Student Loan Repayment by Hospital
- 1Jul 16, '08 by mnscottiI’m starting an accelerated RN program in the fall and was curious about possible student loan repayment benefits from hospitals. I will be getting a Stafford loan but was also considering getting some private school loans from the bank since my credit is very good.
If there is a decent chance that I could find a hospital to work at after I graduate that helps to make some or all of my student loan payments, then I am thinking I might want to load up on as many loans as I am eligible to take with the plan to have my employer foot part of the bill. On the other hand, I don’t want to accrue interest for 2 years and then find out that I will have to pay all of the interest and principle anyway because hospitals generally don’t help with student loan payments as a benefit.
Is anyone getting their student loans paid for by their employer? If so, what kind of commitment do they demand?
I will be getting loans for sure. I’m just not sure how much liability I should take “gambling” that I might get some help after graduation from an “enlightened” employer.
Any insight would be much appreciated!!!!
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- 0Jul 16, '08 by momandstudentI am also curious about this as I have had to take out a personal loan (due to husband being laid off and three children to support). I will not graduate for another two years but have been searching through facility websites to see if they offer loan forgiveness. So far, from what I can find is that they are more willing to offer "tuition reimbursement" if you are working for them at the time of being enrolled in school. This does not currently work for me but I am really considering doing it if I have to so at least some of my tuition will be paid.
- 1Jul 16, '08 by MagnesiuMIt depends on the hospital. In Madison, WI where I used to live, Meriter Hospital is a GREAT hospital that reimburses your RN loans for up to 15,000, and has tuition ADVANCE if you ever want to go back to school again. Great place to work.
My suggestion? Call hospitals you may be interested in....most hospitals that I know offer loan forgiveness do not advertise it on their general HR/benefits/job search page open to the public. But if you call their nurse recruiter, she'd be more than happy to give you a rundown on the benefits. Another place to post this question is in the individual state forums for states you may be considering.....Post a thread titled something like: "Hospitals offering loan forgiveness in twin cities?" in the Minnesota forum. I've done this and gotten some replies, also some good advice about hospitals to talk to first.
With your geographical area, you are bound to run into quite a few hospitals that offer loan forgiveness. But make sure you understand the rules: for example, at Meriter in Madison, it must be your FIRST job out of nursing school, and you get the disbursements over a period of i think two or three years while you work there....
So check into that and make sure you have it sorted BEFORE you graduate and take the NCLEX. If you are sure about a hospital in another state, considering applying for your initial license in that state instead of the one you're currently schooling in....it will save you months of time, and you can scoot right into that new job....
communication with the nurse recruiters ahead of time will help you a lot in your search.
good luck! it can be done!!!
- 0Sep 27, '08 by Mia123It really depends on the hospital. Hospitals in the Atlanta area, from what I have found, will help pay anywhere from 10k to 15k. There may be hospitals here that will pay more, and some that pay less, but the average I have found is 10-15k. This is paid off over a few years, not all at once, and most of them it is either the "sign on bonus" or the loan repayment, not both.
There is also service cancellable loans, that for every year you work in a "needy area", a certain amount of that loan is forgiven. I do believe hospitals qualify as "needy areas".
I have had to take out loans above the cost of tuition, to help with household expences, child care, etc., but I believe it is worth it. When I graduate (in 78 days!!!!) I should be making enough to pay them off fairly quickly.
- 0Sep 28, '08 by MB37My hospital (not in midwest) has a lifetime education credit of $16K. You can use up to $4K/year for EITHER loan repayment or tuition reimbursement if pursuing an additional degree. I could conceivably work there for 4 years and pay off the $15K I borrowed for NS, then get a new job at a place that will pay for me to start taking MSN courses. Not every hospital around here will pay back loans for you, but most will pay for grad school or BSN completion. It seems like most hospitals (besides the VA) cap out between $10 and $20K, so don't borrow a ton of money for living expenses and expect it to be paid back for you. Never borrow more than you can reasonably expect to pay back yourself, because policies may change before you graduate.