Army Nurse Corps Reserves...

just_cause, BSN, RN · Dec 17, 2008

Lifeafter,

The lumpsum or loan repayment will count as income - yikes~ good foresight and plan accordingly

(one of the incentives to those re-enlisting overseas......)

lifeafter40 · Dec 17, 2008

On a similar thought...is it true that that Army works out a one year deferment with the lending institution and does not make the first loan payment installment until year two? If so, does interest still accrue during that year? So many things to consider that they don't tell you about upfront...

just_cause, BSN, RN · Dec 17, 2008

Lifeafter,

I have not undergone this program... but have never heard of a 1 year deferment. I understand it is only principle and you are responsible for all penalties and accrued interest.

First installment is at end of year 1, second installment is end of year 2 and third.. year 3.

Check out

AR 621-5

and

AFSC Regulation 690-7

for some reg info - AFSC reg shows an example of the form / contract you will have filled out prior to your commission that will describe the loan repayment.

v/r

lifeafter40 · Dec 18, 2008

lifeafter,
i have not undergone this program... but have never heard of a 1 year deferment. i understand it is only principle and you are responsible for all penalties and accrued interest.
first installment is at end of year 1, second installment is end of year 2 and third.. year 3.
check out
ar 621-5
and
afsc regulation 690-7
for some reg info - afsc reg shows an example of the form / contract you will have filled out prior to your commission that will describe the loan repayment.
v/r

thanks, once again, j.c. :) the part in red is probably what the person i talked to meant by a one year deferment... i guess a year's worth of interest does accrue before the first installment is made. but, i am assuming that i would not be required to make the monthly payments during that first year? has anyone here gone that far into the program yet?

i still have to say it is a great program, but there are just a few catches we all have to be aware of so they do not sneak up and find us unprepared.

just_cause, BSN, RN · Dec 18, 2008

Deferments are based on you and the lender.

It's based on your contract. I know you can defer if you are deployed.. I believe if you are stood up as a reserve unit...

My loan wasn't deferred just because I chose to become an active duty army officer..... the interaction would between you and your lender the army isn't taking over your loan in any manner...

Now.. I'm sure you can pay the minimum which in most cases can be your monthly interest and not pay any principle.

Also... many loans defer the first 6 months after graduation - where that puts you in your time in service is user dependent.

sassysoldier · Dec 18, 2008

Thanks for the loan repayment tax info. I am also signing for the loan repayment which I have $45,000 in student loans from undergrad/grad. Since I am no longer a homeowner and proably won't be the first year I'm in the military. Tax is big on my mind because I won't have many deducations. I do have a child, some charities I give to, student loan interest but I have to consider that. I don't want to have to pay my boss (uncle sam) back what he has paid me. Also when I'm paying out $400+ a month for student loans a month I need to know about delays,etc at least a heads up helps me out when I'm adding up potential income.

66HotelMikeFive · Dec 19, 2008

Lifeafter,
The lumpsum or loan repayment will count as income - yikes~ good foresight and plan accordingly
(one of the incentives to those re-enlisting overseas......)

JC,

I too have opted for SLR program in my contract. Question: if the Army deducts 28-30% and the remaining amount you receive is being reported as income on your annual filing, does this not mean you are essentially being double taxed?

Thanks in advance for any info.

66HM5

pattyrn376 · Dec 19, 2008

they will credit you the taxes you already paid (or what they took out) I dont think it can be taxed for social security or medicare because it is not earned but a bonus.

lifeafter40 · Dec 19, 2008

Correct, it would not be double taxed... the concern is that the combined salary and "bonus" would put you into a higher earning bracket, and thus would have to pay a higher percentage of your actual income in taxes that year. ( and since you would not normally pay the extra during the year, would be liable for a tax bill at the end of the year). I believe that bonuses are already taxed at the highest bracket, so I think the tax "penalty" would only be seen in your regular, salary income.

captncourageous98 · Jan 6, 2009

Thought this might help with regards to repaying your education. http://www.opm.gov/oca/pay/studentloan/

I am also interested in working for the government. Check out the section about loan repayment. You can get $10K per year for a max of up to $60k. I thought about doing the army reserve thing as ASN and letting the VA repay my student loans up to this point. I owe a little over 30K. Let me know what you think!

Dave

Staczse7 · Jan 6, 2009

"I know its hard for some to believe, but many people join the service out of respect for this country and its service members needs with money being a secondary feature. Those who join simply for money may or may not like it at first but time will tell. They'll do their time, then get out. Nurses in the army have to be a caring, strong willed bunch willing to put their own needs behind those of the country and its other service members at times"

Some of you know that I have a Significant Other who is a MAJ-P (I will get to "pin" him (it's more like put the velcro on him now") now when he officially gets promoted to LTC). Since I commissioned, last month we have talked about different subjects r/t the Army, the commissioning and what it has meant. My first exposure to the "Army World" (if you will) was through him. The people surrounding him, in his unit are like a family... they look out for each other and their families. My first exposure to the world of "Army style nursing" (again if you will) was in the ER. I worked w/ two excellent nurses who are military at present 1 a CPT in the National Guard, the other a CPT in the Reserves. I liked their style to put it simply-- they were patient focused-- family focused, they put the needs of the patient/family first. As it should be, which I often think in the corporate world especially is being forgotten. It was after having the pleasure of getting to learn through them that I decided to commission w/ the Army Reserves. Did I do it for the money, the bonus was not a significant factor. The loans not a significant factor (I worked in a area where it is considered economically depressed so I would have rec'd assistance w/ getting them paid off anyway). What did I do it for then? I did if for the opportunity to give back to the most unselfish people that I could possibly get to extend my nursing care and knowledge to--- the very person/persons that would give their lives for me/ for us to protect what I/ we/ they hold dear in our very core. --- our soldiers defending our freedom, our way of life.

And as for those that join just for the bonus or whatever money they can get out of the deal--- good luck to them....... they're the one's who will get the poorer OER's that'll lead to them not getting promoted and after two passover's they'll be invited to leave. Because not only is it clearly evident to their peers working around them that their not members of the "Army family" but it also is very evident to their superior officers.

duc8ti, BSN, RN · Jan 7, 2009

Thanks all for the info, i would like to know if joining the ANC does one further their education and also as a reservist would you get veterans benefits after your 2 years are up.