The Kentucky Higher Education Student Loan Corporation, known as "The Student Loan People," has developed a student loan repayment program for Kentucky's registered nurses called "Best in Care." The Best in Care Program is a loan forgiveness program for qualified student loans held by The Student Loan People. Both subsidized (need based), as well as unsubsidized (non-need based), Stafford Loans could be eligible for this loan forgiveness program. The window to apply for these benefits is mid-April through mid-June of each year.
You are eligible for this program if: (all three must apply to you)
You have your student loans with the Student Loan People or you consolidate with them (certain restrictions apply for consolidating student loans; check with the Student Loan People for details).
Your student loans are in good-standing, not in default.
Your are a registered nurse working full-time in Kentucky. The program does not give credit for previous years.
If you meet the above criteria:
Request the Best in Care forgiveness form in April of every year by calling the Student Loan People or get the form from their website at www.studentloanpeople.com.
Complete the form, have your human resources director sign it, and mail it back to the Student Loan People.
Upon receipt of the completed form, the Student Loan People will apply the interest for the current year to your unpaid principal balance.
Loans made after July 1, 2003 for current or future nursing students will be eligible for interest forgiveness, as well as 20% of their original balance forgiven each year they work in Kentucky as a full-time RN (as defined by his/her employer). Under these terms, the loan could be completely forgiven in 5 years.
The aggregate, undergraduate loan limit cannot exceed $23,000, while the total undergraduate and graduate school limit is $138,000.
For more information regarding eligibility, call 888-678-4625, or visit their website at http://studentloanpeople.com/what_best_in_care.html.