The Nurse Corps Loan Repayment Program repays 60% of your unpaid nursing student loans — whether they’re federal or private — in return for two years of full-time employment. Nurses who work a third year may be able to get an extra 25% of their original balance paid off.
Herein, do hospitals pay student loans?
Through the Health Resources & Services Administration’s Nurse Corps Loan Repayment Program, you can get assistance that covers up to 60% of your unpaid student loan debt. Registered nurses, advanced practice registered nurses and nurse faculty are eligible for the program.
Consequently, do student loans go away after 7 years?
Student loans don’t go away after 7 years. There is no program for loan forgiveness or loan cancellation after 7 years. However, if it’s been more than 7.5 years since you made a payment on your student loan debt and you default, the debt and the missed payments can be removed from your credit report.
How can a nurse make extra money from home?
The Top 7 Side Hustles for Nurses Wanting to Make Extra Money
- Blogging and Healthcare Writing. Do you enjoy writing? …
- Pick Up Per Diem Shifts. Per diem shifts allow you to pick up shifts when and where you want. …
- Sell Your Scrubs. …
- Start Your Own Store. …
- Become a CPR Instructor. …
- Seasonal Flu Clinics. …
- Obtain a Certification.
How long does it take to pay off student loans for nurses?
You must have over $30,000 worth of Direct Loans or Federal Family Education Loans (FFEL) to qualify for this repayment plan. Payments can either be fixed or graduated. Although you’ll end up paying more overall, your loan will be paid off within 25 years.
Is Sallie Mae a federal loan?
All new Sallie Mae loans are private. But if you took out a Sallie Mae loan before 2014, it might have been a federal loan and is likely now serviced by Navient. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL.
What is the average student loan debt for nurses?
» MORE: How many Americans have student loan debt? Graduate nursing students expect to finish school with a median debt between $40,000 and $54,999, according to a 2017 report by the American Association of Colleges of Nursing. This aligns with the $47,321 average nursing student debt found via College Scorecard data.