Obama forgiveness program dedicated to nursing profession. The registered nurses who are committed to caring for destitute and military personnel can earn very good incentives if they avail the loans from federal agencies.
The loan forgiveness is a great intervention by Obama regime to encourage students to pursue nursing courses and serve country’s neediest communities. Almost 50 percent of the nursing students would be directed to serve in public hospitals and clinics. The two pointers automatically bring the benefits for both the government as well as the students.
Salient features of the Nurse Loan forgiveness programs
Here are 5 salient features that make Nursing Loan forgiveness program a great scheme for government to continue and upgrade in the coming years.
• The Loan forgiveness scheme is designed to create healthy community of nurses who can serve in poor and rural areas of USA. It gives poor students pursuing nursing as a career to fulfil their aspirations and still have a prospective outing.
• Registered nurses under the loan scheme can advance their education and practice even in private nursing facilities once they have completed their term with public facilities.
• Nursing Loan forgiveness scheme allows a rewarding incentive for borrowers who can pay off 60 percent of the loan amount in 2 years and earn a 25 percent waiver on loan repayment amount for the third year.
• Nurses availing loans enjoy the same pay grade and perks as any other private employee from other industry segments.
Checking your eligibility
To earn eligibility under the Obama forgiveness program, you have to fulfil the following conditions.
• Registered with a nursing training institution certified by the government.
• You should have completed your education from an accredited school of nursing anywhere in USA
• Nurse practitioners and other practicing it as a profession can apply for loans if they have no history of credit defaults
• Should have completed Diploma, baccalaureate or a graduate course in nursing.
• You must be employed in a full time nursing profession. Full time nursing profession is one where you work for 32 hours for a week.
Other than these nursing conditions, you must be:
- a born or naturalized citizen of USA
- National or Lawful permanent resident of USA
Before availing the loan, you have to prove your financial need and the stability at the facility where you are willing to work.
Facilities where you can work as a nurse with a Federal Nursing Loan
Clinics:
o Federally Qualified Health Centre (HC)
o Indian Health Service HC
o Native Hawaiian HC
o Rural HC
o Public HC
Hospitals:
o Non-profit hospitals
o Public hospitals
o Critical Access Hospitals
o Disproportionate /Non-Disproportionate Share Hospitals
o Inpatient Nursing Facilities/Outpatient Facilities
o Ambulatory surgical Centre
o Non-profit hospitals
o Public hospitals
o Critical Access Hospitals
o Disproportionate /Non-Disproportionate Share Hospitals
o Inpatient Nursing Facilities/Outpatient Facilities
o Ambulatory surgical Centre
You can complete a FAFSA and apply to any nursing school by availing grants and federal loan scholarship programs.
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