Loan Forgiveness Help

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    Hello. I'm a new NP, been working in urgent care for a couple months now. I am drowning in student loan debt. I am really considering moving somewhere that I can get guaranteed loan forgiveness. I've heard that you have to start working in a place, then apply, and you may get turned down. I really don't want to move my whole family unless it's a sure thing. Does anyone know anything about this? I would even move to Alaska. Thanks!
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  5. 0
    LiLoRN,

    That is exactly how I understand it. The higher the number of the facility (need rating) the more likely you will get approval, but no guarantee. Only certain times of year do you apply. So you would have to already work at an approved site (if you can find an available position and get hired), apply, wait, then potentially get your $60,000 for 2 year commitment. Or you could be working there and get turned down because the number wasn't high enough or they ran out of money and then you've moved your whole family to who knows where…. It's definitely a risk. With that said, people do get it done. I've never known anyone personally. Sounds like the stars have to align for it to all work out. If you end up not staying for your whole contract you pay some ridiculous amount back. I'd love to do one of these programs, best of luck!
  6. 0
    It's 50k now
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    The site that gets loan forgiveness locally also pays about 20-30k less per year than the private practice docs do..... I don't know if that is normal or not, but it seems like the advantage ends up being a wash here.
    mzaur likes this.
  8. 1
    I just accepted a job at a site that offers loan forgiveness and it is about 5-10 k less a year than the highest paying job I interviewed for. Only about 5 k less than some of the others. It might vary by location. It also starts at a lower salary due to me being a new grad and increases 7 k after your 1 year eval, which is then spot on the average salary for the area based on various job sites estimates.
    mzaur likes this.
  9. 0
    Quote from sugarsweet21612
    I just accepted a job at a site that offers loan forgiveness and it is about 5-10 k less a year than the highest paying job I interviewed for. Only about 5 k less than some of the others. It might vary by location. It also starts at a lower salary due to me being a new grad and increases 7 k after your 1 year eval, which is then spot on the average salary for the area based on various job sites estimates.
    That seems much better than here. I figured it was a local thing, but thought I'd throw it out there as I'm sure we aren't the only location where the sites offering loan forgiveness are taking the advantage out of it.
  10. 0
    WOW. Did not know that. Thanks for the update on the amount$$.

    I also have read the contract/info pack. I understood that the sites are not allowed to pay you any less knowing you may or may not receive reimbursement. But..how would anyone ever prove that?
    Last edit by BritFNP on Feb 20 : Reason: addition
  11. 0
    Quote from LiLoRN
    Hello. I'm a new NP, been working in urgent care for a couple months now. I am drowning in student loan debt. I am really considering moving somewhere that I can get guaranteed loan forgiveness. I've heard that you have to start working in a place, then apply, and you may get turned down. I really don't want to move my whole family unless it's a sure thing. Does anyone know anything about this? I would even move to Alaska. Thanks!
    Wow...Lilo, my heart goes out to you. While I attended a very affordable state school, I'm no stranger to struggle. Is there anyway to decrease your costs without causing such an upheaval for your family? Maybe, cut costs down to the bare minimum? Downgrade to one vehicle? Move in with family? Think outside of the box. I hope things get better for you.
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    Those are all great ideas...but none will work for us. We already operate on the bare minimum, although I suppose everyone has *something* they can cut back on...but not enough. We are a family of 5 so there's no family that would take us in haha, and if I'm working and the husband's working then we need 2 vehicles. My attempt at thinking outside the box is to get loan repayment But thank you!
  13. 0
    You may be surprised to find that there are probably facilities near where you live that would allow you to qualify for loan repayment (so you don't have to pick up and move a world away). There are 2 different types of loan repayment. One is a fixed dollar amount ($30K or $50K depending on the Tier--see below--of facility). The other is a percentage of your loan (60% for 2 years of service and then for a 3rd year you can get 25% of the original loan paid--so 85% of the loan). Here is a comparison and links at bottom to where/how to apply. You can apply for both but only accept funds from one.

    http://www.hrsa.gov/loanscholarships...tfactsheet.pdf

    If your student loan debt to income ratio is high (above 20% or higher) AND you choose a Tier 1 facility (I'll explain below) then you have a great chance of getting the funding.

    To find a Tier 1 facility, you can go to this site: NHSC Jobs Center

    Put in Primary Care as the field of practice and then move the slider scale to 14 (a Tier 1 facility has a HPSA score of 14 or above). This will show you ALL the Tier 1 facilities/practices. At the top of the list you can "sort by" several options (I sorted by state and then scrolled through the pages till I found those listed in my state). To the right you will see the HPSA score for the facilities (they should all be 14 or above if you moved the slider scale). A higher score means an area of most need but anything 14 or above is a Tier 1 facility and puts you closer to the top of the list of qualifying for loan repayment. I found many places near where I live (both rural and urban) that are Tier 1 facilities.

    I received a Nurse CORE scholarship (they paid all my school bill and some living expenses and books while in school) and must work in a Tier 1 facility for two years to receive "forgiveness" from having to pay it back. Usually the Tier 1 facilities have many openings and they are often places other people don't want to work (rural, urban/underserved, county hospitals/clinics), BUT often treat their employees well and have great benefits (I have discovered).

    Good luck.


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