When it comes to helping graduates, local governments have developed many of its own programs to aid graduates and lessen their financial burden. The Nursing Student Loan Forgiveness (NSLF) is one such option for Florida’s nurses still struggling to resolve their student debt problem. Eligible candidates can receive up to $4,000 annually to cover their student debt. Those enrolled in the program can benefit from it for a maximum of four years.
The Requirements
The NSLF was originally established to boost nurse employment in areas suffering from critical nursing shortages, all the way back in 1989. It is aimed at a specific group of graduates and in order to qualify, you need to meet the following criteria:
- Be licensed by the Florida Board of Nursing as a Licensed Practical Nurse (LPN), Registered Nurse (RN), or Advanced Registered Nurse Practitioner (ARNP),
- Have outstanding qualifying student loans, which were taken out to cover the costs of obtaining a nursing degree or certificate,
- Work full time as a nurse at a designated site in Florida (one full-time equivalent).
You will be disqualified if you have defaulted on any student loan, work on a contract, as needed basis, part-time, or are self-employed. Previous participants of the Nursing Scholarship Program are also ineligible.
Of course, if you fail to submit your application on time, you will also be ineligible. Applications are received quarterly in February, May, August, and November, from the 1st of each month to the 1st of the succeeding one.
Selection Criteria
Once accepted, your application will be processed and enrollment is decided by three factors:
- Completion of the application packet, so make sure that the checklist at the end of the application is filled).
- Priority of the designated site you work at. Medical and healthcare facilities operated by the State of Florida have absolute priority.
- Date of submission. Ensure that you submit as early as possible to have the highest possible chance of enrolling in the program.
As with all loan forgiveness programs, the Nursing Student Loan Forgiveness Program is limited by the amount of funds it has at its disposal. Unless you can quickly switch employers to end up at a high priority designated site, ensure that you file early and file completely to maximize your chances of enrollment.
Final Considerations
Of course, if you are accepted, there are a number of things you will have to keep in mind. If accepted, you will be required to maintain your full-time employment at the designated site for the duration of the program. Unless you are on an approved maternity or medical leave (and even then, only if it doesn’t change your employment status), there cannot be a break in service (i.e. not working for over 31 days). You also need to remember that you never receive the money from the program. The payments are made directly to your lender at the end of the 12 month enrollment period.
Determining the best solution for dealing with your student loan debt can be challenging, but you don’t have to do it alone. Consider speaking with an attorney at the Van Horn Law Group for further guidance.