What is the typical loan forgiveness commitment?

cruisin_woodward · Mar 12, 2009

What is the typical loan forgiveness commitment? I have around 40 thousand in loans, how long should I expect to sign a contract for as a FNP.

you are lucky, I will have about 90K when all is said and done

UVA Grad Nursing · Mar 12, 2009

It will vary by employer. In Virginia, I have seen forgiveness vary from $1,500/year to $15,000/year (generally paid at your 12-month, 24-month, etc anniversary of employment). There is often an inverse relationship between salary and loan payoff (more for one, less for another).

*RN123ABC* · Mar 13, 2009

You can look at the Health and Human services website to see if there is an area identified as high needs that you might be willing to relocate to in exchange for federal dollars toward your outstanding loans. Also, the Indian Health Service has very high needs and generous loan repayment programs. It was some time ago I looked at it, but IIRC, it is in the neighborhood of a 2 year committment for every 25K they give you. My county and all the surrounding counties are on the "emergency needs" list, which until recently I never thought of as a good thing!

subjectgreen · Mar 13, 2009

Thanks, I will check it out this morning.

UVA Grad Nursing · Mar 13, 2009

Also take a look at the National Health Service Corps. It is like a domestic Peace Corps for health professionals. I had a student a few years back who was offered a position. I believe they will pay off up to 50% of your loans, but the Corps decides where you will be assigned for your 2-year tour. He ended up turning it down because he was assigned to MS, and did not want to relocate his family there.

The NHSC is a worthwhile option if you are open for relocation. You would be doing great work for individuals who really need you.