February 14, 2002

Madison - A new forgivable loan program is available to Wisconsin residents interested in a career in the nursing profession as either a registered nurse or a licensed practical nurse. Eligible undergraduate college or university students willing to work in this field could be eligible to borrow up to $3,000 per year for up to five years.

The Nursing Student Loan Program is scheduled to begin for the 2002-03 academic year. It is aimed at students attending a Wisconsin college or university. The students may attend a UW System college or university, a technical college or a private, non-profit Wisconsin college or university. If students are Wisconsin residents and enrolled at least half-time in a program that prepares them to be licensed as registered or licensed practical nurses they are eligible to apply for funding under this program. The maximum award is $3,000 per school year. Eligibility to participate is based on financial need as well as other criteria.

In order to qualify to have the loans forgiven, students must agree to be a nurse in Wisconsin for at least two years. For each of the first two years of full-time nursing, 25% of the loan is forgiven each year. The remainder of the loan balance must be repaid under terms set by HEAB. If recipients of the loan do not nurse and meet the forgiveness requirements, the entire balance of the loan must be repaid. There are provisions for deferment of payment for certain conditions.

"This program is a wonderful opportunity for someone interested in the nursing profession." says HEAB Executive Secretary Jane Hojan-Clark. "Wisconsin is facing a shortage of nurses. This program creates a win-win situation for the citizens of Wisconsin who either need additional nursing care or who have the dream of becoming a nurse."