Question:
I'm hoping to soon begin attending a 2-year college to become an RN. I've identified two hospitals in the area that will assist with my tuition if I commit to working for them upon graduation, and although I think that is a great offer, I don't wish to lock myself into a situation yet. Therefore, I will have to take out loans. (I've submitted my FAFSA, but all indicators show that I'm unlikely to receive any aid). I would prefer to take out loans that might be "forgiven" upon completion of my RN degree. I've learned that the Perkins loan is such a loan, although it is based on need, and I doubt I'll qualify under their definition of "need."

My question is: Are there student loans available that are not based on need AND that carry a possible "forgiveness" provision (if a student becomes an RN and satifies the specified requirements)? I learned that my FAFSA results show that my contribution is expected to be much larger than I'd anticipated (in fact, more than the college actually costs to attend). Thus, I need to seek out as many loans as possible that could be "forgiven" if I do become an RN and work in the field. Any information would be greatly appreciated. I'm 45 years old, will be attending college for the first time, and I'm a bit confused by the process of obtaining sufficient financial assistance to make it feasible for me to attend college on a full-time basis.

Answer:
My question is: Are there student loans available that are not based on need AND that carry a possible "forgiveness" provision (if a student becomes an RN and satifies the specified requirements)?

First of all I would make tracks to the school you are planning to attend and camp out until you get to talk to someone in the financial aid office. Most of the forgiveness provisions that I am familiar with say you have to give some years of service to an agency or hospital (for instance the VA, a Bureau of Indian Affairs hospital, underserved areas--usually inner city or places like Appalachia etc.).

So, I am not sure how you would be better off getting tied into a few years of service in one of these areas as opposed to one of the hospitals in town. I will be going to school for 4 years (to get my RN and BSN) and I don't feel that I know enough about nursing to commit myself to a particular hospital or program at this point. I feel it is premature (for me personally) to accept a scholarship that locks me into a commitment, when I haven't yet learned what the available opportunities will be after I graduate. I feel I will gain a lot of insight within the next 4 years and learn of opportunites that I've no knowledge of (nor any means of obtaining) at present.

However, there are loans (such as the Perkins) which are forgiven AFTER you graduate (if you meet whatever the requirements are). Also, I know there are hospitals and programs that will help graduates of nursing schools pay off their tuition (again AFTER they graduate). In both cases, the nurse incurs debt and has it forgiven after they graduate. I'm seeking to discover similar opportunities and options (rather than committing now to a particular hospital or program now). Thus, I'm seeking loans and/or programs that require a commitment "post-graduation" (rather than before it).