Section 8.06. Loan forgiveness.

 

(1)  Loans shall be forgiven when the borrower is employed as a registered nurse in a Wisconsin hospital, nursing home, or home health agency. For every 12 months of employment, $1,000 shall be forgiven, with the amount to be prorated in cases where fewer months are worked. The borrower shall be given a maximum of 7 years of nursing employment to work the 5 years equivalent to the maximum of $5,000 which can be borrowed.

(2)  The maximum of 7 years allowed for forgiveness shall be extended by the board for up to a total of 3 years for active duty military service; national health service; peace corps and vista; and such time periods approved by the board for pregnancy or temporary physical or emotional disability. In no instance shall the term of forgiveness exceed 10 years including periods of deferments authorized by the board.

(3)  Any loan principal remaining unforgiven whether because the 7 year period is over or the borrower has not been employed or has moved out of state, shall be repaid with interest accrued from the date the borrower ceased working as a nurse in Wisconsin or ceased being a student.

(4)  Only borrowers holding a 2 year associate degree, a 3 year diploma or a bachelor's degree in nursing shall be eligible for forgiveness.

(5)  No interest shall be charged the borrower during the forgiveness period.

History: Cr. Register, November, 1988, No. 395 , eff. 12-1-88.