If you are going to take out student loan debt, it is best to do so for a field with good earning potential and high demand. Nursing is one of those fields. The Bureau of Labor Statistics Occupational Outlook Handbook reports that nurses had a median pay of $75,330/year and the field was growing at 9% in 2020. Not bad at all.
What loan forgiveness opportunities are available to nurses?
In addition to great earning potential and career opportunities, nursing has lucrative loan forgiveness programs available to those willing to meet the requirements.
First of course, is Public Service Loan Forgiveness. Make sure to check out some of the other posts I’ve created on that topic, including here and here.
The military needs medical professionals and pays out handsomely to recruit them. See the links below:
Army
Navy
The Air Force has, at least historically, had a program as well: see this press release, but I could not find the current page. Talk to a recruiter to confirm, and don’t forget about reserve units typically have student loan debt management options as well.
The National Health Service Corps (NHSC) has a loan repayment assistance program, and programs targeting substance abuse and rural areas. Also, check out the students to service program.
The U.S. Department of Health and Human Services has a loan repayment program for Indian Health Services.
If you have Perkins loans, learn more about the Perkins Loans Cancellation program. This program applies to several professions including full-time nurses and medical technicians. Note: this program will have limited use for new nurses, though, as Perkins loans are no longer issued.
Finally, many loan forgiveness programs are state-based. If you are a nurse, I would encourage you to check out what programs are offered in your state. To give one example, check out my state’s forgiveness program for nurses (and other medical professionals): Kansas State Loan Repayment Program. As you can see from the table, the program can be quite generous.
Have other student loan questions? We can help.
