There are two specific requirements for the Perkins Loan Forgiveness for Nurses Program. Firstly, the applicant should have outstanding nursing educational loans in his or her name. Secondly, the applicant is going to be awarded the funding as long as his or her outstanding qualifying loan divided by his or her annual salary from the nonprofit health care institution is adequate to or greater than 40%.
In fact, by applying for the Perkins Loan Forgiveness for Nurses program, the person is going to be ready to repay the loan availed for tuition fees and other expenses. Therefore, if you’re an RN and you’ve got a pending education loan, you’ll greatly enjoy this loan repayment program. Applications are often made online at the official website. Supporting paperwork like loan documents, a certificate from the healthcare institution, etc. need to be furnished alongside the appliance.
These are the varied guidelines for an individual applying for a Perkins Loan Forgiveness for Nurses program. Registered nurses working in health care centers and full-time faculty members at schools of nursing can make use of such an educational loan program. Additional information on the program and application procedures are often obtained from the govt Loans websites.
Perkins Forgiveness for Nurses & LMTS
The work of a nurse is one of the few occupations that offer the worker an excellent opportunity to give back to the community. However, despite the perks of lucrative incomes and in-demand jobs, there are significant downsides, and one of these is the student loan debts of nurses. For this, a program like the Perkins loan forgiveness for nurses can prove very instrumental in helping to overcome the financial pressure.
In essence, there are many more programs apart from the Perkins loan forgiveness for nurses. All these programs aim to provide student loan forgiveness for licensed medical technicians (LMTs) and nurses in general. These programs come from either the federal government or individual states. If you want to know more about the general student loan forgiveness programs, you can check out our student loan forgiveness programs.
Hence, whether you’re a nurse or part of the LMTs, the following are the programs you can use to eliminate your student loan debts:
- Nurses Corps Loan Repayment Program
- Public Service Loan Forgiveness Program(PSLF)
- Federal Perkins Loan Discharge and Cancellation (Perkins forgiveness for LMTs)
- National Health Service Corps
This page is a dedication to the Federal Perkins Loan Forgiveness program. As such, we’ll look at the critical subjects such as eligibility, benefits, and payment plans, among others.
Details About the Program
As earlier mentioned, there is a long list of nursing loan forgiveness programs out there. However, one can say that Perkins forgiveness for LMTs is very high up the list. The program was designed for nurses, medical assistants, and LMTS. It allows these professionals to get a fraction of their accumulated interest and remaining principal balance forgiveness as benefits for every year they provide qualifying service in their professional roles.
Perkins Loan Cancellation Program is the official name. However, it is like every other cancellation program offered by the government (hence, it’s inclusion in the list in the section above). Once you meet the requirements for eligibility, you a portion of your debt wiped out or, in other words, forgiven.
Of course, the financial benefits of such a program are outstanding. Nevertheless, one of the key benefits you can derive from the Perkins loan forgiveness program derives from the ability of the program to cover both the principal amount you borrowed and the accumulated interest of the loan. Also, among other nursing forgiveness programs, Perkins forgiveness for nurses allows 100% forgiveness benefits if you’ve served for only five years in the field.
To help you put this in perspective, the PSLFP takes ten years of active service to qualify for 100% forgiveness. This makes the Perkins forgiveness for nurses two times the rate of PSLFP.