Summary of Nurse Loan Forgiveness Act of 2007
"Amends the Higher Education Act of 1965 (HEA) to include, under HEA student loan forgiveness and cancellation programs, nurses who: (1) serve at least one calender year in an approved health care facility or setting; or (2) have a Masters of Science in Nursing and are nursing instructors in the school of nursing.
Limits the maximum amount of such loan repayment by the Secretary of Education to $2,000 after the first year of a nurse's employment, with incremental increases after the second through fourth years, up to $5,000 after the fifth year" (GovTrack, 2007).
To see complete Bill:
http://thomas.loc.gov/home/gpoxmlc110/h2572_ih.xml
The Need for the Nurse Loan Forgiveness Act
According to 2005 statistics from the American Hospital Association, “118,000 nurses are needed to fill vacancies at our nation's hospitals, and more than 75 percent of all hospital personnel vacancies are for nurses” (AHA.org, 2006).
According to a study by the Department of Health and Human Services in 2002, the United States will experience a 29 percent shortage in the number of nurses needed in the United States health care system by the year 2020, which translates into a shortage of more than 400,000 registered nurses nationwide (Schwarz 2003).
Research indicates that there is a great need for health care services, especially hospitals and prescription drugs, but there continues to be a 28 percent decrease in national licensure examination for all entry-level registered nurses (GovTrack, 2007).
The Department of Labor projects a 29 percent increase in the need for nurses nationwide from 2004 to 2014, compared with a 13 percent increase for all other occupations (GovTrack, 2007).
The General Accounting Office estimates that 40 percent of all registered nurses will be older than age 50 by the year 2010 (GovTrack, 2007).
The enactment of the Nurse Loan Forgiveness Act:
1. Will encourage individuals to enter and continue in
the nursing profession, and
2. Will encourage experienced nurses to instruct
nurses entering the profession, and
3. Will reward such individuals for their service in
the nursing profession by reducing the burden of
student debt.
Key Stakeholders and Legislators
Key Stakeholders
- Nurses
- Aspiring Nursing Students
- Hospitals
- Hospital Administrators
- Patients
- Nursing Programs
Congressmen of Virginia
- Bob Goodlatte (6th District)
- Frank R. Wolf (10th District)
- Virgil H. Goode Jr. (5th District)
2 comments:
ME! I support this bill as a new graduate nurse, a patient, and a voter. As a new graduate nurse, I am obviously in support to loan forgiveness. I have been lucky enough to get through school by taking out loans. This bill could greatly open up the possibility of higher education for many individuals who want to go into the field of nursing. As a patient, I support this bill as it could lead to better nurse-patient ratios. As a registered voter, I support this bill and intend to vote for anyone who supports it!
It's obvious that we are all stakeholders on this topic, and should show concern. I support this bill. We are working for the public and local communities, and loans should not hold anyone back, or prevent them from their full potential. The impact of this bill would be largely beneficial.
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