Nursing Education Loan Repayment Program
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As the name suggests, the Nursing Education Loan Repayment Program offers financial assistance via government loans to registered nurses by reimbursing a part of their educational loan, provided that the nurses oblige for full-time service in health-care facilities that have a severe shortage of nurses. Thus, NELRP falls under the category of education government loans.
The NELRP is one of those government loans that is the responsibility of the US Department of Health and Human Services. In an effort to overcome the severe shortage of nurses in various health facilities in the US, the NELRP was initiated to provide financial help in loan repayment to those qualifying the nursing training programs. Financial help was thought to attract more students for the course, thereby assisting in decreasing the shortage of nurses.
The eligibility criteria that must be fulfilled are that the applicant be a US citizen. As the name nursing education loan repayment program suggests, the candidate should have received a graduate degree or diploma in nursing from a recognized institution. The applicant should have a license as a registered nurse and must be employed full-time.
In accordance with its education loans, the candidate must have outstanding educational loans obtained for the purpose of nursing education. To be able to qualify for receiving loan repayment assistance, the nurses must have outstanding loan amounts that are 40% or more of their nursing salaries. Loan repayment assistance covers tuition and educational fees and living expenses. It is also to be noted that assistance is not granted on a first-come-first-served basis but rather on the extent of financial need.
Being one of the government loans and to fulfill its objective of overcoming shortage of nurses, those qualifying for the NELRP are obligated to 2 years of service at a health-care facility with critical shortage of nurses. In return, the program repays 30% of their loan balance for each of the two years and a further 25% if the candidate serves for another year. Thus, approximately 85% of the outstanding loan amount can be repaid through the program. However, in case the qualifying candidate fails to complete 2 years of obligatory service, he/she is liable to strict penalties.
The NELRP appears to be a success in US and in accordance with its loan name nursing education loan repayment program assures interested nurses of financial help in loan repayment provided they have all the necessary documents concerning their educational loan in order.
Did You Know You May Be Eligible For Education Grants?
Education grants help Americans of all ages go back to school without having to worry about financing their education. Education grants provide the foundation upon which Americans can grow intellectually, prosper financially, and contribute economically. The American government proudly supports its citizens by providing education grants to nearly all who apply, and all who are in need of financial aid.
