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Nursing loan program: Lawmakers want to drop for stipend instead

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State board wants lawmakers to drop nursing loan program, create stipend instead

A state education board wants lawmakers to take a different approach to financial aid programs intended to tackle Mississippi’s growing nursing shortage.ย 

Earlier this year, lawmakers created the Nursing and Respiratory Therapy Education Incentive Program, which would nurses with money for college if they agree to work in Mississippi for five years after they graduate. If a nurse reneged on the deal, they’d have to pay the money back with interest.ย 

This forgivable loan program would create more student debt in Mississippi and likely do little to address the nursing shortage, Mississippi reported earlier this year.ย 

It’s not yet up and running because it was too complicated for the Office of Student Financial Aid to implement this year. Now the program may never get off the ground.ย 

Members of the Postsecondary Education Financial Assistance Board on Wednesday unanimously voted to ask lawmakers to roll back the forgivable loan program and replace it with a stipend that would be awarded at the end of each year a nurse works in Mississippi. Nurses could use the funds to pay off federal student loans.ย 

The move reflects a shifting policy debate over Mississippi’s use of student loans to address labor shortages as well as the board’s desire to reduce the administrative burden on the seven-person office that would implement the program.ย 

โ€œIt is philosophically saying the state needs to back out of loans the way they’re currently structured,โ€ said Jim Turcotte, the executive director of Mississippi College’s alumni association and the chairman of the Post-Secondary Board. ย 

Members also voted to approve rules and regulations for the forgivable loan program in the this proposal does not find a โ€œchampionโ€ in the . The board has faced trouble getting lawmakers to approve its requests in the past.ย 

For future nursing in Mississippi, the bottom line is that a stipend program would help them pay off student debt while a forgivable loan program would be another way to take on even more debt.ย 

โ€œWe’re talking about somewhat of a subtle shift in a way of who’s holding the debt,โ€ Turcotte said.ย 

Mississippi has long relied on forgivable loan programs to address labor shortages, said Jennifer Rogers, the director of the Office of Student Financial Aid. These programs, in theory, can fix labor shortages by using student debt as a tool to create more college graduates for a field that needs workers.ย 

To administer these programs, the state essentially has to become a bank, which means forgivable loans are a financial boon for Mississippi. Rogers said her office collects about $1 million each year from borrowers because the debt is only forgiven under two circumstances โ€“ death or permanent disability.ย 

โ€œWe have some on the books that date back to the late 1970s, before I was even born,โ€ Rogers said.ย 

โ€œWe could continue to service those loans forever and ever and ever,โ€ she added.ย 

While the state financially , forgivable loans do little to address labor shortages.ย 

Rogers told the board this is particularly true for the state’s nursing shortage because it is not caused by a lack of who desire to go to nursing school. In fact, nursing schools, lacking faculty, are forced to turn away thousands of applicants each year.ย 

โ€œStudents want to go to nursing school, they want to be nurses, but there’s still a nursing shortage in Mississippi,โ€ Rogers said. โ€œSo what’s causing that shortage?โ€ย 

With the board’s preferred approach, a stipend program, Rogers said the state will see an immediate benefit. The stipend might even attract nurses from across the country, seeking help paying off student debt, to work in Mississippi hospitals.

โ€œThey’re immediately going to see students out working in the ,โ€ Rogers said.ย 

Barney Daly, a board member who is the president of North Metro at Trustmark National Bank, asked if there is a downside to a loan repayment or stipend program.ย 

Rogers replied that these programs don’t help students pay for school on the front end.ย 

After about a half hour of discussion, Turcotte called for a vote. He asked if the board wanted to about the proposal further and members seemed surprised no one had more to say, given how robust the discussion had been to that point.

โ€œIs the horse dead?โ€ Rogers asked.ย 

This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

Mississippi News

Danver’s celebrates forty seven years of continued success

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www.wcbi.com – Allie Martin – 2024-11-01 19:01:00

SUMMARY: Danver’s restaurant in , Mississippi, recently celebrated its 47th anniversary, maintaining a loyal customer base since its opening in 1977. General Larry Wade, who started as a cook, emphasized the restaurant’s focus on consistency, quality, and customer service. Despite economic challenges, Danver’s has thrived due to its enduring values and community connections, which patrons appreciate. Regular customers, like Tom Robinson, value the reasonable prices and consistent quality. The restaurant aims to continue this legacy, looking forward to its 50th anniversary in three years as it remains a cherished community staple.

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Mississippi News

Creator Studio at MUW expands opportunities for students

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www.wcbi.com – Grace Brister – 2024-11-01 18:57:00

SUMMARY: The new Creator Studio at the Mississippi for Women aims to enhance student creativity by providing a dedicated for production, podcasting, and audio work. Located in Fant Memorial Library, the studio offers essential equipment and software, lighting, microphones, and green screens. Dr. Bary Smith emphasizes that it enables from various majors to bring their ideas to without the burden of investing in expensive gear. Students can reserve the studio for projects, fostering valuable skills applicable across industries, particularly in effective communication and branding. Reservations can be made online or through the library.

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Mississippi News

New month same temperatures

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www.wcbi.com – Ashleigh Bryant – 2024-11-01 17:33:00

SUMMARY: COLUMBUS, Mississippi will experience a return to warmer weather after a brief dip, with highs in the 80s over the next few days. Friday night will be humid, dropping to the low 60s, with possible patchy fog. Saturday will be mostly cloudy but rain chances are reduced, while Sunday will see a mix of clouds and sunshine, with lows in the 60s. Next starts dry with temperatures in the upper 70s to middle 80s; however, scattered showers are possible on Election Day Tuesday, so should prepare with rain gear.

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