The work of a nurse is one of the few occupations that offer the worker an excellent opportunity to give back to the community. However, despite the perks of lucrative incomes and in-demand jobs, there are significant downsides, and one of these is the student loan debts of nurses. For this, a program like the Perkins loan forgiveness for nurses can prove very instrumental in helping to overcome the financial pressure.
In essence, there are many more programs apart from the Perkins loan forgiveness for nurses. All these programs aim to provide student loan forgiveness for licensed medical technicians (LMTs) and nurses in general. These programs come from either the federal government or individual states. If you want to know more about the general student loan forgiveness programs, you can check out our student loan forgiveness programs.
Hence, whether you’re a nurse or part of the LMTs, the following are some of the programs you can use to eliminate your student loan debts:
- Nurses Corps Loan Repayment Program
- Public Service Loan Forgiveness Program(PSLF)
- Federal Perkins Loan Cancellation and Discharge (Perkins forgiveness for LMTs)
- National Health Service Corps
This page is a dedication to the Federal Perkins Loan Forgiveness program. As such, we’ll look at some of the critical subjects such as eligibility, benefits, and payment plans, among others.
Details About the Program
As earlier mentioned, there is a long list of nursing loan forgiveness programs out there. However, one can say that Perkins forgiveness for LMTs is very close to the top of the list. The program was designed for nurses, medical assistants, and licensed medical technicians. It allows these professionals to receive percentages of their outstanding principal balance and interest accumulation forgiveness as benefits for each year of qualifying service they provide in their professional roles.
The official name of the program is the Perkins Loan Cancellation Program. However, it is like every other cancellation program offered by the government (hence, it’s inclusion in the list in the section above). Once you meet the requirements for eligibility, you a portion of your student loan wiped out or, in other words, forgiven.
Of course, the financial benefits of such a program are outstanding. Nevertheless, one of the key benefits you can derive from the Perkins forgiveness program is the ability of the program to cover both the original principal you borrowed and the accumulated InterestInterest of the loan. Also, among other nursing forgiveness programs, Perkins forgiveness for nurses allows 100% forgiveness benefits if you’ve served for only five years in the field.
To help you put this in perspective, the Public Service Loan Forgiveness Program takes ten years worth of service to qualify for 100% forgiveness. This makes the Perkins loan forgiveness for nurses twice as fast as PSLFP.
Perkins Loan Cancellation Vs. Discharge
There are certain conditions under which your Perkins loans may not be canceled but entirely discharged. What does this mean? Loan charge means that you no longer have to pay back your lender the loans you borrowed. Some discharge conditions for Perkins Loan include the following:
- School closure
- Total or permanent disability
- Spouse of a victim of the events of 9/11
- Service-connected disability (veterans)
Nurses Eligible For Perkins Cancellation
One may ask who sets the rules that determine the nurses to benefit from the nursing loan forgiveness programs. For the most part, the Department of Education is in charge of setting these rules. And they’ve been doing their job quite well. That’s why you will be eligible if you fall within any of the following positions:
- Licensed Practical Nurses (LPNs)
- Medical Assistants (MAs)
- Registered Nurses (RNs)
- American Registered Nursing Practitioners (ARNPs)
- Certified Nursing Assistants (CNAs)
But there is more, because the Perkins forgiveness for LMTs, as the abbreviation, implies covers, other medical practitioners, apart from nurses. For the most part, these are Licensed Medical Technicians. Let’s look at the eligibility criteria for LMTs.
Eligible For Medical Technicians
Allied Health Professionals and Licensed Medical Technicians working in the various fields of health care such as medical technology, therapy, dental hygiene, and several others can also benefit from the Perkins loan forgiveness for nurses.
If you’re a licensed medical technician, and want to benefit from this program, you first and foremost need certification. Then you have been licensed and registered by a state agency under which you serve, or provide your healthcare services. Also, you need to make sure you fit the definition of a worker that facilitates, complements, or assists the work of other healthcare specialists or to be more specific physicians.
Before, we’ve put together a list of some of the top Licensed Medical Technicians that may be eligible to enjoy the benefits of the Perkins Loan forgiveness for nurses:
- Physician Assistants
- Occupational Therapists
- Dental Assistants
- Speech-Language Pathologists
- Physician Therapists
- Dental Hygienists
- Respiratory Therapists (Entry Level)
- Respiratory Therapist (Advanced)
- Anesthesiologist Assistants
- Medical Lab Technicians with Associates Degrees or Certificates
- Clinical Lab Technicians with Associates Degrees or Certificates
- Medical Assistants
- Occupational Therapist Assistant
- Physician Therapist Assistants
- Dental Lab Technicians
As you can observe, a good deal of the healthcare professionals fall within the bracket of eligible professionals. Hence, the Perkins loan forgiveness for nurses covers more than nurses. Therefore, you might want to continue reading if you work within the healthcare industry because this page isn’t only for nurses.
How Much Debt Gets Cancelled?
If you’ve read a bit about nursing loan forgiveness programs, you’ll realize that some of the programs set a dollar amount as a cap for your benefits. But this isn’t the case with the Perkins loan forgiveness program. Instead, of setting a fixed dollar amount, your cap is determined as a percentage of the total amount you borrowed.
As earlier mention, once you qualify for the benefits of the program, you get a percentage of your loans canceled based on the years of service in any of the listed fields. The scheme used for loan cancellation is as follows:
- 15% of the principal loan + Interest canceled after full-time employment for 1 and 2 years
- 20% of the principal loan + Interest canceled after full-time employment for 3 and 4 years
- 30% of the principal loan + Interest canceled after full-time employment for five years
These numbers may look small to some of you. However, these are without dispute some of the best percentages you can get for any loan forgiveness programs out there. It’s hard to beat these numbers if you’re looking for federal student loan forgiveness programs.
These numbers break down such that, by the end of 5 years, you would have received total cancellation benefits. In other words, this is 100% loan forgiveness within five years of full-time employment and active service in your field.
If you think about it, it’s twice as fast as PSLFP. Even though many consider the PSLFP the traditional gold standard of all federal student loan forgiveness programs, the Perkins loan forgiveness for nurses far supersedes its benefits.
How Perkins Loan Forgiveness For Nurses Work
This is where things get a bit tricky. Because whether you get to enjoy the benefits of this program or not will be decided by your school. In other words, your school will determine if your loans get canceled by the benefits of the Perkins program.
It means your application for this program has to go through your school. You do this by obtaining, filling, and submitting all the necessary forms required by the respective authorities of your school. This means the application process will vary depending on the school you attended.
Here is what you have to do. First, approach the Billing Service or Student Accounting Department and ask for the forms you need to fill for the Perkins Loan Forgiveness for nurses. Any of these two offices should provide you with all the assistance you need to go through the process.
Irrespective of the field you find yourself working in, your school will be required to prove. Hence, you’ll need to provide documentation to prove beyond any reasonable doubt that you’re full-time in any other previously mentioned fields of medical services. The fields could either be Licensed Medical Technical or nursing fields.
Once you can provide the proof that you’re working in these fields, and have a year of service under your belt, the necessary authorities of your school should put things in motion to cancel your outstanding student loans in the right proportions (also mentioned above).
Got Any Questions?
If you have any questions or require further clarification about the Perkins Loan Forgiveness for nurses or licensed medical technicians, you can contact the Billing Department of your school for official information.
However, should you have more questions about student loan debts and how to handle them in general, then you don’t have to look anywhere else. Because we’ve got all the answers in your need. There are lots of resources about the different parts of the student loan debt process, all available on this website – both on our pages and blog.
Are you sure you’re dealing with your student loans the right way? You have to eliminate student loan debt as quickly and cost-effectively as possible using Perkins Loan Forgiveness for nurses. Hence, we encourage you to take a look at our detailed guides on how to handle student loan debts on the different pages on our website or contact us so our experts on this matter can help you.