How To Pay Your Post Graduation Nursing Degree Student Loan
Ever since nurses have become major component of the United States work force, it is more easy to repay your post graduation nursing degree loans with the “Loan Repayment Programs” offered by selected corporations and entities. That will not happen without some sacrifice from the recipients, in terms of lower salary and a contract. A lot of corporations, governments, and branches of the military that can help medical professionals repay their student loans. Many if not all require a commitment for a minimum length of time of at least 3 to 4 years. As I said previously, these recipients are paid less comparing to their peers. But again one might come out making more than their peers since they can save the money they were supposed to pay to the loan companies. For example I know a friend who is a registered nurse and is working for an hospital and is in the loan repayment program. Her student loans are being paid while she is putting $1200 a month into her savings, money that were supposed to repay her student loans had she had not been in the loan repayment program. Below are some entities that post graduation medical professionals or even current students can contact with information to “Loan Repayment Programs”:
Navy Health Professions Loan Repayment Program
The Navy not only provides scholarships to students but it can also help current students or graduate students pay off student debts incurred. Students or post graduates can receive $20,000 sign-on bonus if committed for 3-years of service and $30,000 for a 5-year service commitment and on and on. In order to qualify, a nurse must be between 18 and 41 years of age, a U.S. citizen, must be licensed to practice, and able to pass physical exam. Those that are interested should contact a local Navy recruitment officer or visit their website at www.navy.com.
Army Health Professions Loan Repayment Program
The U.S. Army will pay up to $50,000 of a soldier’s student loans, providing the loan is in good standing. Repayment can’t exceed $20,000 during any year. Eligibility is based on non-prior service accession, a high school diploma (which obviously you have), an Armed Qualification Test score of 50, or higher on the Armed Services Vocational Aptitude Battery (ASVAB), Decline enrollment in the Montgomery GI Bill. Other requirements can be found at www.goarmy.com.
Air Force Health Professions Loan Repayment Program
The Air Force – gives up to $45,000 per year, plus $1,907 for living expenses if you are committed to one year service. Please contact them at www.airforce.com for more information.
Hospitals Health Professions Loan Repayment Program
Many hospitals have shortage of nurses. In order to lure nurses they assist in repaying their health professionals’ student loans. This is not limited to hospitals only. For example some private corporations, City, State and Federal Governments do offer this assistance. For example, the Federal Government has a program called Loan Forgiveness Program (LFP) in which it pays your outstanding student loans if you volunteer in AmeriCorps, Peace Corps, teaching, Army National Guard. Once you are enrolled they will provide help with your student loans. For more information contact the branch or the corporations that interest you. In addition the Federal Government has The Nursing Loan Repayment Program (NLRP) – a selective program of the U.S. Government that helps alleviate the shortage of registered nurses in certain non-profit healthcare facilities by helping nurses working at them to repay their student loans. For more information please contact www.hrsa.gov.
In conclusion, my least favored advice is to take a government loan to repay higher interest student loans. Many times this is the only and best option.
Want to find out more about student loans, then visit my site on how to choose the best nursing program for your needs.