California State Assemblyman Steve Knight, R-Palmdale, recently introduced a bill that allows nurses to eliminate up to $40,000 of student debt — double the previous $20,000 limit. The Assembly Higher Education Committee unanimously approved the bill.
The Knight bill expands a previous loan forgiveness program that repaid up to $20,000 of a nurse’s student loans in exchange for four years of nursing service at a state prison or nursing home with a Registered Nurse vacancy rate greater than 10%.
Other states offer similar programs. Florida offers a Nursing Student Loan Forgiveness Program that will repay up to $4000 of nursing debt a year in exchange for nursing service. Minnesota pays up to $3750 per year, up to a maximum of $15,000 over four years. The Federal government has a Nursing Education Loan Repayment Program that wipes out 60% of qualifying student loans in exchange for two years’ service.
Have you participated in a loan forgiveness program? How would you describe your experience?
Jennifer,
I am so deep in my student loan. I make monthly payments but it nevers seems to go down. Graduated and have been a critical care nurse for the last 7 years. I know there are loan forgiveness for the underserved areas or for nurses. Is there anyway you can help me. Its eating at my credit scores as well. Have not been able to buy anything since I graduated from nursing school. Your help would be greatly appreciated.
Thank you
May Lopez