It's sometimes necessary to get a student loan to help pay for nursing school. And
while a loan means being able to pay your tuition and fees so you can get your nursing
degree and license, it also means having debt that needs to be repaid. It can be
intimidating to think about a monthly payment to a financial institution for years
after you're done with school, especially if you have a tight budget. However, there
are options to relieve the burden of loan repayment. In fact, with nursing loan
forgiveness, you may not have to pay back your student loans at all.
What is nursing loan forgiveness?
Nursing loan forgiveness is a situation in which an organization or financial institution
pays back your loan to your lender for you. Generally, there are requirements to be eligible.
These vary from where you work after getting your nursing license to what field of nursing
you pursue to your grade point average while you're in nursing school.
Not all loans qualify for loan forgiveness, so it's important to do research and make
sure all your questions get answered ahead of time. Your financial aid representative at
nursing school should have information for you about these programs, and should be able
to help you apply for them, if you're eligible. The lender of your student loans may have
information about forgiveness programs, as well, or be able to give you contact
information for them.
What are the benefits of nursing loan forgiveness?
The most obvious benefit of having your loans forgiven is that you don't have to pay
them back. In this way, your loans become more like a grant or scholarship. Since loan
debt can be a great burden on your budget, having those loans forgiven can change your
budget for the better in a big way. For many, this benefit alone outweighs any drawbacks
loan forgiveness may have.
Another benefit of loan forgiveness is that it can give you opportunities that you may
not have otherwise have had. For example, if the forgiveness program requires you to work in
a certain healthcare facility, it could mean a job offer, and the security of keeping
that position for the length of time needed to forgive the loan.
What are the drawbacks of nursing loan forgiveness?
One of the drawbacks of having your loans forgiven is that it may limit your career
after you have your nursing license. That is, some forgiveness programs may require
you to work in a specific nursing field, such as oncology or pediatrics, for a certain
length of time in order to be eligible for forgiveness. This means that if another
opportunity comes up for you but doesn't meet the requirements for your loan forgiveness,
you would have to choose between taking the opportunity or having your loans forgiven.
Another drawback is that if you don't prepare for loan forgiveness ahead of time, you
may not be eligible for a program. In some cases, you may need to apply for the program
at the time you accept the loan to ensure you maintain your eligibility and meet all
the requirements necessary.
If you have to get a loan to help pay for school, you may feel like you'll be repaying
it for the rest of your life. It can be frustrating to know that you have to carry a
debt in order to get the education you need for the job you want. Fortunately, there
are options to lessen the burden of a student loan. If you can meet the requirements
for nursing loan forgiveness, you can help pay for school with your loan, and not worry
about having to pay it back. That way, you can concentrate on getting your education
instead of worrying about how to make your loan payments every month.