NURSE Corps Loan Repayment Program Application Cycle Now Open

Cathy Yeulet/123RF.com

If you have student debt and are working with an underserved population, the 2015 NURSE Corps Loan Repayment Program might be exactly what you are looking for. You might qualify for the opportunity to erase thousands of dollars of debt with this federal loan repayment program.

The application cycle is only open for a brief time every year, during which several thousand nurses compete for the coveted spots. The 2015 application cycle is expected to be very competitive, so applicants are encouraged to apply early. The application cycle closes Feb. 26 at 7:30 p.m. ET.

According to the Health and Human Services administration, “the NURSE Corps Loan Repayment Program pays off 60 percent of unpaid nursing student loans in just 2 years – plus an additional 25 percent of the original balance for an optional third year. In return, NURSE Corps members fulfill a service obligation at one of the thousands of eligible nonprofit hospitals, clinics, nursing schools and other facilities located in designated mental health or primary medical care health professional Shortage Areas across the U.S.”

Are You Eligible?

Yes, if you:

• Are a licensed registered nurse or nurse practitioner
• Are employed full time (at least 32 hours per week)
• Work at an eligible critical shortage facility
• Are a U.S. citizen (born or naturalized) or National and Lawful Permanent Resident
• Have a degree from an accredited school of nursing located in a U.S. State
• Have Stafford loans, Grad PLUS loans, consolidation loans, Perkins loans or private student loans

About half the funds are reserved for master’s level advanced practice RNs and nursing faculty.

How it Works

Nurses are chosen based on a number of factors, including their income-to-debt ratio and their facility’s service to the underserved. You agree to work for two years in an approved not-for-profit facility (typically where you are already employed) that has been designated as being in a Health Professional Shortage Area (HPSA). In exchange, you get a monthly deposit in your bank account to be used toward student loan repayment. In 2012, there were a total of 4,505 awards made (2,106 new and 2,399 continuations) totaling $169.7 million.

Keep in Mind

Before you apply, carefully read through the 30+ page application and program guide. If selected to participate, you are contractually bound to serve two years at the critical shortage facility listed in your application, and if you do not fulfill that obligation, you will face serious financial consequences.

Want to learn more?

Application Process

Application and Program Guide

http://www.hrsa.gov/loanscholarships/repayment/nursing/guidance.pdf

Program Contact Information

For more information, about the program, please visit:

http://www.hrsa.gov/loanscholarships/repayment/nursing/

Join one of these conference calls:

NURSE Corps Loan Repayment Application Conference Call #1

• Date: Thursday, January 29, 2015

• Dial-in number: 1-888-957-9878

•Participant passcode: 5256022

•Time: 2:00 – 4:00 p.m. ET

NURSE Corps Loan Repayment Application Conference Call #2

• Date: Thursday, February 12, 2015

• Dial-in number: 1-888-957-9878

• Participant passcode: 5256022

• Time: 7:30 – 9:30 p.m. ET

For more questions, email:  GetHelp@hrsa.gov

Or by phone at:  1-800-221-9393

Follow the link to browse nursing jobs at HospitalRecruiting.com