Nurses in Kentucky may be able to save big on their student loans by applying for Best in Care benefits from The Student Loan Peoplesm.
Registered nurses, licensed practical nurses and licensed vocational nurses who work full-time in Kentucky and who have their Federal Stafford or PLUS Loans through The Student Loan People can apply to have the interest on those loans forgiven each year.
In addition, RNs, LPNs and LVNs who work in hospitals, long-term care facilities and public health care or as nursing instructors in Kentucky colleges can apply for up to 20 percent of the principal on their loans forgiven each year. This applies only to loans they received on or after July 1, 2003.
Nurses can apply for these benefits each spring. The application can be printed from studentloanpeople.com. The deadline for applications is usually early May.
The popular program has already saved Kentucky nurses more than $1.4 million in student loan payments.
If the principal reduction is $600 or more, The Student Loan People must issue an IRS Form 1099. Borrowers who take advantage of Best in Care should consult their tax advisors about possible tax consequences.
For complete details about Best in Care benefits and low-cost student loans, visit studentloanpeople.com or call 888.678.4625.