Loan Repayment Programs for Nurse Educators and Students

Abstract

Two major loan repayment programs are available to nurse educators and students through the U.S. Department of Health and Human Services Health Resources and Services Administration

The Nursing Education Loan Repayment Program (NELRP) is open to registered nurses who have completed training (diploma, associate, baccalaureate or graduate), is licensed and employed full time (at least 32 hours per week) at an eligible non-profit facility. The program offers RNs substantial economic assistance to repay a portion of their qualifying educational loans in exchange for full-time service at a health care facility with a critical shortage of nurses. In exchange for two years of service, participants receive 60 percent of their total qualifying nursing education loan balance. For an optional third year of service, participants may receive 25 percent of their original total qualifying nursing education loan balance. Participants also receive the salary and benefits they have negotiated with their employing facility. Visit the NELRP site to learn more about eligibility and application information.

The Faculty Loan Repayment Program is available to help nursing faculty from disadvantaged backgrounds repay their student loans.  The Faculty Loan Repayment Program provides as much as $20,000 a year to eligible faculty members who apply to and are selected to receive funding from the program in return for a 2-year service commitment. Participants should also receive matching funds from their employing educational institution.  In addition, Faculty Loan Repayment Program participants receive a tax liability benefit. Learn   more about this program here.