Iowa Student Loan Nursing Education Loan Forgiveness Program Eligibility Requirements
To become eligible for loan forgiveness of up to $20,000 for nurse educators or $10,000 for register nurses in long-term care facilities through the Iowa Student Loan Nursing Education Loan Forgiveness Program, borrowers must meet the requirements below.
| Applicant Requirements |
|---|
| Nursing Educators |
Must be enrolled in a post-baccalaureate nursing educator program (including non-nursing doctoral programs that qualify the individual to teach nursing) at an accredited Iowa college or university.
See a list of accredited nursing education programs approved by the Iowa Board of Nursing. In general, Iowa Student Loan uses this list for the application approval process. |
| Registered Nurses |
Must be enrolled in a registered nursing program at an accredited Iowa college or university, complete such program by the date established on the application, and have a clear interest in working as a registered nurse in a long-term care facility in Iowa.
See a list of accredited nursing education programs approved by the Iowa Board of Nursing. In general, Iowa Student Loan uses this list for the application approval process. |
| Recipient Requirements |
|---|
- Must graduate and pass the required National Council Licensing Examination for Registered Nurses.
- Must be employed full time, as defined by the employer, as a nursing educator* in Iowa, or registered nurse providing direct patient care in Iowa within 12 months of graduation.
- Must have an outstanding Federal Family Education Loan Program (FFELP) Stafford Loan or Federal Consolidation Loan, including loans in the William D. Ford Federal Direct Loan Program (Direct Loan), that is owned or serviced by Iowa Student Loan or a private (student) loan owned or serviced by Iowa Student Loan.
|
Loans Eligible for Forgiveness
- FFELP subsidized and unsubsidized Stafford Loans owned or serviced by Iowa Student Loan.
- Private (student) loans owned or serviced by Iowa Student Loan.
- Federal Consolidation Loans (including Direct Loans) consolidated with Iowa Student Loan.
Loan Forgiveness Schedule
| Years of Employment | Forgiveness % |
Nursing Educator | RN Long-Term Care Facilities |
|---|
| 1 | 15% | $3,000 |
$1,500 |
| 2 | 25% | $5,000 |
$2,500 |
| 3 | 30% | $6,000 |
$3,000 |
| 4 | 30% | $6,000 |
$3,000 |
| Total | 100% | $20,000 |
$10,000 |
| Benefit Schedule For |
| Recipients approved during the 2004 – 2005, 2005 – 2006, 2006 – 2007 and 2007 – 2008 award year |
Eligible Loan Forgiveness Employment Areas in Iowa
In order to qualify for the program benefits, approved applicants must teach full-time as nursing educators* or work as RNs in long-term care facilities in Iowa.
*Part-time employment may qualify for partial year forgiveness (nurse educators only).
|