Financial Assistance

Applicable to newly hired employees hired after 1/1/2010.


The purpose of the Covenant Health New Graduate Loan Reimbursement Program is to attract newly graduated Registered Nurses, Physical Therapists, and Occupational Therapists to Covenant Health by providing them with assistance with their outstanding student loans.


Program criteria:

• Graduated from an accredited nursing, physical therapy, or occupational therapy school.
• Accepted full-time employment from a Covenant Health entity as a registered nurse, physical therapist, or occupational therapist.
• New graduate nurses, physical therapists, or occupational therapists who were employed with Covenant Health while they were in school are eligible for this program as long as they did not qualify for tuition assistance from Covenant Health during the final 2 years of their school program.
• Satisfactory references.
• Completion of an essay as described in the Application Process (RN applicants only).
• Licensure obtained within 6 months of employment date as a graduate.
• Outstanding school loans that were loaned to the applicant by a financial institution or university or college loan program for the purpose of completion of an accredited nursing, physical therapy, or occupational therapy program. (Personal loans do not qualify.)

The number of recipients each year will depend upon the number of qualified applicants and the budget allowance for that year. The Loan Reimbursement Program Committee will review the applicants’ references, outstanding loan amounts, and essay to determine Program beneficiaries if all applicants cannot be awarded due to budget constraints.



For selected applicants, the Program investment is as follows:

• For RN graduates who are hired for a day-shift position, $3,000 over 3 years maximum per participant.
• For RN graduates who are hired for a night-shift position (7p-7a or 11p-7a), and for all PT and OT graduates, $6,000 over 3 years maximum per participant.

Individuals who are accepted into the Loan Reimbursement Program must sign an agreement that details provisions and management of the plan to include:

• Acceptance of full-time employment
• Proof of loan
• Loan reimbursement payment dates/amounts
• Removal from the Program if license is not obtained within 6 months of graduation.
• Removal from the Program if unsatisfactory performance evaluation or termination.
• Removal from the Program if the shift changes for RN night-shift recipients.
• Removal from the Program if the recipient changes to a part-time or PRN status.
• No increase in RN reimbursement if shift changes from day-shift to night-shift while the employee is a Program participant. 

The loan reimbursement will be made as follows:

• RNs hired to a day-shift position will be paid $500 after every six months of employment as an RN to a maximum of $3,000.
• RNs hired to a night-shift position and all PTs and OTs will be paid $1,000 after every 6 months of employment as an RN/PT/OT to a maximum of $6,000. 

Loan reimbursement monies are subject to applicable taxes. The monies are distributed directly to the employee through direct deposit. 



Submission of the application does not constitute entitlement or legally enforceable right to the loan reimbursement award. By submitting an application, the applicant agrees to accept the decision of the selection committee. Such decision does not grant a right of appeal. 

Click here for the application.