FNP loan and contract a year before graduation

[subjectgreen]

I have spoken to a physician who is entertaining the ideal of providing a loan for living expenses until I graduate from a FNP program May 2010. He would like for me to produce a contract that has been used in the past for this situation so he could review and have a new one created.

He is interested in the number of years others have committed to pay the loans off.

My question to the group is

Has anyone done this before?

How could I obtain a copy of a contract to submit?

I realize the positive factors of being able to go to school and not work as much but what are the negative factors?

[traumaRUs, MSN, APRN]

Ugh - its just like signing up with a hospital to pay off your student loans: you're almost an indentured servant!

Negatives (and I say this with experience):

1. Job duties can drastically change from initial contract due to loopholes.

2. Has MD worked with mid-levels and what is their opinion of his practice?

3. Is it a solo practice? Many of these are going under in my area.

4. What would happen if he retires or becomes unable to work?

5. What if he joins a larger practice or relocates?

6. How many hours a week are you working? BIG FACTOR FOR ME!

And....those are just a few I came up with off the top of my head.

[paulwalkman]

if this physician doesn’t have a previously used or pertinent contract, you can check some of the lawyer sites. some of the sites that give formats for resume’s also have non-specific contracts that you would use to make a contract more specific to your situation. it’s best to create an out, or reason for postponement in payments that you could use if needed. check out his practice/work and try to come up with an appropriate salary for the year you graduate. make a list of any and all questions you have after reviewing the unsigned contract and speak to a lawyer. i made a basic contract with my father to pay him back the money i needed that was above the loan max given by the bank so i could always pay my mortgage/bills/etc. on that same note, borrowing money from family of friends is normally a terrible idea, hence the contract. always keep at least one copy of the contract. once it’s signed, it’s signed. i also had a 10k sign-on bonus to work for a year at my hospital.

i didn’t have the needed out on either contract, but was given lenience in both contracts due to a terrible debilitating car accident. (i still can't stand).

-paul