Iowa Student Loan Nursing Education Loan Forgiveness Program

Program Status

Applications are not currently being accepted for the Iowa Student Loan Nursing Education Loan Forgiveness Program. An update on the program status for 2010 – 2011 will be available by late summer 2010. Please check back here.

If you have already received approval for a loan forgiveness application, the following information will help you understand and receive your benefits.

Program Summary

The Iowa Student Loan Nursing Education Loan Forgiveness Program was created to provide recruitment and retention incentives in the form of education loan forgiveness for nursing educators and registered nurses (RNs) in Iowa communities.

How the Program Works

The loan forgiveness program does not eliminate the requirement to make payments on your student loans as you work as a nursing educator or RN but rather supplements your payments to accelerate the elimination of your student loan debt. Each year that you teach or work as an RN and make your monthly loan payments, you will qualify for loan forgiveness, with maximum awards earned over a four-year period.

How to Receive Benefits

You should fill out and submit the program forms. Once Iowa Student Loan receives your forms, they will be processed in one to two weeks.

Special Considerations

Approved applicants may have options or additional obligations.

• Employment Changes — If you go into areas of service that are different than the areas for which you were originally approved, you may be eligible to have your award adjusted. Award adjustments are less likely for applicants approved during the 2007 – 2008 and subsequent award years. If you have questions, please call (800) 243-7552, ext. 7656, or (515) 273-7656.
• Extensions — If you change your program completion dates or degree goals, you can request an extension of your forgiveness approval to coincide with those changes by calling (800) 243-7552, ext. 7656, or (515) 273-7656.
• Taxes — Approved applicants who receive loan forgiveness benefits from Iowa Student Loan will be issued an IRS form 1099-C. Applicants should consult a tax professional to understand any tax implications associated with the loan forgiveness amounts that are received.

Contact Us

If you need assistance or have additional questions, send an e-mail to mbrown@studentloan.org or call (800) 243-7552, ext. 7656 or (515) 273-7656.