Perkins Loan Forgiveness for Nurses program is an academic loan program, which provides economic assistance to registered nurses. Many registered nurses are availing of those sorts of programs from the government also as other financial institutions. The most objective of such a government loan repayment program is to retain professionally qualified nurses who were required while helping them repay their loans. Even nurses who are working as full-time faculty at schools of nursing can make use of such programs.
In return for such a loan repayment program, registered nurses are required to figure full-time at a health care facility for a particular period. Perkins Loan Forgiveness for Nurses program helps meet the shortage of qualified nurses in many hospitals. You’re eligible to use for this program, if you’ll fulfill certain requirements. You ought to be either a citizen or permanent resident, folks. You ought to also possess a degree or diploma in nursing studies.
Any RN applying for the Perkins Loan Forgiveness for Nurses program should be a full-time employee at a nonprofit health care organization. There are different types of qualifying nonprofit health care organizations sort of a federal hospital, home health agency, etc. He or she will also add a disproportionate hospital or a non-federal and non-disproportionate hospital if it qualifies under the program.
Perkins Forgiveness for Nurses & LMTS
The work of a nurse is one of the few occupations that offer the worker an excellent opportunity to give back to the community. However, despite the perks of lucrative incomes and in-demand jobs, there are significant downsides, and one of these is the student loan debts of nurses. For this, a program like the Perkins loan forgiveness for nurses can prove very instrumental in helping to overcome the financial pressure.
In essence, there are many more programs apart from the Perkins loan forgiveness for nurses. All these programs aim to provide student loan forgiveness for licensed medical technicians (LMTs) and nurses in general. These programs come from either the federal government or individual states. If you want to know more about the general student loan forgiveness programs, you can check out our student loan forgiveness programs.
Hence, whether you’re a nurse or part of the LMTs, the following are the programs you can use to eliminate your student loan debts:
- Nurses Corps Loan Repayment Program
- Public Service Loan Forgiveness Program(PSLF)
- Federal Perkins Loan Discharge and Cancellation (Perkins forgiveness for LMTs)
- National Health Service Corps
This page is a dedication to the Federal Perkins Loan Forgiveness program. As such, we’ll look at the critical subjects such as eligibility, benefits, and payment plans, among others.
Details About the Program
As earlier mentioned, there is a long list of nursing loan forgiveness programs out there. However, one can say that Perkins forgiveness for LMTs is very high up the list. The program was designed for nurses, medical assistants, and LMTS. It allows these professionals to get a fraction of their accumulated interest and remaining principal balance forgiveness as benefits for every year they provide qualifying service in their professional roles.
Perkins Loan Cancellation Program is the official name. However, it is like every other cancellation program offered by the government (hence, it’s inclusion in the list in the section above). Once you meet the requirements for eligibility, you a portion of your debt wiped out or, in other words, forgiven.
Of course, the financial benefits of such a program are outstanding. Nevertheless, one of the key benefits you can derive from the Perkins loan forgiveness program derives from the ability of the program to cover both the principal amount you borrowed and the accumulated interest of the loan. Also, among other nursing forgiveness programs, Perkins forgiveness for nurses allows 100% forgiveness benefits if you’ve served for only five years in the field.
To help you put this in perspective, the PSLFP takes ten years of active service to qualify for 100% forgiveness. This makes the Perkins forgiveness for nurses two times the rate of PSLFP.