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Joining the Armed Forces
For many, joining the armed forces after college is a viable method for gaining experience and repaying their student loans. Many programs offered through the Army, Navy and Air Force can repay student loans up to $50,000 in return for 6 to 8 years of service. Some programs, such as the SLRP, offer as much as $65,000 in funds. ROTC programs and the National Guard also offer student loan repayment options. There are a number of armed forces programs available for recruits and veterans to look into for paying back student loans.
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National Health Service Corps
The National Health Service Corps (NHSC) will repay up to $145,000 towards student loans for 5 years of service. This program offers repayment of student loan debt in return for time in service at eligible locations. There are numerous locations around the country to serve, get paid, and gain valuable experience towards furthering your career while generating funds to repay your student loans. The NHSC has a website for signing up and additional details.
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Nursing Education Loan Repayment Program
The Nursing Education Loan Repayment Program (NELRP) is a government sponsored program designed to help registered nurses repay their student loans in return for 2 years of service in a qualified, non-profit nursing facility. These facilities could be hospitals, nursing centers, clinics, State or Local Public Health or Human Services Department and many other locations. In exchange for two years of service qualified applicants can receive up to 60 percent of their nursing education loan balance. For serving an additional third year a qualified applicant can receive an additional 25 percent of their original nursing education loan balance. That is a total of 85% or the original educational loan balance. This is not bad for 3 years of service.
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Tenet Healthcare Nurse
Tenet Healthcare Corporation is a healthcare services company that provides healthcare resources through their hospitals and affiliates. Tenet offers many nursing jobs and opportunities in many states that provide pay, medical and dental benefits as well as assistance with educational loan repayment. This student loan repayment program offers nurses, at participating hospitals and facilities, help in repaying their nursing educational student loans. Check out Tenet Nursing’s website for more information and participating locations.
These are some of the most notable means for paying back nursing education loans. Do not be concerned if these programs do not appeal to you or do not fit your situation. Talk with your student advisors or school administrators. They may know of other nursing jobs that pay back student loans as new initiatives are being introduced all the time -- as a nurse you will never be in need of work. Along with this there are many ways of reducing the cost of a good nursing education.