Many nurses like to expand their minds with further education, and unfortunately that often leads to expanded college loans as well. But a new bill could lift some of the financial weight off those who use their higher education to train future nurses.
A bill proposed on March 12 by two U.S. representatives would free nurses who earn a master’s or doctorate degree and go on to teach full-time at an accredited nursing school from repaying student loans. The Nurses’ Higher Education and Loan Repayment Act would institute a federal student loan repayment program in which nurses would receive a maximum of $40,000 for obtaining a master’s degree and up to $80,000 for receiving a doctorate degree. Nurses qualifying for loan repayment would need to fulfill a teaching position for at least four years.
The act addresses the significant need for nursing faculty in U.S. colleges and aims to support nurses interested in advancing toward faculty roles.
The American Organization of Nurse Executives subsidiary backs the legislation, according to the American Hospital Association.
Would you consider a career as a nursing professor with the passing of this bill?
April 6th, 2009 at 10:19 am
I would definitely consider pursuing my Doctorate degree if I knew the loan would be lifted in agreement for teaching. The cost of obtaining a Doctorate degree certainly doesn’t balance with the salary for nursing faculty. That is probably one of the reasons there is a faculty shortage. Why would any MSN prepared nurse leave the clinical arena to enter education when they would have to take such a large cut in pay. I would be teaching full time now if I didn’t have to take a near $30,000 cut in salary.
July 24th, 2009 at 1:01 pm
I entered public service by taking a staff development nursing instructor position at a MD state hospital…. enter a $8,500 pay cut. Not content, I completed my MSN in nursing education…. enter a $40,000 student loan debt. Seeking to renew myself and to continue with my passion of education, accepted a faculty position at a local community college…. add on an additional $10K pay cut. Total salary loss, $18,500. Total student loan indebtedness, $40,000.
If it were not for the need, and my desire to assist the profession, I could be making at least $25K more than I am now. Either I am devoted (I am), or incredibly stupid. Help needs to come, and fast!