How to Repay Nursing Loans

In order to repay nursing loans, you can get the assistance of federal agencies and state governments. If you agree to practice in geographically or economically underserved communities for a particular period of time soon after graduation, you will be eligible for some of the government grants. The amount that you will be eligible for depends upon the agency you will work for, the length of time you will work in the certain place and the type of loans you have to repay.

Instructions

    • 1

      Apply for Faculty Loan Repayment Program if you are a new faculty member at a qualified health education institution. You can receive a maximum of $40,000 for two years of teaching in addition to the funds from the host institution.

    • 2

      Apply for National Health Service Corps Loan Repayment Program if you are among the following professions: Allopathic and osteopathic physicians, certified nurse-midwives, dentists, physician assistants and certified family nurse practitioners, you can get up to $35,000 per year for the initial four years and after that the payments decrease.

    • 3

      Apply for the Nursing Education Loan Repayment Program if you are a nurse. You will get different repayment levels depending upon your financial need and the area where you serve.

    • 4

      Apply for National Institutes of Health Loan Repayment Program if you are a physician with interest in medical research. You may receive a maximum of $35,000 every year for a period of two years.

    • 5

      Apply for Indian Health Service Loan Repayment Program if you are a nurse, nurse practitioner, mental health worker or a medical specialist in highly needed fields. You can be eligible for a maximum of $20,000 each for two years along with a 20 percent offset to tax liability of award.

    • 6

      Apply for the Federal Student Loan Repayment Program if you operate an individual federal agency and can offer loan repayment programs at your own discretion as an incentive to recruit and retain highly-trained employees.

    • 7

      Apply for Loans for Disadvantaged Students, Primary Care Loans, Nursing Student Loans, Health Professions Student Loans or Health Education Assistance Loans after checking if you qualify.

    • 8

      Receive program benefits from US military programs if you are willing to serve in military for a period of years.

    • 9

      Employ loan forgiveness programs in the event you are ready to perform volunteer work, military service, teach or practice medicine in certain types of communities or meet other criteria specified by the program.

    • 10

      Check your state funding schemes by contacting your state health planning office.

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