Ever since nurses have become major component of the United States work force, it is more easy to repay your post graduation nursing degree loans with the “Loan Repayment Programs” offered by selected corporations and entities. That will not happen without some sacrifice from the recipients, in terms of lower salary and a contract. A lot of corporations, governments, and branches of the military that can help medical professionals repay their student loans. Many if not all require a commitment for a minimum length of time of at least 3 to 4 years. As I said previously, these recipients are paid less comparing to their peers. But again one might come out making more than their peers since they can save the money they were supposed to pay to the loan companies. For example I know a friend who is a registered nurse and is working for an hospital and is in the loan repayment program. Her student loans are being paid while she is putting $1200 a month into her savings, money that were supposed to repay her student loans had she had not been in the loan repayment program. Below are some entities that post graduation medical professionals or even current students can contact with information to “Loan Repayment Programs”:

Navy Health Professions Loan Repayment Program

The Navy not only provides scholarships to students but it can also help current students or graduate students pay off student debts incurred. Students or post graduates can receive $20,000 sign-on bonus if committed for 3-years of service and $30,000 for a 5-year service commitment and on and on. In order to qualify, a nurse must be between 18 and 41 years of age, a U.S. citizen, must be licensed to practice, and able to pass physical exam. Those that are interested should contact a local Navy recruitment officer or visit their website at www.navy.com.

Army Health Professions Loan Repayment Program

The Army – can pay up to $50,000 of a soldier’s student loans, with the assumption that the loans are in good standing. Repayment cannot go beyond $20,000 during any year. To qualify you must have a high school diploma (which you do), an Armed Qualification Test score of 50, or higher on the Armed Services Vocational Aptitude Battery (ASVAB), Decline enrollment in the Montgomery GI Bill. Other requirements can be found at www.goarmy.com.

Air Force Health Professions Loan Repayment Program

The Air Force can give up to $45,000 every year to a recruit that participates in the program, plus $1,907 to cover living expenses. A commitment of one year is required. Also there are other stipulations like the other branches. Please contact them at www.airforce.com

Hospitals Health Professions Loan Repayment Program

Many hospitals in order to deal with the shortage of nurses lure them by repayment of their student loans. Not only hospitals but private companies, City, State, and Federal Government offer the Loan Repayment Program as well. The Federal Government for example has what you called the “Loan Forgiveness Program” (LFP). A program in which you are encouraged to volunteer in AmeriCorps, Peace Corps, National Coast Guard, and teaching. Once you volunteer they will provide monetary assistance to help repay your student loans. Additionally, the U.S. Federal Government has The Nursing Loan Repayment Program (NLRP). This program is by acceptance only and provides monetary assistance to medical professionals. In return these professionals help alleviate the shortage in nurses that certain non-profit healthcare facilities are dealing with. For more information please contact www.hrsa.gov.

In conclusion, my least favored advice is to take a government loan to repay higher interest student loans. Many times this is the only and best option.

Want to find out more about student loans, then visit my site on how to choose the best nursing program for your needs.