Army Nurse- Loan Repayment Plan

[jmet1020]

Hi Folks,

I will be graduating this coming May with my BSN and am considering signing up to become an army nurse. I'm considering opting for the student loan repayment program, not the sign-on bonus, because I attend a private school and have a tremendous amount of student loans.

I know that I would sign up for three years and the student loan repayment money would be divided up among those three years. I was wondering if anyone has gone through this simply because I would like to know how much I should expect to be taxed on this money?? Is it considered income? It is considered to be bonus money, in which case it maybe subject to a higher tax rate?

I'm excited to join, but I also need to plan ahead to figure out how to prepare myself financially. I've tried asking the army health care recruiter and searching online but I can't find this information anywhere. So I'd appreciate any information that anyone may have.

Happy new yr!

Thanks-JA

[66HotelMikeFive]

Actually I am being "boarded" as we speak. My packet for USAR Nurse Corps has been submitted to the Accession Board.

I took the bonus up front. 15k @ 5k/yr x 3yrs. To be followed by the Loan Repayment up to 50k with 20k x2 yrs and 10 the 3rd yr. I did it this way because my recruiter informed me that the army would not start paying on your loans until after your first year of service whereas the bonus is in your hand as soon as you are commissioned.

You are entitled to two programs. SLRP and Bonus, OR, STRAP and Bonus.

Hope this helps.

[Itshamrtym]

Good luck to you 66HotelMikeFive!!!! I'm sure all will go well with the board... Keep up posted... Take Care!!!

[World traveler]

Loan repayment is taxed at 33%....like any bonus you may get. I too am in the process of going into the Army and it is my understanding that when you give them ALL your student loan info they submit the full $ amount with interest. The interest stops when you sign and are sworn in and that is when the military arranges payment.....the Army pays lump sums up to 38K/yr with a total of 114K; AF makes monthly payments up to 38K. This is what I have been told, but it may not all be 100%.

Hope this helps....

[Cajun9479]

So we get bonuses after officer basic? What if we are reporting early before OLBC? My recruiter told me I should get it upon reporting to duty station, but I have learned thats not always right.

[World traveler]

Hi Cajun,

If you signed to receive the bonus you will get it once you have successfully completed school and arrive at your duty station. Keep in mind they amount you receive will be 33% less due to taxes. I'm not sure how it works if you arrive early, but if I had to guess I would say you will have to wait.

[lifeafter40]

I also am contemplating the LRP vs. the ANCP. I was told that I would get more benefits in the end if I waited and used the LRP. But has anyone found out yet if they will pay off Private loans too, or just the federal (Stafford) ones? That will be a big factor in my decision making. (and as to what loans I accept during school)

Thanks

S

[Renee4christ]

I was told from my nurse recruiter that private loans are paid off if they are insured.. so, no fly by night loans i guess. major banks are probably the ones they work with

[Supreme]

I know several people who have joined the Army as a Nurse. From what I have been told they will pay back $114,000 of your professional student loans for active service and 50k for reserve service. Plus up to 30k in bonus money. I am seriously considering joining but haven yet made up my mind. I have spoken with some nurses who have already joined and they seems to like it. This one particular nurse said that nurses in the Army are sometimes in charge of entire clinics and hospitals? Does anyone know if this is true? I live in Miami so I have been told that I would have to relocate being that the Army doesn't have a base in Florida. Thats really the only thing thats holding me back from joining but at the same time I am up to my eye balls in student loans. I figure I can handle anything for 3 years plus they have a lot of great benefits that will sure help relieve some of my financial headache and worries. The recruiter I spoke with told me to Google a lady by the name of Major General Gale Polluck. Her bio is worth reading if your considering joining.

[iToniai]

Any updates? Has anyone joined and started getting your loans paid off? I keep thinking the whole paying off up to 100K in loans sounds too good to be true :)

[LtLilRed]

At my second BA, earlier this month, a couple people told me you can not get it set up until you finish OBLC! I also am hearing that they only cover loans that you acquire prior to commissioning. This is unfortunate as I had been told when I signed up that you could add loans throughout your schooling up until the settled amount (50K for reserves.)

Anyone have any input?

[CarolinaHurricaneFan]

I know several people who have joined the Army as a Nurse. From what I have been told they will pay back $114,000 of your professional student loans for active service and 50k for reserve service. Plus up to 30k in bonus money. I am seriously considering joining but haven yet made up my mind. I have spoken with some nurses who have already joined and they seems to like it. This one particular nurse said that nurses in the Army are sometimes in charge of entire clinics and hospitals? Does anyone know if this is true? I live in Miami so I have been told that I would have to relocate being that the Army doesn't have a base in Florida. Thats really the only thing thats holding me back from joining but at the same time I am up to my eye balls in student loans. I figure I can handle anything for 3 years plus they have a lot of great benefits that will sure help relieve some of my financial headache and worries. The recruiter I spoke with told me to Google a lady by the name of Major General Gale Polluck. Her bio is worth reading if your considering joining.

Just a question here regarding the loan amount highlighted above. I'm a second degree student going back for a BSN. I already have a B.S. and M.S. and have loans of about $75k total. Does the ANC pay ALL of your student loans if they are under the $114k limit or only the loans from your Nursing degree?

[Wisconsinbee]

Carolina

It's only nursing loans. You're on the hook for the rest.