Army, Navy, and Air Force Nursing: Educational Requirements and Loan Repayment Incentives (2023)

FAQs

Does the Air Force have a student loan repayment program? ›

The Air Force College Loan Repayment Program (CLRP) is available to any person enlisting with past student loan debt. It awards up to $10,000, made in yearly payments of 33.33 percent of the debt or up to $1,500 — whichever is higher. For more details, please see our Presentation.

For specialty nursing programs such as anesthetists, Certified Nurse Midwives, Women's Health Nurse Practitioners, and Family Nurse Practitioners, the Air Force offers a Nurse Health Profession Scholarship Program (HPSP) that pays all tuition and fees, plus a living allowance for the length of the selected program.

The Public Service Loan Forgiveness (PSLF) program offers student loan forgiveness for nurses who are working full time for a government or nonprofit organization by paying off the remainder of their loans after the first 120 payments.

Currently, the Army and Navy will repay up to $65,000 of your student loans, the Coast Guard will repay up to $30,000 with yearly limits and the National Guard will repay up to $50,000. Remember that these are maximum amounts and may be limited only to very specific military specialties.

Service to our country qualifies borrowers for one of the most popular student loan forgiveness programs — Public Service Loan Forgiveness. This program forgives all federal student loan debt after the borrower makes 120 qualifying payments while working full-time with the military or another qualifying non-profit.

Only specified Military Occupational Specialties (MOSs) qualify for the LRP. Enlisting Active duty Soldiers are eligible for the Loan Repayment Program if they meet the following conditions: Soldier must agree to a term of service of three years or more.

Naval Nurse Corps

The Navy offers equally attractive incentives to practicing or prospective RNs, including sign-on bonuses, advanced educational opportunities, and fantastic nursing student loan repayment options.

Navy Nurse Candidate Program (NCP) – Receive up to $34,000 for nursing school, including: Benefits: An initial grant of $10,000. Plus a Stipend of $1000 per month for up to 24 months.

Since they are commissioned officers, nurses enter the Air Force as Second Lieutenants, a rank with an annual salary of $41,720, according to 2022 military pay data.

Public Service Loan Forgiveness

You don't have to be a certain type of nurse to be eligible for PSLF, i.e., a registered nurse or a nurse practitioner. Your employer qualifies you for the program, not your job.

How long does it take to pay off $100000 in student loans? ›

While the standard repayment term for federal loans is 10 years, it takes anywhere between 13 and 20 years on average to repay $100k in student loans. Here are some different scenarios to consider, depending on your financial situation and goals.

The American Association of Colleges of Nursing found that 69% of students attending a graduate-level program took out federal student loans. The median level of nursing student loan debt at the completion of the program ranged from $40,000-$54,900.

You must agree to enlist for at least three years. After your first year of service, the Army will pay 33.33% of your outstanding principal student loan balance or $1,500, whichever is greater. It will also pay you one of these two amounts for each of the next two years.

The Air Force's Health Professions Loan Repayment Program (HPLRP) is a program to provide a direct accession or retention incentive to maintain adequate numbers of commissioned officers on active duty who are qualified in the various health professions.

The income limits are based on your adjusted gross income (AGI) in either the 2020 or 2021 tax year. People who earned less than $125,000 annually (or $250,000 if filing taxes jointly) are eligible. If you qualify in either of those years, you can get forgiveness.

VA Financial Support for Nursing Careers

Through the NNEI program, Registered Nurses (RNs) who work part-time or full-time at the VA for at least one year can receive up to $41,572, tax free, toward the cost of higher education.

What is the Public Service Loan Forgiveness Program? The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on your federal student loans after 120 payments working full time for federal, state, Tribal, or local government; the military; or a qualifying non-profit.

Veterans, active duty can take advantage of Public Service Loan Forgiveness program. Veterans and active duty service members can get one step closer to student loan forgiveness through the Public Service Loan Forgiveness program. You will need to submit your application by October 31, 2022.

Military service is considered qualifying employment. Only Federal Direct Loans, which include Grad PLUS Loans, Subsidized and Unsubsidized Stafford Loans, and Direct Consolidation Loans, are eligible for PSLF.

Health Professionals Loan Repayment Program (HPLRP)

The HPLRP will repay outstanding loan(s) that were secured according to 10 USC 16302, to finance health professional education approved by the Secretary of Defense as a critical specialty needed to meet wartime, combat medical skill shortages.

Is it worth joining the military as a nurse? ›

Benefits of full-time active duty include competitive salary, with specialty pay up to $15,000 a year, 30 days' paid vacation annually, a $5,000 sign-on bonus, no-cost or low-cost medical and dental care for you and your family, low-cost life insurance, and on-post child-care facilities.

An Overview of a Military Nurse Salary. Most military nurse salary data falls between $58,000 and $100,000 per year, with the bulk of military nurses making around $70,000 annually.

If you are looking for a way to serve your country and advance your nursing career, consider joining the Army Nurse Corps. You will receive excellent training and education and may even have your tuition paid for. It's a great way to save money on your nursing education while serving your country.

What Is The Average Salary Of A Navy Nurse? The average navy nurse salary is $71,026 a year or $5,920 a month. This is $1,366 a week or an hourly wage of $34.15 an hour.

It is hard but not impossible to join the Navy Nurse Corps. First, it takes a decent amount of time as you need to reserve at least four years to complete a minimum of a bachelor's degree. Then, you need to have the correct nurse licensing and meet other basic requirements.

Upon becoming a military nurse, you start as an Officer with the lowest pay grade “O-1” (Military Ranks). With further experience, specialty training, or education, your pay grade and rank climb up.

The average air force nurse salary is around $68,267 a year. This annual salary means that you will be earning $32.82 an hour. If you are just beginning your career as an air force nurse, you will be earning around $17.07 per hour, which is about $35,500 a year.

While the base pay for a military nurse can be lower than civilian nurses, individuals serving in the armed forces earn additional financial compensation, including hazard pay, free medical and dental insurance, free relocation services, and retirement plans.

The Air Force Reserve requires an initial 6-year service commitment with subsequent contracts at two to six-year service commitments, depending on the nursing specialty. At least one weekend per month, the nurse will serve in a civilian hospital or clinic close to home.

Who does not qualify for PSLF? ›

Private student loans like Nelnet or Navient student loans, Federal Family Education Loans (FFEL), graduate PLUS loans, and Federal Perkins Loans are not eligible for public service loan forgiveness. To benefit from PSLF, you will have to change to an income-driven repayment plan.

The HRSA partners with schools to offer loans to students pursuing careers in medicine, including nursing. It has specialized loans for nursing students at reasonable rates. Because the HRSA partners with schools to offer loans, you can work directly with your school to ask about eligibility and apply.

For example, if you had $70,000 in federal student loans and made payments under the standard 10-year repayment plan with a 6.22% interest rate, you'd end up with a monthly payment of $785 and a total repayment cost of $94,188. Thankfully, several strategies could help you more easily manage $70,000 in student loans.

Rick Bormin, Personal Loans Moderator

The monthly payment on a $65,000 student loan ranges from $689 to $5,836, depending on the APR and how long the loan lasts. For example, if you take out a $65,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $689.

Nursing Student Loan Debt for BSNs

The average cost of a bachelor of science in nursing (BSN) is between $8,000 and $55,000. The average student loan debt for a BSN is $23,711.

Experts expect students who graduated in 2021 to pay off their student loans between 8-19 years while paying $669 per month. Ultimately, how long it takes to pay off nursing school loans depends on the amount of money borrowed, the interest rate, and repayment habits.

Student Nurses still have access to student loans, through the Student Loans Company. In addition, funding for things like childcare and travel expenses can be accessed through the Learning Support Fund.

For sailors to qualify, they must enlist in the delayed entry program as active duty and have an eligible rating. The Navy will pay 33.3% of your outstanding student loan balance or $1,500 — whichever is greater — for up to three years of service.

How much debt is too much to join the military? Excessive debt obligations that exceed half of the annual salary of the pay grade of the recruit can prevent enlistment. If debt includes mortgage debt, the total debt must not be more than two-and-a-half times the annual salary of the recruit.

Does the Army have a student loan repayment program? ›

The Loan Repayment Program (LRP) is a special incentive that the Army offers to highly qualified applicants entering the Army. Under the LRP, the Army will repay part of a Soldier's qualifying student loans. Only specified Military Occupational Specialties (MOSs) qualify for the LRP.

Benefit Fact Sheet

Cancellation of loans under the Federal Perkins Loan Program permits Airmen and Guardians on active duty in hostile fire or imminent danger pay areas to cancel up to 100% of their Federal Perkins Loans or National Direct Student Loans. This benefit does not apply to Stafford Loans or PLUS Loans.

What student loans are not eligible for forgiveness? Private student loans, by definition, are private and are not eligible to be forgiven. These are loans the borrower owes to student loan providers and not the federal government.

Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).

College students working on an engineering or meteorological degree who are within 24 months of graduation can receive money through the Air Force Technical Degree Sponsorship Program (TDSP).

If you are thinking of becoming a nurse in the military, you should know that you can get financial assistance for your schooling as well as nice sign-on bonuses and special pay. The military pays full-time students enrolled in an accredited bachelors degree program in nursing up to $2,540 per month.

Active duty nurses may sign-on with the Army and qualify for up to $30,000 in bonus cash, as well as nursing student loan repayment. Reserve duty nurses may sign-on with $15,000 in bonus cash – this includes ASN or BSN RNs.

Including the most common pay allowances, the average total compensation for a Major may range from $91,004.69 to $133,383.89 per year as of 2023.

If you don't pass their SAT/ACT and GPA requirements, they'll likely reject you without much consideration. To have the best shot of getting in, you should aim for the 75th percentile, with a 1410 SAT or a 33 ACT. You should also have a 3.87 GPA or higher.

How long do you have to stay in the Air Force to get free college? ›

To earn this benefit, you'll typically need at least three years of continuous active duty service, or two years if that was the length of your agreement. You can also earn the Montgomery GI Bill under the 2 by 4 Program if you enter the Selected Reserve within a year of leaving active duty and serve four more years.

Core curriculum and an academic major Must maintain a minimum of 2.00 cumulative grade point average (GPA) – 2.00 GPA in the academic core and 2.00 GPA in major-specific coursework.

Qualified nurses in specific fields who do not currently hold a commission as a nurse in any service and if loan repayment is not taken, may be eligible to receive up to $30,000 bonus paid at first duty station for a 4 year Active Duty obligation. If loan repayment is taken, they can only receive a maximum of $20,000.

The active duty service obligation is 72 months. Using the Health Professions Scholarship Program, this program provides BSNs the means to obtain a master's degree and become a psychiatric nurse practitioner with prescriptive privileges.

Officer Rank and Status

Army nurses who complete a bachelor's degree in nursing and pass the NCLEX-RN exam begin their career as Second Lieutenant. The salary for a commissioned officer is significantly (more than double) that of enlisted medical personnel and officers are promoted quicker than enlisted soldiers.

After you complete your initial four-year service obligation, you can qualify for a retention program that allows the service to pay you up to $60,000 if you stay with the Air Force. Sign up for another two years after your initial four-year commitment and you receive $20,000.

Must have 4 months of active duty or more. Basic pay for an E-1 with less than 4 months of active duty is $1,773.00.

U.S. Air Force (USAF) employees with the job title Program Manager, Aviation / Aerospace make the most with an average annual salary of $119,274, while employees with the title Support Technician, Information Technology (IT) make the least with an average annual salary of $38,980.