Army Nurse- Loan Repayment Plan

Specialties Government

Published

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

Specializes in Nursing Leadership.
Carolina

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

That's what I was thinking. Thanks for info Wisconsinbee. Was hoping for a miracle there, haha!

Up Vote Up Vote ×
Specializes in Med/Surg.
Carolina

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

That's interesting because I hold two bachelor degrees also. I asked my recruiter the same question that was presented, he told me it didn't matter. My packet was submitted with loan information from all of my loans, or at least that's what my recruiter told me. So who knows? I'm just wondering if I should ask that my contract reflect that the army will pay "X" amount of my loans?

To add: I just called my recruiter about this just to make sure. He said the way it works is, the first degree is considered a prerequisite for the nursing degree. Since the requirement to enter an accelerated BSN program is you need a Bachelor degree, thus, without the first degree their wouldn't be a second degree (BSN). So the army will pay for it. I guess I'll know for sure once my packet gets approved.

Up Vote Up Vote ×

I could be incorrect. It wouldn't be the first time the Army has surprised me, especially when interpreting regulations! I was going off AR 601-141 which states the loan must be made concurrently with the attainment of the health care degree. Hopefully I'm reading wrong because that is a very sweet deal for you!

Up Vote Up Vote ×
Specializes in ICU- adults, Flight RN peds/neo.

Hi,

I have a question of about sign-on bonuses for the Army Reserve. Does anyone know when you get paid?

I have heard different stories:

1. You get the first installment when you attend your unit BA.

2. You get your first installment after OBLC.

3. You get your first installment at the END of your first year.

I have tried to ask my Unit--they don't know. I have called HRC and been referred to the "division headquarters--in Seattle" and no one phones me back.

Does anyone know?

thanks,

cindy

Up Vote Up Vote ×

Generally (there are always exceptions) you will get your bonus upon completion of all schooling; the army is not going to give you money w/o you having completed necessary training. Whether it is lump sum or divided payments depends on the program you joined under. The reserves have a habit of divying the bonuses up: the first half after completing training, the remaining amount in anniversary allotments. Don't forget itll be taxed 28% off the top, then taxed again as the allotments are dispersed.

Up Vote Up Vote ×
Specializes in Primary Care, FNP, AGACNP, Palliative Care.

I have a few questions. I am a 23 year old Second-Degree BSN student. I currently have a B.S. in Biology and will have a BSN in May 2009 as I only have Fall and Spring semester left. I am in between Army and the Navy Reserves right now. My question is when should I go to speak with a recruiter as I noticed that the process is very long from reading other post's. Should I talk to a recruiter around January and begin the paperwork, or do I have to have my RN license first after I take the NCLEX? Also, I am in a BSN/MSN program meaning when I'm finished the BSN (Phase I) that I can continue right into my MSN (Phase II). So my question is should I go into the NG where I can go to a state school for free, or into the Reserves for LRP because I have loans from both degrees? Thanks!!! So confused!!!:banghead:

Up Vote Up Vote ×

I'm currently looking at completing an ASN program and wonder if I would be able to enter into the Army as a nurse. I have a bachelor's degree in Information Technology but would like to change my career. My question is would I be able to enter into the service as a nurse with a bachelor's degree in another field or would I have to complete a BSN program?

Up Vote Up Vote ×
Specializes in ICU- adults, Flight RN peds/neo.

Hi jonesr1985 and eXtraOrdinaire,

You are going to get a larger response, if you start a new thread with these topics. This "thread" was concerning Student loans and accesssion incentives.

Also, Use the search window on this website---you will find many discussions in the recent past-- on these topics....

Good luck,

cb

p.s. you need to be a BSN for active duty, and the reserves will take an associates RN. Talk to a "healthcare recruiter"

Up Vote Up Vote ×
+ Add a Comment