Ed and nursing pays

Virginia Governor Mark Warner and Sallie Mae, a student loan lender, initiated a new loan assistance program on Wednesday that will give financial incentives for Virginia students in Education and Nursing.

Sallie Mae and Governor Warner are responding to a growing shortage of qualified teachers and nurses in Virginia and the nation. They hope that the new initiative will motivate students to consider a career in teaching or nursing.

"Good teachers and nurses are critical to Virginia's future," said Governor Warner. "Our ability to prepare young Virginians for the future and to care for families when they are ill depends on attracting and retaining the very best teachers and nurses our nation can offer."

The loans, titled "Teach for Virginia" and "Care for Virginia," are low-cost Stafford loans backed by the federal government. The program will give 10 percent cash back, paid either as cash or a loan balance reduction of principal, on the original amount of their student loans. Students in Education or Nursing may apply for the loan with the understanding that they will make 36 months of regular payments on their student loans, and work for 36 months at an approved Virginian employer.

The federal Stafford loan will available to students after July 1, 2005 through June 30, 2006.