Refinancing 13 January 2023

Top Student Loan Forgiveness For Nurses Programs in 2023

Getting a student loan forgiveness can help you with your student loan debt. Here is an explanation of the top student loan forgiveness options available for nurses programs in 2023.

If you are an aspiring nurse, there is the Student Loan Forgiveness for Nurses program that helps you manage your student loan debt and assists with paying it back.

When considering the cost of nursing school and how to pay for it, student loan forgiveness offers a way to ease the financial burden. This program offers a variety of options to help reduce the amount due and provide financial relief. These benefits are available to qualifying nurses who have obtained their RN, BSN, or MSN and/or have a qualifying advanced degree.

With Student Loan Forgiveness for Nurses, you can qualify for forgiveness of up to 100% of your student loan debt, depending on the program. This is an excellent opportunity for nurses to take control of their financial future and become more financially secure. 

What is Loan Forgiveness for Nurses?

It is a way for student nurses to get their loans partially or fully forgiven through national or state programs. As a condition for many of these programs, nurses are required to work in high-need areas with an underserved population in exchange for which their loans are forgiven. There may be a few other specific requirements that will be required to meet. Once, the nurses fulfill their commitments and meet all the criteria, their outstanding debt balance will be compensated.

There are many student loan forgiveness for nurses programs out there with the top ones listed below. It is important to thoroughly research them and understand what is required of you before you choose one.

Top 4 Loan Forgiveness Programs for Nurses

We have listed out the top 3 loan forgiveness programs along with other programs for nurses.

1. Public Service Loan Forgiveness for Nurses

Public Service Loan Forgiveness for Nurses (PSLF) is a federal program that offers loan forgiveness to qualifying nurses who have made 120 consecutive payments on their student loans. To be eligible, you must work full-time at an approved entity for at least 10 years and make timely monthly payments on all of your eligible federal student loans. Upon completion of the 10-year period and successful payments, the nurse’s remaining student loan debt is forgiven. This program can reach significant financial relief, allowing you to become more financially secure. 

How to apply for Public Service Loan Forgiveness

  1. Ensure you are employed at a qualifying employer. 
  2. Make sure that you have an eligible student loan such as a Direct Loan, Federal Family Education Loan (FFEL) or Perkins loan. 
  3. Apply for PSLF by submitting the Employment Certification Form (ECF). 
  4. Ensure your application is complete, including all required documents. 
  5. Make sure you are making the correct monthly payments on your student loans. 
  6. Monitor progress toward meeting the 120-payment requirement. 
  7. Keep records of each payment made to your student loan servicer in case you must provide proof later.

2. National Health Service Corps Loan Repayment Program

The National Health Service Corps Loan Repayment Program (NHSC LRP) is designed to help reduce student loan debt in exchange for providing service at an approved healthcare site. Eligible nurses can receive up to $50,000 in loan repayment assistance over a two-year period. If qualified, you must commit to working at an approved site for a minimum of two years. Upon completion, the nurse’s student loan debt is reduced or forgiven. This program offers qualified nurses the opportunity to obtain financial relief and positively impact underserved communities. 

How to Apply for National Health Service Corps Loan Repayment Program

  1. Make sure you are a qualified nurse. 
  2. Gather the required documents and information needed to submit an application. 
  3. Apply to the program by completing and submitting all forms online or via mail. 
  4. Continue making payments on your student loans while awaiting approval. 
  5. Monitor the status of your application and complete any additional steps required for approval.

3. Perkins Loan Cancellation

The Perkins Loan Cancellation program is a federal loan forgiveness program for nurses who have served in certain nursing roles. The program allows eligible nurses to have up to 100% of their student loan balance canceled over a five-year period. Qualified nurses must commit to working at an approved site for a minimum of two years and must be employed in certain nursing roles such as Nurse Practitioners, Nurse Anesthetists, or Registered Nurses. Upon completion, the loan debt is canceled or forgiven. This program offers qualified nurses the opportunity to obtain financial relief and make a positive impact on underserved communities. 

How to Apply for Perkins Loan Cancellation

  1. Ensure you are a qualified nurse. 
  2. Gather the required documents and information needed to submit an application. 
  3. Apply to the program by completing and submitting all forms online or via mail. 
  4. Continue making payments on your student loans while awaiting approval. 
  5. Monitor the status of your application and complete any additional steps required for approval. 

4. Disadvantaged Faculty Loan Repayment Program

The Disadvantaged Faculty Loan Repayment Program is designed for health professionals from disadvantaged backgrounds. This funding program help nurses and other health professionals, who are a part of the teaching faculty, pay up to $40,000 of their student loan debt. This program is offered to qualified and registered nurses to help ease their financial burden and reduce the economic barriers accompanying pursuing careers as health-related academic faculty.

How to Apply for Disadvantaged Faculty Loan Repayment Program

  1. You should have an eligible health professions degree or certificate, come from a disadvantaged background (based on environmental and economic factors), be a faculty member at an approved health professions school, and be located within the U.S.
  2. Ensure that you are a qualified Registered Nurse (RN) or an Advanced Practice Registered Nurse (APRN).
  3. Follow the instructions on their FLRP Application and Program Guidance and gather the required documents and information required to apply.
  4. Apply to the program by completing and submitting the application on the Bureau Health Workforce Customer Service Portal.

Other Programs for Student Loan Forgiveness for Nurses

Below is a list of other programs that you can explore for loan forgiveness for nurses

State-based programs

Nurses who want to pursue loan forgiveness through state-based programs can look to their state government for assistance. Many states have dedicated tuition reimbursement or loan repayment programs that provide financial assistance to nurses in return for a commitment to service. For example, the Montana Department of Public Health and Human Services offers its Health Care Professionals Loan Repayment Program, which provides loan forgiveness to nurses in exchange for working in rural communities. Similar programs can be found in other states as well. 

You should also check with your state’s professional nursing associations, such as the American Nurses Association (ANA), to determine if they offer student loan repayment assistance or grants. 

Military Loan Forgiveness

Nurses, who are currently serving or have served in the military, may be eligible for loan forgiveness through the Military Loan Repayment Program. This program is available to those who serve in active duty, reserve, and National Guard roles, with repayment assistance of up to $65,000 for qualified loans. To qualify for this program, you must meet certain requirements, including having a minimum of three years of service in the military and being able to demonstrate financial need. 

Indian Health Services Repayment

The Indian Health Services Loan Repayment Program is another program available to nurses who have graduated from an accredited nursing program and are interested in working in an Indian health facility. This program provides loan repayment of up to $40,000 for those who work for at least two years in a qualifying facility. In addition, this program offers additional bonuses for those who complete additional years of service. 

Pros & Cons of Loan Forgiveness

It may sound ideal to get your loan forgiven but there might be a few costs associated with it too that you should take into account before opting for such programs. Here are the pros and cons.

Pros of Loan Forgiveness:

  • It can take away most or all of your student debt. This way, you can think about spending on other things that you might need like a car.
  • You will be able to get a job in return for the loan forgiveness and get experience in an underserved community.
  • It can also reduce the total debt amount on your credit report which can benefit your credit scores in the long term.

Cons of Loan Forgiveness:

  • You might have to live in an isolated area.
  • You might need to be away from your family for some time.
  • Since you will be required to live in a particular area and serve there as a nurse, your job flexibility will become limited for a particular time period. You won’t be able to move jobs as it will cost you your loan forgiveness.
  • You may have to pay a federal income tax depending on how much of your debt is forgiven via the loan forgiveness program.
  • Until you fulfill your contract, you may have to continue making loan payments.

Income-Driven Repayment Plans

Income-driven repayment plans are available to nurses who need help managing their student loan debt. These plans allow you to set your monthly payment amount based on your current income to make payments more manageable and to reduce the overall cost of repaying loans. Examples of these plans include Income-Based Repayment (IBR), Pay As You Earn (PAYE), and the Revised Pay As You Earn (REPAYE). In most cases, these plans can extend loan repayment periods to 25 years or longer, depending on the individual’s circumstances. 

Income-driven repayment plans also provide loan forgiveness after 20-25 years of making payments. If you make the required monthly payments for the entire repayment period, any remaining balance on your loan will be forgiven.

Loan Refinancing

Nurses may also be eligible for loan financing through private lenders. Many lenders offer affordable loan products specifically designed to meet the needs of nurses, including fixed-rate and variable-rate loans with low interest rates and flexible repayment terms. 

When selecting a loan product, make sure to compare different options from multiple lenders and consider all the terms and conditions before signing any documents. It’s also important to factor in additional costs, such as origination fees, closing costs, and prepayment penalties.  

It’s also a good idea to check with your hospital or employer for loan products available to nurses. Many healthcare institutions offer loans specifically for employees who sign a contract to work with them for a few years. 


Extra Payments on Loan

Making extra payments is one of the ways to reduce your total loan cost. This is because it will reduce the overall principal amount quicker which means that you will have to pay lesser interest overall on the total loan.

Early Payments on Loan

Time is another factor that is used in calculating the total loan cost. The lesser the time frame of your loan repayment is, the smaller the loan cost would be. Therefore, making early payments would reduce your total time of loan repayment which will reduce its cost and you will be able to pay off earlier.

How to get student loan forgiveness for nurses?

Fortunately, there are several ways for nurses to get their student loans forgiven. Nurses can qualify for the many loan forgiveness programs depending on the type of loan and the amount owed. Read about the programs to understand if you are eligible.

How do I pay off my nursing school debt?

The Public Service Loan Forgiveness Program (PSLF) is a federal program that can help nurses pay off their student loans. It is one of the programs that help pay off nursing debt. Other programs such as income-driven repayment, health service corps, and nurse corps loan repayment are all excellent options.

Will healthcare workers get their loans forgiven?

The Health Resources and Services Administration (HRSA) offers loan forgiveness programs specifically for healthcare professionals. These programs are designed to help nurses, doctors, and other healthcare workers pay off their medical school debt. Eligible health professionals can receive up to $50,000 in loan forgiveness after completing three years of service in an underserved area. 

Final thoughts

Overall, nurses have various options available to help manage their student loan debt. Income-driven repayment plans offer loan forgiveness after a certain period of time and are generally the most cost-effective option for long-term debt management. Additionally, you can opt for state programs and federal programs such as PSLF or Nurse Corps Repayment. Finally, private lenders may offer loan financing specifically designed to meet the needs of nurses. 

No matter what option you choose, make sure to do your research and compare all available options before committing to any plan. With careful planning and budgeting, it is possible for nurses to pay off student loans and achieve financial freedom.