I'm sure this has been posted before, but could anyone tell me how the loan forgiveness programs work for nursing programs
1. When does one apply for the programs, before you start school, during school, or after you have graduated?
2. How much of your tuition do they cover? I've seen 25%, but do some offer 100%?
3. How long is the contract with most hospitals for?
4. What sort of hospitals are you usually placed at? Are they usually understaffed? Poorly funded?
5. Are there any cons to receive the loan forgiveness? Does being enrolled in this program affect your salary? Do you get paid a lower starting salary than those who aren't in the program?
Dec 18, '06
As I've stated on other threads, the terms of these deals vary but, generally ... they are not good deals for the student.
Keep in mind that you can easily change your mind on where you want to work during school. Doing clinicals at different hospitals alone can change your decisions.
Also, the marketplace can change while you're in school also. Pay and benefits might go up at other facilities and go down with others. What if you get stuck in the lowest paying job in the area because you're under loan obligation?
That's exactly what happened to a couple of friends of mine. A competing hospital substantially raised their pay this year but they're stuck at the lowest paying hospital in the area because they're under loan obligation.
If you have to take on debt ... to me, debt that you control under your own payment terms is better. One hospital contract in my area requires students to pay $167 a week if they quit.
That's nearly $9K a year for five years. And, of course, the base pay is a good $10K a year lower than everywhere else. It's not a great place to work either.
You really have to do a lot of research before signing these deals. I know many students who have regretted signing them.
Last edit by Sheri257 on Dec 18, '06