Loan Repayment Program For Nursing Students Accepting Applications
Friday, January 17, 2014
A federal program that partially repays school loans for nursing students in exchange for taking a job in an underserved area is now accepting applications.
Wakefield: Registered nurses or nurse practitioners, for example, can receive 60 percent of their total outstanding educational loans in exchange for providing 2 years of full-time service in an underserved part of the United States. And I should just add in that those individuals, of course, get a salary from the facility where they're working.
Welsh: How is eligibility determined?
Wakefield: The loans that they are eligible to have repaid must be educational loans, for example, that they have obtained while they were in nursing education programs.
Welsh: And the funding preference is based on, I assume, financial need and the facility where they're employed. Do certain facilities have an advantage over others?
Wakefield: They could be a nursing home, a clinic or a hospital in an under-served area. So, they need, first, to be in a health profession shortage area. They also need to be facilities that actually need nurses.
Last year, $38 million was awarded to program participants. Applications for the Nurse Corps Loan Repayment Program are accepted through Feb. 27.
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