Becoming a nurse can be a noble and rewarding profession that allows you to give back to the community and care for others. Likewise, the job is sometimes lucrative, with 2019 data from the Bureau of Labor Statistics indicating that nurses earned a median annual wage of $73,300, while nurse practitioners earned a median annual salary of $115,800. Nevertheless, pursuing a career in nursing can come with its drawbacks. For many, the biggest downside to becoming a nurse is the thousands of dollars of debt that often comes with an education.
At all degree levels, nursing school necessitates a large financial investment that usually involves taking on student loan debt. Accruing student debt is perhaps inevitable when you’re pursuing a degree in nursing, but the field also offers more resources than most when it comes to receiving loan forgiveness. From options designed for all students to programs specifically designed for nurses, there are many possibilities that you can choose to pursue.
What Types of Student Loan Forgiveness Programs Are Available for Nurses?
If you’re a nurse struggling under a mountain of federal student loan debt, there are a few programs you may consider, including the following:
- Public Service Loan Forgiveness (PSLF) Program: This program excuses the remaining balance of all federal loans after the borrower has made at least 120 qualifying monthly payments while working full-time for a qualifying employer. In other words, after ten years of loan payments, you could get the rest of your student loans paid off.
- Nurse Corps Loan Repayment Program (NCLRP): This program is meant for nurses who work in disadvantaged communities at vital shortage areas. Nurses who work a minimum of 32 hours a week may be able to get more than half of their student loans paid off over the course of two years of employment.
- Perkins Loan Cancellation: If you’re a nurse who still has Perkins loans, they can be forgiven in tax-free increments over five years. You can defer Perkins loans while you work full time as a nurse. Because of the incremental forgiveness, you’ll be left with nothing to repay when that deferment period is over.
Other plans available to nurses include state-level loan forgiveness for nurses, military student loan forgiveness for nurses, the NHSC loan repayment program, and the National Health Service Corps Loan Repayment Program. It’s important to note that these programs only apply to graduates with federal student loans. This category of loans—such as the Stafford and the Perkins—are backed by the federal government and highly regulated.
If you have private student loans, look no further for debt relief than the debt settlement lawyers at McCarthy Law. Private student loans are often issued by well-known banks like Citigroup or Chase Bank and typically have higher interest rates than federal loans. We focus on student loan debt negotiation for privately issued student loans and may be able to help you explore the most strategic options for getting on top of your finances.
How Do You Know Whether You Have a Federal or Private Loan?
In order to understand your options, you must first consider whether you have federal or private loans. Federal student loans—also known as “direct loans” or “government loans”—allow students to borrow money for college directly from the federal government. There are a few different types of federal student loans for students, each with its own set of standards.
In simple terms, any student loan not issued by the government is considered a private student loan. Student loans other than FAFSA loans can be helpful to those who don’t qualify for a federal student loan or whose federal student loan doesn’t cover enough of their expenses. A qualified student debt lawyer may also be able to help you understand what kind of loans you have if you’re still unsure.
If You’re Seeking Relief for Your Private Loans, McCarthy Law Can Help
Student loan forgiveness may seem too good to be true—especially for those with private loans—but there are legitimate ways to reduce your debt if you have the right student loan lawyer by your side. That’s where the attorneys at McCarthy Law come in. Under our student loan debt settlement program, an attorney contacts your student loan lenders and begins a negotiation process to significantly reduce the balance on your private loans.
At the end of a successful student loan settlement, the borrower ends up paying only a fraction of the original balance claimed by the lender. The rest of the debt is forgiven by the lender and the settlement is a full and final settlement of the debt, leaving the borrower without the burden of student loan debt going forward. Start by giving our offices a call and telling us about your unique situation during a free phone consultation. We’ll then outline your options and provide you a concrete and strategic plan of action.
Contact a Skilled Student Loan Lawyer at McCarthy Law
While nurses may have additional job security and a higher salary than the national average, becoming a nurse involves a significant amount of education and subsequent student loans. Leaving school with that much debt can be daunting. That’s where the attorneys at McCarthy Law come in.
If you’re a nurse who’s overwhelmed with student loan payments, consider reaching out to our attorneys who can help you explore the best options for getting on top of your finances. A skilled student debt lawyer may be able to provide you with practical legal advice after fully analyzing your situation and determining the most strategic method that will have you feeling financially reassured.
The lawyers at McCarthy Law intimately understand the stress of student debt, especially for nurses struggling with private loans. To schedule a free consultation with a knowledgeable and experienced debt settlement professional, call our office at (855) 976-5777 or complete our contact form today.