The government has designed several options to help you reduce the costs of your nursing education. Benefits can be determined based on residency, position, place of employment, and level of education. This is the final article in our series. We explored the popular federal relief programs and we will conclude with a very high-level look at State-based financial assistance programs.
This is an overview of offerings for various states. Keep in mind there are many requirements and restrictions that apply. Terms and conditions can also change. One of the major similarities between programs is that loans must be in good standing if you have defaulted on your loan you may be disqualified. Keep in mind, some awards may be considered taxable income. Please be sure to investigate the options thoroughly to ensure you are eligible and can take advantage of forgiveness benefits.
The SHARP program is designed to recruit healthcare professionals to work in specified shortage areas in exchange for loan assistance. Nurses can receive up to $27,000 per year in loan assistance, depending on their positions.
Under the Arizona Loan Repayment Program, qualified health care professionals working in Health Professional Shortage Areas can receive loan assistance up to $50,000 in repayment assistance for each year of service.
The Bachelor of Science in Nursing Loan Repayment program for registered nurses who work in a Health Professional Shortage Area or Medically Underserved Area can receive up to $8,000.
Through the Colorado Health Service Corps program, nurse practitioners who work in a Health Professional Shortage Area may be eligible. Full-time nurses can receive up to $50,000 and nurses who work half-time are eligible for up to $25,000.
The Nursing Student Loan Forgiveness Program offers up to $4,000 per year, for a maximum of four years, to nurses who work full-time at qualifying organizations in qualifying areas.
Nurse practitioners who work in Health Professional Shortage Areas may be able to receive loan assistance through a grant-funded program—the amount awarded depends on funds available.
Workers in Health Professional Shortage Areas may be eligible for awards that range from $5,000 to $25,000 each year, for two years in a nonprofit or public setting.
The Veterans’ Home Nurse Loan Repayment Program offers nurses in Illinois who commit to working in veterans’ homes possible loan assistance of up to $5,000 per year for a period of four years.
The Iowa Registered Nurse & Nurse Educator Loan Forgiveness Program, which provides an award of up to 20 percent of the recipient’s student loan balance.
The maximum award amount for a 2016 graduate is $6,858. In order to qualify for this program, nurses must be employed in Iowa.
Under The Kansas State Loan Repayment Program, nurse practitioners can receive up to $20,000 in repayment assistance by committing to work in a Health Professional Shortage Area for two years.
The Kentucky State Loan Repayment Program is a unique program that offers loan repayment as a 50/50 match if professionals work in a Health Professional Shortage Area for two years. For every dollar provided by the program, there must be a match of the same amount by a sponsor, such as an employer, foundation, or friend.
Repayment assistance is between $20,000 and $40,000.
Nurses who work full-time at a designated Health Professional Shortage Area, or at a nonprofit may be able to receive up to $15,000 each year with a three-year commitment.
Through the Janet L. Hoffman Loan Assistance Repayment Program, Maryland residents who work as nurses at qualified organizations serving low-income and underserved residents may be eligible for loan assistance. Award amounts can range from $1,500 to $10,000 per year, for three years.
The Michigan State Loan Repayment Program offers loan assistance for nurse practitioners who work full-time in underserved communities and commit to at least two years can receive up to $200,000 throughout a period of eight years.
The Minnesota Nurse Loan Forgiveness Program offers repayment assistance to licensed practical or registered nurses who work with the developmentally disabled or in a licensed nursing home for at least two years. Eligible candidates may receive $5,000 each year, with a maximum award of $20,000 over a four-year period.
The Montana Institutional Nursing Incentive Program offers loan assistance for registered nurses who work full-time at a Montana state hospital or prison. The award amounts depend on the number of candidates and available state funding.
In the Nebraska Loan Repayment Program, local entities will match state dollars in order to pay for employees’ loan assistance. Nurse practitioners are eligible for this program if they commit to three years in a designated shortage area and can receive up to $20,000 each year.
Under The New Hampshire State Loan Repayment Program, nurse practitioners who work in underserved areas may be eligible for awards up to $45,000. Eligible candidates must work full-time for at least 36 months.
Through the Primary Care Practitioner Loan Redemption Program of New Jersey, certified nurse practitioners who work in specific Health Professional Shortage Areas or underserved areas may be eligible for up to $120,000 for a four-year service period. The amount awarded depends on the outstanding loan balance and the number of years served.
The New Mexico Health Professional Loan Repayment Program offers up to $25,000 per year for advanced practice nurses who work full-time in a medical shortage area for two years.
The New York State Nursing Faculty Loan Forgiveness Incentive Program offers registered nurses with graduate degrees who have worked as educators in the field of nursing up to $40,000. Eligible candidates can receive $8,000 per year for a period of five years under this program.
Under the Nurse Education Assistance Loan Program, nursing students who plan on working as instructors or nurses post-graduation may be eligible for up to $1,500 per year and nurses can receive up to 100 percent loan cancellation after working as a full-time nurse in Ohio for five years.
Through the Oregon Partnership State Loan Repayment (SLRP) program, a variety of healthcare providers are eligible for repayment assistance by working in a Health Professional Shortage Area. Awards are a percentage of your loan balance.
The Pennsylvania Primary Care Loan Repayment Program offers loan assistance for registered nurses who work in designated Health Professional Shortage Areas for a minimum of two years. Full-time candidates can receive up to $60,000 and half-time workers can receive up to $30,000.
The Rhode Island Health Professional Loan Repayment program offers assistance to nursing practitioners and registered nurses who work in Health Professional Shortage Areas Recipients are required to make a two-year commitment for full-time work and four years for part-time.
The Graduate Nursing Loan Forgiveness Program was created to encourage entry into education. Basically this type of student loan forgiveness requires working as a teacher for a period of time.
The Rural Communities Health Care Investment Program offers loan reimbursements to non-physician health care providers who commit to working at least 12 months and can then receive up to $10,000.
Vermont’s Educational Loan Repayment Program for Nurses offers a maximum annual loan repayment award of $10,000, with a commitment of 12-24 months at a time in an underserved area, a minimum of 45 weeks each year, with 20 hours per week dedicated to clinical hours to qualify.
The Virginia State Loan Repayment Program could grant practicing nurses that have obtained a post-baccalaureate certificate or master’s degree in nursing up to $25,000 per year toward their outstanding student loan balances. Eligibility includes a two-year service commitment.
The Health Professional Loan Repayment Program, The program requires a three-year working commitment in facilities that are located in designated Health Professional Shortage Areas in exchange for an award of up to $75,000. Applicants are required to work as primary care providers.
West Virginia’s State Loan Repayment Program offers loan repayment for nurses practicing full-time for a minimum of two years in rural, underserved areas. Awards are up to $40,000 under a two-year commitment and may receive an additional $25,000 for another two years if the contract is extended.
Through the Health Professions Loan Assistance Program, nurses who commit to working at least three years in a qualified underserved or urban community may receive up to $100,000 in loan assistance.
The Wyoming State Loan Repayment Program offers loan assistance for nurses who work full-time for at least two years in qualifying Health Professional Shortage Areas in exchange for an award of up to $20,000.