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American Recovery and Reinvestment Act
NEW FINANCIAL ASSISTANCE AND LOAN REPAYMENT OPPORTUNITIES
The Office of Statewide Health Planning and Development, Healthcare Workforce Development Division (HWDD) is proud to announce new opportunities for financial assistance and loan repayment.
Funds made available by the American Recovery and Reinvestment Act (ARRA) have targeted health professions training programs and student loan repayment programs and will benefit an estimated 8,000 individuals nationally by September 30, 2010. The American Recovery and Reinvestment Act (ARRA) was signed into law by President Obama on February 17, 2009. It includes efforts to modernize our nation’s infrastructure, expand educational opportunities, and improve affordable health care.
For additional information about the Loan Repayment Program and other Recovery Act programs for health care professionals, see http://bhpr.hrsa.gov/recovery/.
RECENT ARRA FUNDING ANNOUNCEMENTS:
The following list on ARRA funding and loan repayment opportunities is provided to students and health care professionals as an informational resource and will be updated regularly.
- New Loan Repayment Funds Now Available (August 19, 2009)
Additional funding is now available for the National Health Service Corps (NHSC) Loan Repayment Program (LRP). This program provides up to $50,000 to clinicians for two years of service at an approved site in a Health Professional Shortage Area. You can apply if you are already working at an approved site or seeking employment at an approved site.
Nationally, $200 million in additional funding by the American Recovery and Reinvestment Act is available. Don’t hesitate! Applications are being accepted now through September 30, 2010 or until funds are expended. For more information on eligibility and service commitment, please visit: http://www.nhsc.hrsa.gov/loanrepayment/
- HHS Announces $13.4 Million in Financial Assistance to Support Nurses (August 13, 2009)
HHS Deputy Secretary Bill Corr today announced the release of $13.4 million for loan repayments to nurses who agree to practice in facilities with critical shortages and for schools of nursing to provide loans to students who will become nurse faculty.
Awards benefit two programs administered by HHS' Health Resources and Services Administration (HRSA): the Nurse Education Loan Repayment Program and the Nurse Faculty Loan Program.
Funding announced today under the Nurse Education Loan Repayment Program (NELRP) totals $8.1 million. Those funds, awarded competitively, will help 100 registered nurses pay their nursing education debts. The program repays 60 percent of the loan balance of registered nurses in exchange for two years of service at facilities with a critical shortage of nurses.
For a list of facilities employing the first 100 NELRP award winners from ARRA funds, go to http://newsroom.hrsa.gov/releases/2009/nelrprecips.htm. Participants may be eligible to work a third year and receive additional repayment assistance.
Funds announced today under the Nurse Faculty Loan Program (NFLP) total $5.3 million. Those funds go to schools of nursing to support the training of 500 masters and doctoral nursing students who plan to become nurse faculty after completing their education. Following graduation, loan recipients may cancel up to 85 percent of the loan principal and interest in exchange for four years of service as a full-time nursing faculty at a school of nursing.
For a list of universities that received NFLP funds, go to http://newsroom.hrsa.gov/releases/2009/nflp_arra.htm.