Record Number of Nurses Taking Advantage of Loan Forgiveness
March 11, 2025
South Carolina Student Loan Corporation (SCSLC) reports a remarkable 159% increase in participation in its specialized loan programs, which are designed to attract nurses, nursing faculty, first responders, and healthcare professionals to the state. The success of these programs, which focus on student loan forgiveness and our employer led loan repayment, marks a major step forward in tackling South Carolina's growing nursing shortage.
If the shortage isn't addressed, South Carolina is projected to have the seventh-largest shortage of registered nurses in the U.S. by 2036, leaving 1 in 5 positions unfilled.
SCSLC, a nonprofit with over 50 years of experience in educational loan lending, is tackling the state's nursing shortage through its BOLD™ (Better Outcomes Less Debt™) Career Pathways program. The initiative works on two fronts: First, the non-profit lender is working to connect students with potential employers who will pay off their loans if certain conditions are met; and second, by collaborating with state leaders to attract more nursing faculty through a separate loan repayment program.
As of this year, over $5.6 million in specialized loans have been issued to 324 healthcare students and nursing faculty through these programs.
This program is a win-win-not only for nurses but for all South Carolinians who will one day need skilled nurses during a health crisis. We must continue offering incentives to recruit and retain talent in our state.
— Ray Jones, Vice President of Loan Programs at SCSLC
Launched in 2021, the BOLD™ Career Pathways program connects healthcare students-primarily nursing students working toward advanced degrees-with local employers and hospitals for post-graduation careers. If both the student and employer agree on a job after graduation, the employer will cover the student's remaining loan balance for their final two years of school.
To date, eight employers, including McLeod Health, Carolina Pines Regional Medical Center, Conway Medical Center, AnMed, Tidelands Heath, First Priority Medical Transport, Reidville Fire Department and the Commission on Higher Education are participants of BOLD™ Career Pathways.
In 2023, SCSLC partnered with the South Carolina Commission on Higher Education to launch the BOLD™ Nursing Faculty Loan Program, which provides up to $90,000 in loan repayment for future or current nursing faculty with an MSN, DNP, or Ph.D. who agree to teach for two years at a South Carolina public college or university.
From 2023-2026, the state legislature has allocated $5 million annually to The South Carolina Commission on Higher Education and SCSLC. This funding will reimburse SCSLC for administering the BOLD™ (Better Outcomes, Less Debt) program, which offers loan repayment to nursing faculty who commit to teaching for two to six years at South Carolina public colleges or universities.
"Expanding the BOLD™ Career Pathways Nursing Faculty Loan Program to include repayment of existing student loans for our nursing educators allows us to help tackle South Carolina's nursing shortage head-on and meet the General Assembly's intent," said Dr. Jeff Perez, CHE president and executive director. "This change signals our state's support of current nursing faculty and will help ensure a steady pipeline of qualified educators to prepare the next generation of nurses."
Currently, more than 20 colleges and universities have partnered with SC Student Loan and the South Carolina Commission of Higher Education on the BOLD™ Nursing Faculty Loan Program.
Students and employers interested in the BOLD™ Career Pathways or the Nursing Faculty Loan programs can learn more at www.scstudentloan.org/career-pathways.
ABOUT SOUTH CAROLINA STUDENT LOAN:
Since 1973, South Carolina Student Loan™ has helped make education more accessible to South Carolina residents and students attending schools in the state by offering financial support to help cover the cost of tuition, books, housing, meals, and other educational expenses. As a nonprofit, South Carolina Student Loan™ is invested in the outcomes of its borrowers and the workforce in South Carolina, which is evident in innovative programs like BOLD™ Career Pathways that connect students with statewide employers who help cover education costs and provide those students with jobs.
ABOUT THE SOUTH CAROLINA COMMISSION OF HIGHER EDUCATION:
The South Carolina Commission on Higher Education (CHE), established in 1967, serves as the coordinating board for South Carolina's 33 public institutions of higher learning. It acts both as an oversight agency on behalf of the General Assembly and as an advocate for higher education. The CHE is responsible for assuring a balance between student and taxpayer interests and institutional policies, aspirations, and needs. The CHE is committed to access, affordability, and quality in the state system of higher education through coordination, regulation, advocacy, and oversight, as directed by the General Assembly.
