Just finished my application for the HRSA Nurse Corp Loan Repayment Program 2023 program! Nervous but excited to see what comes of it, I see that the competition is extreme but it looks like over the past few years they've been given more funding to award!
Question as well: Does disadvantaged background apply to RN/APRN's applying or only to nurse faculty? I included the form anyway, just in case it helped my case as I am the first in my family to attend college.
Here are my qualifiers:
FNP-C
Behavioral Health - Pediatrics
DTI <100% - Just at 0.95% (This is the total qualifying education loan balance divided by base annual salary)
Just a tip, after doing some research. If you get the award you have to put all of it to your account(except the tax portion) But if you are participating in the public service loan forgiveness there's something you should do first. Call your loan servicer (MOHELA) and tell them you would like to apply the money toward future payments. This means no payments being made by you for however long the money lasts with payment increases in the future. If you've applied to the SAVE income driven repayment your payments should be pretty low as long as you've updated anything like not including a spouses income with MOHELA. You may end up having it cover until loan forgiveness applies. But they won't do that until the actual time comes because they can't calculate what your future pay will be or predict if you will continue with your non-profit. Hope this helps those who didn't know!
My contract was cosigned this morning (9/7). And I'm sure it is frustrating if you are waiting to hear back. I have heard that most people who have their credit checked get approved, but they seem to be making their way through the formula. People have heard back as late as September. I'm hoping for the best for everyone!
I got a notification to login to the portal on 9/8 and it changed over to a participant rather than applicant. My countersignature was posted on 8/29. The documentation I could find said funds should be deposited by the end of September. ?
Just a tip, after doing some research. If you get the award you have to put all of it to your account(except the tax portion) But if you are participating in the public service loan forgiveness there's something you should do first. Call your loan servicer (MOHELA) and tell them you would like to apply the money toward future payments. This means no payments being made by you for however long the money lasts with payment increases in the future. If you've applied to the SAVE income driven repayment your payments should be pretty low as long as you've updated anything like not including a spouses income with MOHELA. You may end up having it cover until loan forgiveness applies. But they won't do that until the actual time comes because they can't calculate what your future pay will be or predict if you will continue with your non-profit. Hope this helps those who didn't know!
Thanks for the info! I had no idea you could apply these funds to future payments - figured it would not count since the money had to be "spent" during the 2 year award period.
Thanks for the info! I had no idea you could apply these funds to future payments - figured it would not count since the money had to be "spent" during the 2 year award period.
I think they are still spent in that 2 year period. But if your payment amount is supposed to be $100, and you pay $1200 and ask to have it be applied to future payments, then you would essentially not have to pay again for 12 months. So what the OP is saying is that by doing this it allows for us to make the payment, but it gives us credit for that month and applies the additional to future months
If we are still "under review" is there any hope at this point? It seems most people heard back a long time ago. It has been such along to time to wait!
If we are still "under review" is there any hope at this point? It seems most people heard back a long time ago. It has been such along to time to wait!
Specializes in NICU( RN), Pediatric Nurse Practitioner.
ABQNP said:
If we are still "under review" is there any hope at this point? It seems most people heard back a long time ago. It has been such along to time to wait!
I'm still waiting on my counter signature since the first week of August. I've given up hope, that's for sure. Someone who applied for the NHSC was notified two weeks ago and then received their countersign in the same week though. So maybe don't lose all hope??♀️
I think they are still spent in that 2 year period. But if your payment amount is supposed to be $100, and you pay $1200 and ask to have it be applied to future payments, then you would essentially not have to pay again for 12 months. So what the OP is saying is that by doing this it allows for us to make the payment, but it gives us credit for that month and applies the additional to future months
I was wondering about this pay-ahead option, so I submitted a question about it to the NCLRP in the participant portal and the response was that I can apply the funds however I like, but they can only be applied to the loans that were approved for payoff, e.g. nursing-related education loans. I have previous non-nursing education loans, so that was a good reminder. Sounds like I will need to request that these funds get applied to specific loans.
I've also been researching the PSLF side of things and found this:
I haven't done a deep dive yet, but it appears that the pay-it-forward strategy is only good for 12 months at a time. I'm a bit concerned because it does not sound like all of the PSLF documentation is in agreement about whether this lump-sum payment counts toward the required 120 payments. If anyone has more to share on this, I'd love to hear it.
shaggy327, MSN, APRN
5 Posts
Just a tip, after doing some research. If you get the award you have to put all of it to your account(except the tax portion) But if you are participating in the public service loan forgiveness there's something you should do first. Call your loan servicer (MOHELA) and tell them you would like to apply the money toward future payments. This means no payments being made by you for however long the money lasts with payment increases in the future. If you've applied to the SAVE income driven repayment your payments should be pretty low as long as you've updated anything like not including a spouses income with MOHELA. You may end up having it cover until loan forgiveness applies. But they won't do that until the actual time comes because they can't calculate what your future pay will be or predict if you will continue with your non-profit. Hope this helps those who didn't know!