How To Pay Your Post Graduation Nursing Degree Student Loan
Since nurses are major component of the United States work force, it is becoming easy to repay your post graduation nursing degree loans with the “Loan Repayment Programs” offered by selected corporations and entities. But that will require some sacrifices on the part of the recipients, in terms of lower salary and a contract. There are many corporations, governments, and branches of the military that help medical professionals repay their student loans with a commitment for a minimum length of time. That time frame ranges from 3 to 4 years or more if desired. As I said previously, these recipients are paid less comparing to their peers. But again one might come out making more than their peers since they can save the money they were supposed to pay to the loan companies. For example I know a friend who is a registered nurse and is working for an hospital and is in the loan repayment program. Her student loans are being paid while she is putting $1200 a month into her savings, money that were supposed to repay her student loans had she had not been in the loan repayment program. Below are some entities that post graduation medical professionals or even current students can contact with information to “Loan Repayment Programs”:
Navy Health Professions Loan Repayment Program
Not only the Navy provides scholarships to students but it can also help current students or graduate students pay off student debts incurred. Current students or post graduates can receive up to $20,000 sign-on bonus if committed for 3-years of service and $30,000 for a 5-year service commitment and on and on. In order to qualify, a nurse must be between 18 and 41 years of age, a U.S. citizen, must be licensed to practice, and able to pass physical exam. Those that are interested should contact a local Navy recruitment officer or visit their website at www.navy.com.
Army Health Professions Loan Repayment Program
The U.S. Army will pay up to $50,000 of a soldier’s student loans, providing the loan is in good standing. Repayment can’t exceed $20,000 during any year. Eligibility is based on non-prior service accession, a high school diploma (which obviously you have), an Armed Qualification Test score of 50, or higher on the Armed Services Vocational Aptitude Battery (ASVAB), Decline enrollment in the Montgomery GI Bill. Other requirements can be found at www.goarmy.com.
Air Force Health Professions Loan Repayment Program
The Air Force can give up to $45,000 every year to a recruit that participates in the program, plus $1,907 to cover living expenses. A commitment of one year is required. Also there are other stipulations like the other branches. Please contact them at www.airforce.com
Hospitals Health Professions Loan Repayment Program
Many hospitals in order to deal with the shortage of nurses lure them by repayment of their student loans. Not only hospitals but private companies, City, State, and Federal Government offer the Loan Repayment Program as well. The Federal Government for example has what you called the “Loan Forgiveness Program” (LFP). A program in which you are encouraged to volunteer in AmeriCorps, Peace Corps, National Coast Guard, and teaching. Once you volunteer they will provide monetary assistance to help repay your student loans. Additionally, the U.S. Federal Government has The Nursing Loan Repayment Program (NLRP). This program is by acceptance only and provides monetary assistance to medical professionals. In return these professionals help alleviate the shortage in nurses that certain non-profit healthcare facilities are dealing with. For more information please contact www.hrsa.gov.
In conclusion, my least favored advice is to take a government loan to repay higher interest student loans. Many times this is the only and best option.
Want to find out more about student loans, then visit my site on how to choose the best nursing program for your needs.
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