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!