Loan Repayment Programs

[Mudminkk]

I'm halfway through my BSN nursing program and I'm getting a little worried about the debt piling up around me. The scholarships and grants I did earn have helped, but haven't covered all my costs. (I'll end up with just under 20k in debt.) So I'm trying to look around at the loan repayment programs that are offered.

From what I gather the majority of these programs promise to pay back a percent of your loans, or up to a certain amount in total debt - in return for 2 years of service in an area of need. I've mainly been looking at the National Health Service Corp's Loan Repayment Program.

What I'm worried about is that it looks like you have to be HIRED first (in an approved facility), then apply to the repayment program. Which of course, could be an issue if there are no jobs available OR how my competition will consist of many experienced nurses. AND even if I am fine with finding a job outside of my current state (California) how would I get hired? Over the phone? Via email? Skype?...

Overall it sounds like a good deal to me, but I was wondering if anyone had some personal experiences with these programs they could share? Did you like it? Was it complicated as all heck? Was it worth it? Did you have to go out of state?

In a perfect world I would become an RN and a job would magically appear in one of the approved facilities within 30 miles from me - happiness would ensue as I worked for two years enjoying the work I had already planned on doing for the rest of my career, and paid off all my debt while building my savings. One could only hope. /sigh

[registerednutrn, BSN, RN]

Check out http://www.NELRP.com it is a program that helps repay student loans there are certain requirements such as working at a non profit facility that is a disprotionate share hospital and there are several other facility that qualify. Hope this helps

[DA314]

I hate to be a downer, but the national health service corps repayment program is not for RNs. It is for MDs, midwifes, nursd practitioners, but not RNs. Have you looked into your nearest university hospital? I work at a university hospital and they have loan repayment.

Good luck in your searvh for repayment options!

[ram479]

I applied for a loan repayment program through the health and human resources department. The deadline passed in February but maybe by the time you find a job you can apply to the next cycle. I am still awaiting a response, they let you know if you have been accepted in September. They pay 60% of your loans for two years of service and their is an additional 3rd year that you can apply for and they will pay an additional 25% of your loans. The criteria is based on working at a disproportionate share hospital and your debt to salary ratio. Here is the website; http://www.hrsa.gov/loanscholarships/repayment/nursing/

[ICUenthusiast]

Criteria is actually being full time (you cannot have more than x number of vacation weeks either that you use), DSH, non-profit or public hospital. Debt to salary ratio iirc is 40%? And the higher the ratio the more likely you will be chosen. If you work at a federal facility (such as VA) you may either be excluded or the -very- last in line for it. During this period, you can transfer hospitals but only if the next hospital you go to is also non-profit & DSH etc. If at any time you stop filling these criteria, you lose your status.

[Mudminkk]

I hate to be a downer, but the national health service corps repayment program is not for RNs. It is for MDs, midwifes, nursd practitioners, but not RNs. Have you looked into your nearest university hospital? I work at a university hospital and they have loan repayment.

Good luck in your searvh for repayment options!

Shoot I just read that on their site, too! Dang. So close, haha!

@Ram: Thanks I'll check out HRSA. The website looks familiar and it's actually in my Bookmarks...weird, maybe I did some late night searching and totally forgot about it?...