NELRP 2014

Is everything completed for you now. Are you a "participant" now?

My contract was signed today. I was one of the 08/15 notificationers if that's helpful to anyone. All the best to everyone applying.

8/15: email award finalist, I signed the contract same day

9/17: contract signed by OFAM approver

RN, tier 1

feeling so blessed. I need to get that welcome email for it to sink in still...

fingers crossed for everyone still waiting.

I have verified and you do have to use the money to qualify for the 3rd year, but this prevents you from qualifying for the 10 year public loan forgiveness. Large payments do not count towards your 10 years of payment.

I was just wondering if anyone else is dealing with this issue or has an suggestions, I assume there is not much that can be done.

It looks like the application cycle is also open for those looking to sign on for the third year. I'm in the same boat as above, I started tucking the excess payment away with the intention of making a lump sum payoff of one of my loans. I tried the monthly route for about 10 months, but found that I wasn't getting very far with principal reduction. Anybody else have this problem? I don't want to make a large payment just yet. I'm willing only depending on how strict this continuation contract business is. Any insight?

Welcome letter came today.

Been watching this thread for awhile. I found out that someone from my hospital already got accepted to the program so I don't think I'm getting it. Just wish they would tell me I'm denied and put me out of my misery.

Hello :) I just called and was told by a representative that the deadline has been pushed forward to OCTOBER 31. He said to continue to check email every other day and/or the portal for a welcome packet. He states that decisions are still being made and whether you are accepted or denied, you will hear by October 31. That's great news because I had already given up hope. Now, the waiting game continues!

Oh and he says the email will come from HRSA

I received my first payment this week.

I have a question, also about using the funds, and maybe I am just misunderstanding what others are saying?

Those saving it up to pay a lump sum at the end: are you currently paying the full monthly repayment amount on your loans or are they in deferment?

Random_nurse12 when did you receive your welcome packet? I am confused about how others are paying as well. I plan on paying off my private loans and putting whatever is left towards my government loans since those are forgiven after 10 years.

Random_nurse12 when did you receive your welcome packet? I am confused about how others are paying as well. I plan on paying off my private loans and putting whatever is left towards my government loans since those are forgiven after 10 years.

Yes I am paying off my private first. But from what I read to qualify for the 10 year PLFP you must be in one of the income based repayment plans. I was told you can't make large lump payments and have that count as say 6 months of payments. Like right now I'm enrolled in the IBR plan and my payment is around $550.00. So I had planned to pay off my private and then I get $2600 per month and assumed that would basically pay me up for 5 months, but this is not the case. Even after 3 years I will still have over 100k in loans. I am now starting my phd in nursing (because I think in crazy!) the only way it will work for the 10 year plan would be take the money put it in savings and use it monthly for the next 10 years one payment at a time. But since you have to show you used the money for your loans to get the 3 rd year, I need to figure out what would be best. It's so confusing I need a new degree to figure it out!

I also got my official welcome letter today!

edited: I received the finalist email 7/1 and the official welcome letter 8/1. Tier 1, faculty, 113% debt/salary.

I had to go back and find my original reply to remember the dates. I was supposed to receive funding in Aug, but there was a delay so I received double payment in Sept.

The majority of my loan debt is federal. Currently they are deferred. I have a small private loan with a 5K balance. My plan originally was to put everything towards the federal. I still believe that is my best bet. I will still have some left at the end of three years, but nothing as overwhelming as what I have now. I do not believe the 10 years rule will help me. My main issue, my stupidity, comes from deferring for years while going back to school (ASN-BSN-MSN). By the time I make ten years of monthly payments (including my three years in the program), they would be paid off anyway.

I want a doctorate but I refuse to ever take out another student loan as long as I live. If my employer wants to pay for it, then fine. But beyond that, I am done with school.

My plan would be to set up all federal payments as qualifying payments so when the 10 years is up you can have them forgiven. As far as the others, I would use do what financial advisors recommend when trying to get out of debt with credit cards which is paying them off smallest to largest or in most of our cases, private before federal b/c of the loan forgiveness. So instead of dividing the payment equally monthly, pay the minimum on your largest amounts and the remainder towards your smallest or the one you want rid of first. Then when that one is paid off, the extra payment that would've went towards that loan is applied to the next one you want rid of and continue pay the minimum on the others and now the remainder goes towards this one and so on. Its a proven strategy for getting rid of credit card debt so I'm thinking it will work the same for student loans. At the end of your two years, you have more accounts paid off on your credit report (which I am sure we have all gotten that look from lendors when it lists like 12 loans for one company :/ ) and only have to focus on what hopefully is a federal loan that you have made 24 qualifying payments towards the 120 you need before federal forgiveness. Just an opinion from someone still "under review"