loan forgiveness programs

  1. I was just wondering if anyone out there had used a loan forgiveness program to help them pay for school. I am going to an accelerated BSN program, and some of the area hospitals have programs where they will pay up to a certain amount for each semester, provided you agree to work for them for a given amount of time after graduation. I am very concerned about them not letting me work in the ICU, which is where I really want to be, and then I would be stuck somehwere else. Do they let you work in your area of interest, or is it like an assignment? Obviously, I am just starting the process and don't know much, so any information/comments would be appreciated. Thanks.
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  2. 6 Comments

  3. by   NurseWeasel
    Since nobody else has replied yet, I'll suggest putting together a detailed list of your concerns, making an appointment with the nurse recruiter at the hospital(s) you are considering, and asking away. Be sure you get anything they say IN WRITING or it never happened. Good luck to you!
  4. by   Vsummer1
    This topic has come up before, you might want to do a search.

    I have mixed feelings about this, and in fact call it "indentured servitude". The program in my area runs like this: You must work for them for a period of time, at their discretion as to when and where and at what compensation rate. When they pay the loans, you sign a promissary note to them. You either work the time, or repay them the money.

    I suppose if you have always lived in a place and had no plans of moving it would be okay since you had planned on living and working in the area anyway. There are only two hospitals in the valley I am in, so there really aren't a plethora of choices. So it makes sense for some of the people in my program.

    But I would never do it for the reasons you are concerned: what if you don't get the assignment you prefer, at the hours you prefer. They could assign you to whatever floor, whatever shift and you would have to work because you have that loan hanging over your head.
  5. by   MPHkatie
    But, I had a deal where I could work anywhere in the state that was approved (and almost any nursing job was), for the amount of time. I just paid it off this year, though I must say, I might have moved out of state immediately upon graduation if I hadn't had that loan hanging over me, If I had repaid it with cash i would have had to pay 450.00 a month! Yikes. So, think hard about it, and definitely learn the repayment terms if you choose to go elsewhere.
  6. by   memphispanda
    I am using a loan forgiveness program--or will be. There is no commitment though. The school that I go to is hospital affiliated. If I go to work for that hospital, then they will pay back my loans for me at $250/month for each month I work for them full time. $125/month for each month I work part time. If I don't go to work for them, then I pay the loans off myself.
  7. by   Vsummer1
    Originally posted by memphispanda
    I am using a loan forgiveness program--or will be. There is no commitment though. The school that I go to is hospital affiliated. If I go to work for that hospital, then they will pay back my loans for me at $250/month for each month I work for them full time. $125/month for each month I work part time. If I don't go to work for them, then I pay the loans off myself.
    Wow, that sounds great! Okay, not the same as the one here I have to admit. The one here requires 2 full years of commitment or you repay them. I like the monthly system much better.
  8. by   mattsmom81
    Originally posted by memphispanda
    I am using a loan forgiveness program--or will be. There is no commitment though. The school that I go to is hospital affiliated. If I go to work for that hospital, then they will pay back my loans for me at $250/month for each month I work for them full time. $125/month for each month I work part time. If I don't go to work for them, then I pay the loans off myself.
    Sounds like a great deal, Carol! I like that idea! :roll

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