Through these funds, the HHS hopes to alleviate some of the projected nursing shortage due to an aging nursing population and a shortage of funds at schools of nursing.
Two programs will fund the loans through the HHS’ Health Resources and Services Administration: the Nurse Education Loan Repayment Program and the Nurse Faculty Loan Program.
The NELRP will receive $8.1 million to help 100 registered nurses pay their nursing education debts, according to the release. Under the program, 60 percent of the loan balance of registered nurses will be paid in exchange for two years of service at facilities with a critical shortage of nurses. Additional assistance may be made available for those who work a third year at the facilities.
The NFLP will receive a total of $5.3 million that will go to schools of nursing to support the training of 500 masters and doctoral nursing students who plan to become nurse faculty after completing their education, according to the release. Under the program, loan recipients may “cancel” up to 85 percent of the loan principal and interest in exchange for four years of service as a full-time nursing faculty at a school of nursing upon graduation. A list of universities that received NFLP funds is available at http://newsroom.hrsa.gov/releases/2009/nflp_arra.htm.
Read the HHS’ release about the ARRA funds to alleviate the nursing shortage.
