HRSA Nurse Corps Loan Repayment 2022

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Hi everyone. Just starting this since I didn't see a thread for this application cycle. I received the NCLRP in 2009 and this is the 3rd time applying in the last 5 years.

NP with DTI ~150% and HPSA 17

Specializes in Oncology RN.

Hi all!

I just got my co-signature done today. How soon after did you get email that you were a participant and do we know when they start distributing funds? Getting super excited/anxious over here ?

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Specializes in Psych.

I want to say it took 2-3 days before my status was updated after the co signature. The payment authorization worksheet says approximately 45 days from co signature to first disbursement.

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Specializes in NICU.

I applied back in December 2021! I had my credit check back in March and I just received an email saying that I was a finalist for the award and to go on and sign!! Like some other people I’m waiting for my counter signature. I eagerly went on and filled everything out and submitted it however now my mom has me freaking out about the tax situation! It says they withhold federal tax but not state and local taxes. Anyone who has received the award in the past have any advice? I did not update my W4 to take more money out. Am I going to get slammed during tax season?

Also, does anyone know how the payments work? I know they pay you monthly and then you pay your lender. Does that mean they will pay at least what my current monthly payment is? Or more?

A bit confused! Thanks for your help! 

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Does anyone know the subject of the finalist email? Just to look out for it? This is my first time applying

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I just received my first payment. At some point I remember they asked if I wanted them to hold money from the monthly payments for taxes and I said yes. They kept about 20% for taxes, but I just made that up with my own money to get them paid off faster. I also went to my work W2 and am withholding an extra $200 a paycheck just in case. This money will be considered income, so it might bump me into the next tax bracket and I'm trying to avoid a huge bill come tax season. I'd rather be happily surprised and get a refund, then spend it on a Summer vacation! No matter what, even if you're taxed, this program is still completely worth it. It just might mean you owe extra money now for taxes but its far less money than you'll pay in the long run paying off these loans.

I know we have to show every 6 months that all the money is going towards student loans, and I'm not sure if that includes the taxes withheld (for example, if my monthly award amount is $3000 but they only deposit $2400 in my account because $600 is kept for taxes, am I still responsible for putting $3000 towards my student loans every month?). I'll probably continue putting the extra $$ myself towards the loans each month anyway, but might be good to know the answer in case I'm in need of extra cash one month.

For those asking how the payments work, about 3 weeks after I was converted to a finalist the money just showed up in my account one day. When I log in, I can see all 24 scheduled payments for the next 2 years scheduled and the amount. I then immediately went to my loan servicer and paid what they deposited + they amount they withheld for taxes (again, not sure if this is necessary, going to call this week to ask). As far as the amount, it was 60% of my loans divided into 24 equal monthly payments, so its about 3x more than my monthly payment for me.

I feel so blessed to be getting this money, its life-changing. I had such a weight on my shoulders with these loans, and having this help paying them off gives me the extra push I need to be aggressive and pay them off ASAP. I will NEVER let my kids take out student loans. Good luck to all of you, I hope you get it as well!

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Specializes in NICU.

@SeverelyNerdyPhantom

the subject line is “nurse corps loan repayment program application update, action required.”

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Thank you!

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Specializes in FNP-BC.

Has anyone called to ask about their application? Specifically, to inquire if everything was filled out correctly or if the application was rejected already? This is my first year applying and plan to apply again next year if not successful this year. I guess my main concern is that if I made a mistake on the application, I don't want to make the same mistake next application cycle.

I am no doubt overthinking things.

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Specializes in Pediatrics.

Has anyone who is a participant received a “check in verification request?” I got an email early this morning asking me to log in to complete, and it just asked to confirm my employment site. I’m in HRSA LRP program (got cosignature 8/29). 

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Peds NP, I received and completed the check in verification. Just a few questions to answer. You’ll have to complete one every six months while you’re in the program.

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Has anyone been offered a partial award? I just got an email today - my total loans is ~$80k but they only approved to pay for $15k. I'm considering calling to ask for details but not sure if that's even worth it?

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Yes I’m in the same boat, it’s bc I did an ABSN program and one of my degrees is in a non nursing field. Even though the degree was a pre-req for my nursing program  they won’t accept the loans from that degree. It sucks

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