Nurse Corps Loan Repayment Program Receives $200 Million Funding Increase
With the aging population of clinicians and patients, nursing is in desperate need of a stronger workforce. To advance nurses at all levels of practice, on February 9, 2021, the U.S. House Committee on Energy and Commerceannounced its plan to increase funding for the Nurse Corps Loan Repayment Program by $200 million through its section of the American Rescue Plan.
The program reimburses 60% of loan debt for qualifying nursing professionals: licensed RNs, APRNs, and nurse faculty members who graduated from an accredited school of nursing in the United States. To receive reimbursement, nurses must work for two years at either:
- An eligible nursing school, as nurse faculty
After the first two years, applicants can reapply for a third year of service in exchange for reimbursement for an additional 25% of their student loans.
The application deadline was extended to May 27, 2021. However, the process takes about three weeks to complete. Interested nurses should review the requirements and get started today.
For the past few years, the federal government has announced millions in funding to support nursesand your voice helped make that happen. Become an ONS health policy advocate and start promoting increased awareness of and aid in mitigating the barriers that you, your colleagues, and your patients navigate every day.
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Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.
What Is The Nurse Corps Loan Repayment Program
The Nurse Corps LRP is operated by the Bureau of Health Workforce in the Health Resources and Services Administration . All data and records for the program are stored with the U.S. Department of Health and Human Services.
According to the HRSA, Too many Americansparticularly in underserved areasgo without checkups, preventive screenings, vaccines, and other care, simply because there are not enough health care professionals to provide care and treatment in their communities.
The Nurse Corps Loan Repayment Program works to address this demand for nurses. The program is an incentive to work with underserved communities in exchange for student loan repayment. Approximately 1.9 million people receive care from a Nurse Corps facility network.
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Direct Financial Assistance American Nurses Association
American Nurses Foundation has granted nearly $3 million to provide direct financial assistance to US registered nurses in financial peril due to a COVID
Dec 2, 2021 The Nurse Next Door program helps nurses become homeowners, with grants of up to $6,000 and down payment help of up to $10,681. New homeowners
Loans and Grants. The following types of financial support are available to all nursing students: College of Nursing Student Emergency Needs Fund
Commonbond Disclosures: Private In
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC , NMLS Consumer Access . If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. If you choose to complete an application, we will conduct a hard credit pull, which may affect your credit score. All Annual Percentage Rates displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.
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When Am I Considered Ineligible
Simply put, if your qualifications do not match the eligibility criteria, you will be disqualified. However, some points need a little clarification.
Note: Reservists of Armed Forces, as well as the National Guard, can participate in this plan. However, if you participate in military training or if your service does not qualify for this plan and it exceeds 35 workdays, you must call a suspension. As a result, payments during active duty will not be made. However, when you go back to full-time service, they will resume. Also, your service time will extend to cover any period that did not qualify.
Apply To A Loan Repayment Program
We offer programs that can repay part or all of your school loan debt.
- Compare three of our loan repayment programs for working health professionals to find your fit.
Access benefits, eligibility, and application requirements:
Visit Current Loan Repayment Recipients to review service requirements for NHSC loan repayment programs.
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Dc Health Professional Loan Repayment Program Hplrp
The HPLRP assists certified sites to recruit and retain providers by providing loan repayment up to $151,841.29 over four years for physicians and dentists and
Mar 14, 2022 The Nurse Corps Loan Repayment Program is a federal program targeted to bachelors or masters degree trained nurses employed as registered
Nhsc Loan Repayment Program
This program is open to licensed primary care medical, dental, and mental and behavioral health providers who are employed or seeking employment at approved sites.
For more information on this program, please visit their website:
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Nhsc Rural Community Loan Repayment Program
This program is designed for providers in rural communities working to address the opioid crisis. In partnership with the Rural Communities Opioid Response Program, providers at participating locations are eligible to apply for this program.
For more information, please visit their website:
Leaving Service Commitment Or Transferring
If you stopped working in the CSF before you get approval from the NURSE Corps Loan Repayment Program is not advisable at all. You can get the default, or all your payments can be suspended in such a case. If you resign or your initial CSF terminates your contract, payment aids will stop immediately. The good news is that you will receive some time to find a new eligible workplace. However, if you fail to find a job during this time range, the program will recommend you to default.
However, transferring your approved facility to a different one is possible. Though it is preferable if you stay in the first Critical Shortage Facility or Nursing School, you can change your workplace. To do so, you need to apply for a change through the BHW Portal. Your new destination should have the same or higher funding preference. Also, your request should indicate the reason clearly and determine if the new site is eligible. After application, you will receive a notification that approves or declines your transfer request.
Additionally, if there is a break between your stop date in the first place and start date in a new site, it can affect the payments. In case this break is a maximum of 30 days, you will receive the funds on time. However, if it is more than 30 days, the NURSE Corps Loan Repayment Program will seize all payments. Then, when you start your full-time work in a new facility, they will resume the fund inflow. Yet, the end date of your contract can prolong for such a break.
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How Much Debt Do Nurses Have
The amount of debt students take on to earn their nursing degree varies widely from the school they choose to which degree they pursue. For instance, NerdWallet found that, on average, ADN-prepared nurses take on close to $20,000 in debt, BSN nurses, $23,711, and MSN-prepared nurses, over $47K.
Thankfully, there are lots of loan forgiveness programs available to nurses.
Your Nhsc Loan Repayment Program Guide
Nurse Practitioner school is expensive, and most of us graduate with student loans. Did you know there is a program out there that will repay your student loans while you are still making a full salary? As a Nurse Practitioner, you have two options for student loans repayment programs. Today well be talking about one of the programs that I am currently participating in. This post is your National Health Service Corps loan repayment program guide.
This program is incredible. I have a job I love, I make a full salary all while my student loans are repaid. I can speak first hand about my experience as I am a participant. Im excited to go over all the details today and hopefully help you learn more about this program!
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Details Of Mandatory Service
You need to continue to work as a Registered Nurse or an Advanced Practice Nurse for two years. Your mandatory service starts when the contract is active. It is at the time of countersign by the Secretary of HHS. Till that date, you will not receive any credit for serving. Besides, awardees do not get any credit for working in training or postgraduate residency programs.
Awardees also choose one of the two types of available services. They either work in a Critical Shortage Facility or as an educator in an eligible Nursing School. After they start their commitment, there is no chance to switch between these two options.
During your two year commitment, you need to work full time. If you serve in a CSF, full time means 128 hours in a month and at least 45 weeks in a year. For Nursing educators, full-time work is defined by the employer. Usually, it is based on nine months of service. Also, consider that you cannot complete your mandatory service with half-time work.
Apply For A Grant Funding Bureau Of Health Workforce Hrsa
May 23, 2022 Some hospitals have also begun offering emergency loans to nursing staff. Continuous dialogue with staff will highlight support required. A
Grants for Individuals NATIONAL American Nurses Foundation Coronavirus Response Fund NATIONAL RedRover Emergency Boarding Grants Provides
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Do Nurses Qualify For Student Loan Forgiveness
The NHSC and other government organizations offer student loan forgiveness for nurses. These programs typically require nurses to work in an underserved area, for specific providers, or in the military for up to three years. You can pay as much as 100% of your loans, and the benefits may be tax free.
Northwest Regional Primary Care Association
The Northwest Regional Primary Care Association works closely with the US Public Health Service to promote primary care practice opportunities in underserved areas. Student loan repayment programs available for Idaho State, Oregon State and Washington State residents.
- For funding information visit: webpage
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Whats The Difference Between The Nurse Corps And Nhsc Loan Repayment Programs
The second loan repayment program for Nurse Practitioners is called the Nurse Corps loan repayment program. There are a few important differences to be aware of. The Nurse Corps program is only available for NPs, nurse faculty, and RNs, no other healthcare disciplines are eligible. This program pays up to 85% of your loans over 3 years instead of the 100% that is available for the NHSC program.
There are two huge differences between these programs. Firstly, the full award amount for the Nurse Corps program is taxable whereas the entire NHSC award is nontaxable. Finally, the other important difference is who is most likely to get awarded. Awards for the Nurse Corps program are based on financial need . For the NHSC program, priority is given to the applicants with the highest HSPA score and is not based on your loan and/or salary amount.
For more information check out the Nurse Corps website or an article I wrote here describing the differences between the programs.
Nurse Corps Loan Repayment
To help address the shortage of nursing school faculty, the Health Resources and Services Administration offers forgiveness of up to 85% of loans for RNs, APRNs, or nursing faculty. You must work for up to three years in a Critical Shortage Facility or an accredited nursing school.
Who is Eligible: RN, APRN, or nurse faculty with student debt, with a degree from an accredited school, who works in a CSF, or teaches nursing
Learn More About/Apply to Nurse Corps Loan Repayment.
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Nurse Corps Loan Repayment Program
This funding record is inactive. Please see the program website or contact the program sponsor to determine if this program is currently accepting applications or will open again in the future.
Nurse Corps Loan Repayment Program offers loan repayment assistance to registered nurses, nurse practitioners, advanced practice nurses, and nursing school faculty who agree to work at a Critical Shortage Facility or an eligible school of nursing.
The program repays 60% of a qualifying educational loan balance in exchange for 2 years of service. Participants may be eligible to work a third year and receive an additional 25% of the qualifying loan balance.
Applicants must:
- Be a U.S. citizen, U.S. National, or Lawful Permanent Resident
- Have earned a baccalaureate or associate degree in nursing , a diploma in nursing, or graduate or doctorate degree in nursing
- Be employed as a full-time RN or APRN, defined as at least 32 hours per week, at a public or private Critical Shortage Facility or be employed as a full-time nurse faculty member at a public or private eligible school of nursing
- Have outstanding qualifying educational loans leading to a diploma or degree in nursing
- Have a current, unencumbered license to practice
Repays 60% of a qualifying educational loan balance, with the option to work a third year and receive an additional 25%.
Up to 20% of the funding allocated for nurse practitioners is available for psychiatric NPs.
Additional Loan Forgiveness Programs For Aprns
Beyond the options weve listed here, there are loan forgiveness programs that are specific for advanced practice nurses only, including nurse practitioners, certified midwives, certified registered nurse anesthetists, and nurse educators.
If you are interested in becoming an APRN, it is worthwhile to both check with your school as well as your current and prospective employers to see what kind of loan forgiveness may be available.
And for nurses who dont qualify for loan forgiveness, refinancing your student loans to a lower interest rate may be an option. The new loan replaces your old one, leaving you with a lower payment and/or a shorter payoff time frame. You can learn more about refinancing in our guide to refinancing nursing school student loan debt.
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National Health Service Corps Loan Repayment Programs
The National Health Service Corps, run by the federal Health Resources & Services Administration, offers three different loan repayment programs for healthcare providers. These offer loan repayment assistance in exchange for at least two or three years of service in certain locations:
- NHSC Loan Repayment Program: This option is for primary care medical, dental or mental health providers. In exchange for two years of employment in an HPSA, you can receive up to $50,000 in loan repayment for full-time work or up to $25,000 for part-time work. A contract extension beyond two years is possible, which can help you pay off up to your remaining outstanding loan balance.
- NHSC Substance Use Disorder Workforce Loan Repayment Program: This option is for trained and licensed substance use disorder treatment providers, particularly for opioid addiction. You must work in a primary care medical, dental or mental health discipline at an NHSC-approved substance use disorder treatment site in a HPSA. You can get up to $75,000 for three years of full-time work or $37,500 for part-time work.
- NHSC Rural Community Loan Repayment Program: Also focused on providers of substance use and opioid addiction treatment, this program provides a larger amount of student loan repayment assistance if you commit to working in a rural area. You can earn up to $100,000 in assistance for three years of full-time work or $50,000 for part-time work.
Nhsc Substance Use Disorder Workforce
The NHSC Substance Use Disorder Workforce LRP program is available to nurse practitioners or mental health nurse specialists who participate in Medicare, Medicaid, and CHIP. They must also work in a primary care medical or mental/behavioral health discipline at an NHSC-approved substance abuse treatment facility. The program pays up to $75,000 for three years.
Who is Eligible: NPs or psychiatric nurse specialists
Learn More About/Apply to National Health Service Corps.
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