Loan Forgiveness

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I'm thinking about giving up this wait and going to Apollo. Tuition is up to $46K. They mentioned in the info session that they contract with certain hospitals that will do up to $18K loan forgiveness for Apollo students. I've since heard from an Apollo student who told me not to believe that because that those hospitals have reached their quotas for loan forgiveness. Now, this I would verify before taking as fact, but the hospitals Apollo has this agreement with are not really ideal hospitals for me, mainly because of distance.

One Apollo student told me not to worry about that because, she says, almost every hospital has loan forgiveness. But then I remember reading on here someone saying that it's actually not that common to find anymore.

So my question is, do most hospitals offer loan forgivness? I would think if they offer $5K per year education reimbursement that they might as well offer at least that much for loan forgiveness in order to get RNs.

It all boils down to I'm trying find a way to justify the $46K!!!!

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Specializes in ICU.

most dont do loan forgiveness anymore like they did 3-5 yrs ago, most likey because people would just stay until the loans were paid off and then go somewhere else. Would verify with the hospitals that they clam will do this before going there. All they want is for you sign the dotted line and finish school then be stuck with a huge loan, then all they will do is say they never said that.

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Specializes in Cardiac Care.

http://bhpr.hrsa.gov/nursing/loanrepay.htm

Nursing student loan forgiveness program from the Fed. Not the HRSA scholarship. It is based on after graduation and working in a desginated hospital or nursing home.

But how do you get a loan for that much for a two year program? Private credit based loans?

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I know how the vocational schools work - I went to Apollo 20 years ago for medical assistant and although I liked the school and felt I was trained well, there were some lies told too. But they do give paperwork out stating they have contracts with these hospitals for loan forgiveness. I will call the hospital directly though to be sure.

As far as getting a loan for that amount - this I don't know. They don't deal with your financial aid part until you have passed the entrance requirements. So I'm just folllowing the steps. Is there a cap on a fed student loan for a 2-year program?

The only reason I'm pursuing this route is because I'm 46. If I were younger I would not do it this way. I have contacted Apollo current students and graduates and have gotten mostly positive feedback re the school. And I know, the NCLEX scores aren't reflecting this yet according to what's posted on the BON. One graduate told me only 3 in her class didn't pass on the first try. This is a graduate I found on my own, not someone Apollo directed me to.

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Specializes in Cardiac Care.

stafford loans say that the max amt that you can get through them is something like 7400-7500 first year and something like 8400-8500 for the second year, at least that is what it looks like but those things are pretty confusing.

I hear ya on not wanting to wait forever I thought the same thing myself. Just wanted to me in a program and on my way. I've kinda talked myself out of that. Instead I am just chugging along but I will be submitting my app in October for the Spring ( although will be happy with Fall )

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Just my two cents:

a) Most places forgive $5,000. I don't know if that equates to $5,000 per year (as in 8 years to pay off a $46,000 loan). I would doubt that...

b) There is nothing about an RN job that justifies that kind of cash outlay. Financially, it probably makes better sense to wait on the community college or state college waiting lists. It would take years to pay off $46,000.

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Specializes in Telemetry & PCU.

I am in the same boat as far as age (although you're still a pup at 46!!) and felt that I didn't have time to wait for entrance into local CC. I started at Ethel Bauer (IIA) last October; at that time it was $27000. It is probably closer to $30,000 now. They are going through some changes and not all is to my liking; however, I think I am getting what I need there. The cost/benefit analysis for me came down on the side of paying more and doing it now.

The one place I know for sure that does loan forgiveness is IHS, Indian Health Service. At some point in my career, I think I would like to work for them; but probably later on after my loans are paid off. They are much like the VA in that everyone I ever talked to that works there just love it.

Good luck!!

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Yes, I know, it's a lot to pay off. But at this age in life, it isn't as large an amount as it was to me when I was younger. Dh and I have made and lost amounts like that a few times over. And I have his income to help pay it off. It's still a lot of money but I am really an all or nothing type person and I don't know that I could last stretching this thing out for 4 or 5 years.

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And thanks for the info on IHS. I will probably look into that at some point too!

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