Nurses who work for a nonprofit or the government may qualify for Public Service Loan Forgiveness. … PSLF offers tax-free forgiveness of your remaining federal direct loans after you make 120 eligible payments while working full time for a qualifying employer; private loans are ineligible.
Also, do hospitals qualify for PSLF?
Public Service Loan Forgiveness (PSLF)
While this means private hospitals aren’t an eligible workplace for PSLF, nonprofit and government-owned hospitals with a tax-exempt 501(c)(3) status are. Luckily, the majority of hospitals fall under this category.
People also ask, how can a nurse pay off student loans faster?
National Health Service Corps Loan Repayment Program
Licensed nurse practitioners can qualify for student loan repayment assistance through the National Health Service Corps (NHSC) Loan Repayment Program. Eligible nurses can receive up to $50,000 to repay their student loans.
How fast do nurses pay off student loans?
You must have over $30,000 worth of Direct Loans or Federal Family Education Loans (FFEL) to qualify for this repayment plan. Payments can either be fixed or graduated. Although you’ll end up paying more overall, your loan will be paid off within 25 years.
» MORE: How many Americans have student loan debt? Graduate nursing students expect to finish school with a median debt between $40,000 and $54,999, according to a 2017 report by the American Association of Colleges of Nursing. This aligns with the $47,321 average nursing student debt found via College Scorecard data.