How To Pay Your Post Graduation Nursing Degree Student Loan

Since nurses are major component of the United States work force, it is becoming easy to repay your post graduation nursing degree loans with the “Loan Repayment Programs” offered by selected corporations and entities. But that will require some sacrifices on the part of the recipients, in terms of lower salary and a contract. There are many corporations, governments, and branches of the military that help medical professionals repay their student loans with a commitment for a minimum length of time. That time frame ranges from 3 to 4 years or more if desired. 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 – does not only gives out scholarships but also helps alleviate the stress caused by student loan debts. Post graduates or students can get up to $ 20,000 sign-on bonus for 3-year active service. You can get up to $ 30,000 for a 5-year service and so on. To qualify, a nurse must be between 18 and 41 years of age, license to practice, a U.S. citizen, and pass physical exam. Please visit www.navy.com.

Army Health Professions Loan Repayment Program

The Army – can pay up to $ 50,000 of a soldier’s student loans, with the assumption that the loans are in good standing. Repayment cannot go beyond $ 20,000 during any year. To qualify you must have a high school diploma (which you do), 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 can give up to $ 45,000 every year to a recruit that participates in the program, plus $ 1,907 to cover living expenses. A commitment of one year is required. Also there are other stipulations like the other branches. Please contact them at www.airforce.com

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.

Lastly, students with a lot of student loans can always take government loan that has lower interest rate than conventional banks to pay their student loans. I am not a big fan of taking a loan to repay a loan, but sometimes that may be the best and only option.