PHEAA launches student loan relief program for nurses
HARRISBURG – The Pennsylvania Higher Education Assistance Agency (PHEAA) today announced the launch of the Commonwealth Student Loan Relief Program for Nurses (RN Student Loan). Funding available for the program is expected to provide student loan relief to Pennsylvania RNs who provided care throughout the COVID pandemic.
As reported by the governor’s office, the PHEAA is responsible for administering the RN student loan program with $ 5 million in COVID-state tax relief funds, which has been allocated to the Commonwealth as part of the US federal bailout. . Since demand for the program is expected to exceed available resources, qualified applicants will be selected at random from the final pool of geographically diverse applicants.
Selected nurses will be eligible to receive up to $ 7,500 in student loan debt relief, with financial relief of up to $ 2,500 for each year of work for up to three years.
âThis program was created through the cooperative and bipartisan efforts of the governor’s office and my colleagues in the General Assembly,â said Representative Mike Peifer, Chairman of the Board of Directors of PHEAA. âFew people deserve more financial help than the nurses in Pennsylvania who have worked so selflessly on the front lines to care for our sick and injured despite the many risks of COVID. “
“The intrepid dedication of nurses across the Commonwealth has been a key factor in our ability to successfully overcome healthcare challenges from day one of the pandemic,” said Senator Wayne D. Fontana, Deputy Chairman of the PHEAA board of directors. âThe RN Student Loan Program aims to help strengthen our nursing workforce by inspiring experienced nurses who have worked throughout the pandemic to pursue careers in nursing, while encouraging nurses who may consider quit the profession due to pressure from COVID to reconsider. “
Requests for financial relief will be available from January 1 and will be accepted until March 1. Recipients will then be randomly selected to ensure that student loan relief is given to nurses working in geographically distributed communities throughout Pennsylvania.
âI am delighted to announce today that the PHEAA has brought to life a proposal developed and championed by Senator Collett; and I’m proud to have supported him from the start. This program will be a down payment for frontline nurses whose dedication over the past year and more has not gone unnoticed, âsaid Senator Vincent J Hughes, PHEAA Board Member. âEven before the pandemic nurses were in demand and with the stress of the past year and a half, many nurses have chosen to leave the profession for other opportunities. Our goal is for this program to show frontline nurses that we appreciate them and the hard work they do every day.
As the administrator of the program, the PHEAA will make student loan payments directly to federal and private loan managers on behalf of each beneficiary, provided that the total payments do not exceed 100 percent of the outstanding student loan balance. the nurse at the time of the request and payment of the relief fund.
Eligible applicants must be licensed by the State Department of PA, including Registered Nurses (RNs) and Licensed Practical Nurses (LPNs), have worked in person at an eligible nursing facility, and started working before December 31, 2021. Applicants must also be certified by their employers.
To be added to a mailing list to receive program updates, including full eligibility requirements, eligible loan types, and qualified nursing facilities, please visit PHEAA.org/SLRN.
The RN Student Loan Program is part of the Commonwealth’s COVID-19 Nursing Workforce Initiative (NWI), which will be used as a recruiting and retention tool for nurses to ensure Pennsylvania healthcare workers are properly prepared to meet the challenges of the current pandemic. The NWI also offers learning and mentoring opportunities, as administered by the Pennsylvania Departments of Labor and Industry and Human Services.
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PHEAA conducts its student loan management operations nationwide under the name FedLoan Servicing and American Education Services (AES). PHEAA operates its digital technology division under the name Avereo.
This article originally appeared in The Daily American: PHEAA Launches Student Loan Relief for Nurses