School nurse loan repayment

roser13, ASN, RN · Jun 8, 2014

I think that loan repayment terms are set by the lender when you take the loan out.

Are you asking if there is a Federal program for special loan repayment terms for school nurses? If so, I will go out on a limb and guess "no." School nurses are not scarce.

JenTheSchoolRN, BSN, RN · Jun 9, 2014

If you have federal loans, you may qualify for loan forgiveness after ten years of payments - if you work as school nurse during those ten years . There is some more information here: https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts.

I am a school nurse (hence my avatar) and I am doing income based loan payments currently; they are very affordable. Give your lender a call and discuss options.

KelRN215, BSN, RN · Jun 10, 2014

Federal Perkins Loans can be forgiven after 5 years of full-time employment as a nurse. Every year, a certain percentage of the loan is canceled and every year, you have to fill out paperwork saying that you are still working full time as a nurse.

Federal Nursing Loans are forgiven only if you work in a "Health Professional Shortage Area." I'm going to go out on a limb and say that school nurse jobs don't qualify for this type of forgiveness.

Other loans don't have any perks because you are a nurse.

roser13, ASN, RN · Jun 10, 2014

If you have federal loans, you may qualify for loan forgiveness after ten years of payments - if you work as school nurse during those ten years . There is some more information here: https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts.
I am a school nurse (hence my avatar) and I am doing income based loan payments currently; they are very affordable. Give your lender a call and discuss options.

Is this federal loan forgiveness program only available if you work in designated underserved areas?

DoGoodThenGo · Jun 11, 2014

Is this federal loan forgiveness program only available if you work in designated underserved areas?

No, the income based repayment plans (PAYE) are open to persons with federal loans taken out by a specific date and if Obama has his way as of yesterday will be soon open to anyone with federal student loans.

The two main categories are those who are working in not for profit sector versus elsewhere.

If you are working in non-profit or government you only have to make *qualified* payments based upon income for ten years. Afterwards any remaining balance will be forgiven by the federal government. Those working in the private sector must make the same payments but for twenty years before the outstanding remaining balance is forgiven.

Contact your loan servicer/issuer who should be able to supply you with information. However IIRC much of the enhanced parts of Obama's scheme will not come into force until 2015, so you'll either have to wait until then to apply or take advantage of the PAYE schemes currently being offered.

Check the DOE's website as well for information.

coughdrop.2.go, BSN, RN · Jun 11, 2014

I have the income-based loans like JenElizabethRN and my loans will be forgiven after 10 years. I also a Perkins loan which is being cancelled out like KelRN215 mentioned. I just turned in my paperwork from the HR department so that my anticipated payments from last year will be cancelled and my anticipated payments from next year will be deferred until I turn in the paperwork next year and they will be cancelled. It depends on your loan provider and school. With my Perkins loan I only have to work in an public school, but I do live in an under-served, rural area anyway. However, I do have a Nursing Scholarship from my State where I have to work in an under-served area for 2 years after graduation or I have to pay it back. I would also like to mention that all my loans are federal, no private loans.

To be honest, the loans were totally worth it. I'm applying to grad school this summer, but I think I'm going to skip the loans and just pay out of pocket.