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Nursing Loan Forgiveness

Iowa Registered Nurse and Nurse Educator Loan Forgiveness Program
This program is a state-supported loan forgiveness program established for registered nurses employed in Iowa and for nurse educators teaching at eligible Iowa colleges and universities. [Program Fact Sheet] [Apply Now]

Eligible Applicants are:
  • Nurse educators who hold master’s, specialists, or doctorate degrees and are employed by eligible Iowa colleges or universities; or registered nurses who are employed as nurses in Iowa.
  • First employed as nurse educators or registered nurses in Iowa no earlier than July 1, 2007.
What types of loans qualify?
Federal Stafford Loans (subsidized & unsubsidized) including qualifying portions of Consolidation loans.

How much can I receive?
The maximum annual award is 20% of the nurse educator’s or registered nurse’s total federal Stafford loan balance, including principal and interest, not to exceed the average resident tuition rate established for students attending universities governed by the Iowa Board of Regents for the first year following the recipient’s graduation. For 2008 graduates, the maximum award is $6,420.

How many years are recipients eligible for forgiveness?
Recipients may receive loan forgiveness for no more than five consecutive years. Applicants who previously received funding under the Iowa Registered Nurse and Nurse Educator Loan Recruitment Program will be eligible for a combined total of five years of eligibility between the two programs.

What criteria is used to select recipients?
Nurse educator applicants will be given priority. If funding does not permit all applicants to
receive repayment benefits, criteria for selection of recipients will be prioritized as follows: first for nurse educators, then for registered nurses.
  1. Applicant renewal status
  2. Full-time employment
  3. Iowa residency status (Priority ranking only: you do not need to be an Iowa resident to apply)
  4. Part-time employment
  5. Date of application
How are funds disbursed?
Loan payments will be disbursed to the recipient’s loan holder and applied directly to eligible loans.

When are funds disbursed?
Loan payments will be disbursed to the student loan holder upon:
  • Completion of the 12-month period for which forgiveness is approved.
  • Certification by the recipient’s employer that he
     or she was employed during the 12-month period and completed the year in good standing.
How to Apply:
Applicants must apply online. Applications will be accepted online through September 30, 2008.

Federal Nursing Education Loan Repayment Program Repayment (NELRP)
The Nursing Education Loan Repayment Program (NELRP) is a federal program that provides registered nurse recipients with loan forgiveness of up to 60% of their qualifying loan balance in exchange for 2 years of service at a critical shortage facility. Participants may be eligible to work a third year and receive additional loan forgiveness of 25% of the qualifying loan balance. While the amount of federal aid available nationwide is limited, funding has increased from $2 million to more than $10 million in an effort to counter the country’s short supply of registered nurses. Iowans are encouraged to apply.

Eligible applicants:
  • Have received baccalaureate or associate degrees in nursing, diplomas in nursing, or graduate degrees from accredited schools of nursing.
  • Have outstanding balances on qualifying loans.
  • Are U.S. citizens, U.S. nationals, or lawful permanent residents of the U.S.
  • Have current permanent unrestricted licenses as registered nurses in states in which they intend to practice or are authorized to practice pursuant to the Nurse Licensure Compact.
Recipients enter into a contract agreeing to provide full-time employment in an approved, eligible health care facility for two or three years.

What types of loans qualify?
  • Nursing Student Loans
  • Federal Stafford Loans (subsidized & unsubsidized)
  • Federal Supplemental Loans for Students (SLS) (those that were borrowed for nursing education may be eligible)
  • Federal Consolidation Loans (may be eligible under some circumstances)
How is funding awarded?
Applicants with the greatest financial need who are employed at critical shortage facilities will be funded first. These facilities include: disproportionate share hospitals, nursing homes, federally designated community health centers, federally designated migrant health centers, state or local public health departments, rural health clinics, and Indian health service centers.

A broad range of other service areas and facilities may qualify. For more information, contact the NELRP Call Center at 877-464-4772.

How is financial need determined?
Applicants whose total qualifying nursing education loans are 40% or greater than their annual salaries are considered to have the greatest financial need.

How to apply:
Check the NELRP website to determine the exact deadline date and to apply online.

Iowa Student Loan Nursing Education Loan Forgiveness Program
Students who are currently enrolled in registered nursing programs or post-baccalaureate nursing educator programs at accredited Iowa colleges, universities, or other similar educational institutions may be eligible to receive loan forgiveness ranging between $5,000 and $20,000 over a four-year period. To be eligible, your qualifying student loans must be held by Iowa Student Loan. [Application Details] [Application]