California increases loan forgiveness for nurses
March 29th, 2010 | By Jennifer Fink, RN, BSN
| no comments
California State Assemblyman Steve Knight, R-Palmdale, recently introduced a bill
that allows nurses to eliminate up to $40,000 of student debt-double the previous $20,000 limit. The Assembly Higher Education Committee unanimously approved the bill.
The Knight bill expands a previous loan forgiveness program that repaid up to $20,000 of a nurse's student loans in exchange for four years of nursing service
at a state prison or nursing home with a Registered Nurse vacancy rate greater than 10%.
Other states offer similar programs. Florida offers a Nursing Student Loan Forgiveness Program
that will repay up to $4000 of nursing debt a year in exchange for nursing service. Minnesota
pays up to $3750 per year, up to a maximum of $15,000 over four years. The Federal government has a Nursing Education Loan Repayment Program
that wipes out 60% of qualifying student loans in exchange for two years' service.