Student loans?

Specialties NP

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I was just wondering if any of you with loans have employers who help with payback? I am stressing about my debt (60K) when I'm done.

Specializes in Neonatal ICU (Cardiothoracic).
I'm not so sure...it only repays 60% of the debt, and you have to commit to working at a "critical shortage" facility for 2 or 3 years. Which makes me wonder if you'll be legally bound to work at some terrible facility, when you could find a better and better-paying job elsewhere that might help you pay off the loan.

Joe, I work in the middle of Manhattan, in the #6 hospital in the world. It's a "critical need" facility. I also get paid more than first-year attendings. As long as you do your homework, you can find a facility that'll work for you. Critical need doesn't necessarily mean "ghetto hospital." It means that the facility serves a larger underserved population in an area that is affected by the nursing shortage.

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Specializes in Med surg, cardiac, case management.
Joe, I work in the middle of Manhattan, in the #6 hospital in the world. It's a "critical need" facility. I also get paid more than first-year attendings. As long as you do your homework, you can find a facility that'll work for you. Critical need doesn't necessarily mean "ghetto hospital." It means that the facility serves a larger underserved population in an area that is affected by the nursing shortage.

Interesting, although I do wonder why some facilities are "critical need" and others aren't.

I'll have to look into this further, although it seems that they only end up accepting 15% of applicants.

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Specializes in Neonatal ICU (Cardiothoracic).

I believe they have a list online of critical need facilities. 4/4 of the nurses I work with applied and got it....

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Specializes in Med surg, cardiac, case management.
I believe they have a list online of critical need facilities. 4/4 of the nurses I work with applied and got it....

Actually, it looks like they have a list of which types of facilities qualify as critical shortage areas, but not a list of the facilities themselves.

Even more oddly, it looks like you have to work for one of these facilities before applying for the program.

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Specializes in Education, FP, LNC, Forensics, ED, OB.
Actually, it looks like they have a list of which types of facilities qualify as critical shortage areas, but not a list of the facilities themselves.

Even more oddly, it looks like you have to work for one of these facilities before applying for the program.

Here is a list, as of Dec. '07, of Critical Access Hospitals:

list of Critical Access Hospitals

You have to be employed with a CAH or Rural Health Clinic before applying, yes:

NELRP is a competitive program that repays 60 percent of the qualifying loan balance of registered nurses selected for funding in exchange for 2 years of service at a critical shortage facility. Participants may be eligible to work a third year and receive an additional 25 percent of the qualifying loan balance.

You may be eligible to apply if you meet all of the following requirements by the next application due date:

  • Have received a baccalaureate or associate degree in nursing (or an equivalent degree), a diploma in nursing or a graduate degree in nursing from an accredited school of nursing in a State
  • Have outstanding qualifying loans obtained for nursing education leading to a degree or diploma in nursing as specified above
  • Have completed the nursing education program for which the loan balance applies
  • Are a U.S. citizen, U.S. national or a lawful permanent resident of the U.S.
  • Are employed full time (32 hours or more per week) at a critical shortage facility
  • Are employed at a non-profit facility (effective October 1, 2007)
  • Have a current permanent unrestricted license as an RN in the State in which you intends to practice or be authorized to practice in that State pursuant to the Nurse Licensure Compact (not a U.S. Government Web site) and
  • Have submitted a complete NELRP Application, a signed NELRP Contract, supplemental forms and all required documentation by the NELRP application deadline

http://bhpr.hrsa.gov/nursing/loanrepay.htm

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Specializes in Med surg, cardiac, case management.
Here is a list, as of Dec. '07, of Critical Access Hospitals:

list of Critical Access Hospitals

You have to be employed with a CAH or Rural Health Clinic before applying, yes:

Are you sure? Only small, rural hospitals are included. Sure some larger facilities are included as well.

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Specializes in Education, FP, LNC, Forensics, ED, OB.
Are you sure? Only small, rural hospitals are included. Sure some larger facilities are included as well.

Am I sure about what, Joe? About this list? Is it all inclusive? I would have to say, yes:

As of December 2007, there are 1,292 certified Critical Access Hospitals located throughout the United States.

http://www.raconline.org/info_guides/hospitals/cahfaq.php#howmany

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Specializes in mostly in the basement.

I think you guys are talking about two different(though confusingly similar) things. And I only butt in because I am a past HRSA recipient.

HRSA requires 'critical shortage" facility not 'critical access'. What qualifies for the first is vastly greater than that smaller second list--even including outpatient surgery centers, SNF, etc.

Like SteveRn said, I needed a HRSA approved facility in the Bay Area and pretty much everywhere counted. I'm talking Stanford, Kaiser's, Sutter's, etc. I was actually pretty surprised as i had the same reservations about being so limited with the choices.

That being said, when it comes to awarding the $$$, they do look at where you work and will no doubt give the cash first to equal applicants when one works at a CAH and one works at another, like UCSF, that though may qualify wouldn't bear the greater need.

HRSA is an amazing resource that is competitive by sheer numbers. Always worth an app., though.....

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i think i have heard of nursing programs at hospitals that will help pay some part of tuition or give out a scholarship? good luck!

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Specializes in Pediatrics, Nursing Education.

Wow! You guys need to look into the IHS.. (indian health service)

they pay 20K a year straight to the loan originator and then, since the money is taxable they pay the taxes straight to the IRS!!!

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Okay i need to comment on NELRP.

I think it is a great program but it is misleading, first they do NOT pay 60%.

I have had this loan repayment for the past 2 years and I turned down the 3rd year for several reasons.

I had ~60k so technically i should only have 24k plus interest (3yrs) to pay back right?! WRONG, i still have close to 45k plus my grad school loans.

First they had it so that they would send me $1500/mo for my loans, but then i would have to pay ~5000yr for taxes since the income was taxable (you know the government HAS to get something in return...) Anyways, they changed it only 2-3mo. after i started getting payments, which ultimately turned out better for me. They decided it was too much of a burden for us all to pay the federal taxes so they only send $1000/mo and send the rest back to themselves to pay the federal taxes, and we still have to pay state taxes.

So really i got $12,000 less so its not REALLY 60%.

i just think this is important to factor in if you are deciding on applying.

With NELRP you can work where you want to, just has to be a disproportionate share hospital, which most are. You can also work rural, nursing home etc..

Although, if you plan on graduating with your NP or switching jobs, etc, during the 2 years be careful, it has to be a qualifying facility. I had a REAL hard time finding a NP job because family practice does not qualify. I even tried to work in a nursing home which IS a qualifying facility but each time i would ask they would make up new rules such as it can only be 1 nursing home, not multiple. which seems ridiculus since ALL nursing homes qualify why should it matter if i work in 1 or 5?

Anyways,

the main reason i did not extend my contract was because i eventually want to work in Germany on a military base, when i hopefully finally get a job offer. BEFORE i ever applied for the NELRP i called and asked if military base would qualify, then now when i said i may have a potential job at a base, they told me sorry but i was misinformed and they were not. So i decided i would forgo the extra year and just have to worry about paying it myself. But this way i am open to more job opportunities and can go to Germany if the offer arises.

Anyways, i can answer more questions about it if you want.

I don't want to deter you because it is a good program and has helped me a LOT, I am really, really glad i had the repayment!

But it is a contract and there are SEVERE penalties for breaking the 2 years. so read EVERYTHING before you sign. no more than 7 weeks off per year including sick, holidays, everything!!

Neelia:D

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