NELRP 2011 awardees

Published

So, I decided to start the thread as Strider suggested. Great idea :up:;) for us awardees to start talking. I have read that the way we get further taxed is that this now becomes a part of our reported taxable income when we file taxes, so thats how we are taxed twice unfortunately.

Specializes in Medical/Telemetry. Now ICU.
So, I decided to start the thread as Strider suggested. Great idea :up:;) for us awardees to start talking. I have read that the way we get further taxed is that this now becomes a part of our reported taxable income when we file taxes, so thats how we are taxed twice unfortunately.

What is this award for??

Up Vote Up Vote ×

Yes, Liz! It was a little painful! Every bit helps though!

Up Vote Up Vote ×
Specializes in Neurology- briefly, Oncology/Hematology.

Does anyone know when we can expect our first deposit?! I desperately need it!!! :D

Up Vote Up Vote ×

Suzy, I thought it was about 1 month from the start of the contract. So, about 2 weeks?

Up Vote Up Vote ×
Specializes in ICU, Neuro ICU/Stroke, PCU, Med-Surg,etc.

I am waiting anxiously for the payment too! I am also confused, JMedina as to how that whole biweekly thing works out? So you are just saying JUST by taking the money we were awarded and splitting them into two payments montly we will decrease our total payments? I don't understand how that's possible too. And yes, the taxes getting taken out is unbelieveable, and I will be upset if my husband and I have to owe a lot of money @ the end of these next two years because WE DON'T HAVE MONEY TO GIVE THE GOVERNMENT. for goodness sake, they are already taking out like 18 grand from my 2 year award contract! sigh....So keep updates when people get deposits. I figured it would happen around the 22nd of the month or earlier...hopefully earlier.

My husband mentioned just paying the minimum towards the lowest loan amount and then the rest toward the higher amount, but I think we may disburse it evenly between the two. I am pretty adament about NOT paying anything myself towards my loans for these next few years and paying off my credit card debt and husband's car and maybe my kid's tuition so that when I do have to start repayment, things will be a lot less burdensome. But I haven't really decided yet. I will have to think more closely about things now though...glad I have this new blog.

Up Vote Up Vote ×
Specializes in ICU, Neuro ICU/Stroke, PCU, Med-Surg,etc.
Does anyone know when we can expect our first deposit?! I desperately need it!!! :D

Hey Suzy, you should push back your loan payments! That's what I did. So now my payment isn't due until the 28th and I don't have to pay it @ all this month because I will wait until I get my deposit.

Up Vote Up Vote ×
Specializes in Medical/Telemetry. Now ICU.

what is this award for??? How do you get it?

Up Vote Up Vote ×

Ok well I'm sorry its confusing I will attempt one more time to break it down.........this is usually how they tell you to pay your mortgage and or car payment it helps you save interest and get out of debt faster because it saves you interest. Again some people charge you to do this with your mortgage but applied yourself through any of your loans and even credit card payments helps......

Ok here it goes there is 12 payments a year right....12mos=12payments

now how many weeks are there in a year....52 weeks in a year

payments every two weeks would mean a total of 26 payments...52weeks/2 weeks payments=26 bi weekly payments

26 biweekly payments amounts to 13 monthly payments....12 mos in a year but you are making in essence 13 payments with the same amount of money! do this for 2 years thats a total of 26 payments instead of 24!

your obligation is to pay for example $1000 a month because NELRP said you have to pay $1000 a month, not that your payment is that, mine is like 200 right now so I would be giving more than my "interest only payment". capish---lol...good luck, I think soon well get deposits!

Up Vote Up Vote ×

your husband is wrong you should pay the minimum to the highest loan amount and pay most or all of the payment to the lowest don't split them, knock out the smallest fast! its all numbers, you dilute your efforts if you split the payments across all loans, remember they don't care which ones and how you pay them as long as you apply the award money to any of your qualified loans.....I for example have an in-school deferment on one of my loans and the other is on a graduated payment plan of interest only payments until next year so I will pay everything on the one that is in repayment and will be done with it by end of contract with hopefully 3rd year I will begin applying to second loan in deferment.

Up Vote Up Vote ×

ok, "your husband is wrong" was a lilttle harsh, Love your husband, sorry. It makes more sense to me......etc...

Up Vote Up Vote ×
Specializes in ICU, Neuro ICU/Stroke, PCU, Med-Surg,etc.

It's cool Jmedina, my husband is usually wrong about things...lol, just kidding, but seriously the reason why he was saying to attempt to knock out the big one (I have two loans) is because the smaller loan's monthly payment is only 104 bucks monthly; I can pay that for the rest of my life if I have to, that is no big deal! The other one is huge though, it's like right under 500 bucks every single month and it's variable so what do you think??? I am all about the suggestions, girl! I want to utilize this award the best I can WITHOUT having to come out of pocket @ all. I think I am going to take you up on the two-payments system, because you are right, if it knocks out one whole payment yearly with this deal I am all about it. That's like 1200 dollars for me total! Thanks!! Keep postin...

Up Vote Up Vote ×

Ok I really did not mean to throw your husband under the bus being that Im a guy so my bad to your hubby. Anyways ok well it is really what is best for you and your family, if you cannot get into specific loan amounts then its hard for me to say. You can PM if you feel comfortable picking my brain on it. I don't claim to be a guru. Anyways I suspect your smallest payment is your smallest loan and fixed interest rate or a combination of both. If its variable then expect the payment too go up, maybe its on an interest only payment which are low and it will go in to full repayment eventually, (ask your servicer). You generally want to pay the smallest amonut (total) not loan payment, first so that you knock it out asap and get some traction. How much of the two years of the NELRP is going to knock out the most total. Its all about numbers, without your actual numbers I could not really help you. My two loans are similar in total amounts owed @ 32k two total. One is in repayment @208 dollars a month, interest only payments for one more year and I am currently finishing my MSN and so the other is in in school defferement so my choice was easy, pay off the one in repayment and stay (finish) school by end of 2nd year....anyways good luck always a pleasure to help...

Up Vote Up Vote ×
+ Join the Discussion