Nurse Corps Loan Repayment 2016 Cycle

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Hello All,

I am applying for the nurse corps loan repayment program 2016 cycle, I just spoke to a representative who told me the application cycle opens up tomorrow. For those of you who have applied any tips advice etc.? I am very excited about this opportunity because I have an outrageous amount of loans.

so if you're salary is say $80,000 and student loans is 60,000, would your debt to income ratio uhm...13%? what? did i do that right? .... so all the debt is is student loans, no credit cards or anything?and the only income they are counting is salary...not like husband's income? How are people getting 150% debt to income ratio?

Thanks :)

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so if you're salary is say $80,000 and student loans is 60,000, would your debt to income ratio uhm...13%? what? did i do that right? .... so all the debt is is student loans, no credit cards or anything?and the only income they are counting is salary...not like husband's income? How are people getting 150% debt to income ratio?

Thanks :)

In the example you posted debt to income would be 75% 60,000÷80,000=.75 (.75×100=75%).

The only debt they include when calculating your debt to income ratio is your nursing student loans and your income, not your spouses. The loan repayment is only good for nursing student loans no credit cards, etc.

Hope that helps!

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In the example you posted debt to income would be 75% 60,000÷80,000=.75 (.75×100=75%).

The only debt they include when calculating your debt to income ratio is your nursing student loans and your income, not your spouses. The loan repayment is only good for nursing student loans no credit cards, etc.

Hope that helps!

Thsnk you so much...that helps a lot!

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so if you're salary is say $80,000 and student loans is 60,000, would your debt to income ratio uhm...13%? what? did i do that right? .... so all the debt is is student loans, no credit cards or anything?and the only income they are counting is salary...not like husband's income? How are people getting 150% debt to income ratio?

Thanks :)

No, it would be 60,000 divided by 80,000 which is 75%. It's not difficult to rack up huge D/I ratios, it just all depends on where you went to school, how many degrees you have,and what job you took. Personally, my D/I is over 170%. I have my BSN and my MSN and roughly 86,000 in student loans to show for it. This is because I could not work full time while doing my undergrad degree and needed loans for tuition as well as living expenses. I went to a state university for both degrees, and even got tuition remission by working as a GA for 2 of the 3 years I was in the MSN program. But the $$$ still adds up. Then I took a faculty position when I graduated, which is my dream job, but the base salary is only $50k annually. So 86k/50k = 172%. Most people don't go into nursing education because it doesn't pay as well as the bedside. In my case, this isn't true. In my part of the country, nurses aren't paid all that well, AND we're one of the few states that isn't unionized. I actually make more as an educator than I would working full time in my facility's float pool, which includes a $10/hr incentive on top of the hourly rate. Ugh.

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I think I've given up hope. While my facility score is 18, my D:I ratio is only 115%. Not an NP. Not faculty.

No credit check.

Looks like all that "trying to be responsible" by turning down loans so as not to get into too much debt has backfired. I should have just taken the loans, got an apartment in a better part of town, and eaten out once a week like my classmates did. It might have paid off!

Here's something interesting though.

This is my second time applying. Last year, I called them and they told me (they later confirmed that they had written record of telling me this) that as long as my start date at the facility was prior to June, I was eligible. I had her repeat this back to me twice, because I needed to know for sure. Based on this information, I pushed my start date at my current facility back to May 3rd to give my former employer time to fill my job (I was offered a start dates as early as the beginning of February).

You can imagine my reaction when my status was listed as "ineligible" when the application window closed. The reason of course, was that I had to be working at the facility by the application deadline. Yes, they gave me bad information. Yes, they admitted they gave me bad information. Yes, I made decisions based on that bad information. Their solution was, "we are very, very sorry. Try again next year."

But guess what happened next? Credit report was run. Twice. April and July.

I can only guess that if I were not ineligible based on my start date, I would have likely been offered an initial award. But of course I wasn't eligible, and I got the rejection letter in September.

And now this year, speculatively because the pool of applicants is larger, it appears I didn't make the cut off D:I ratio in my tier (tier 1, non NP/faculty).

So last year, a year it seems I may have otherwise been offered an award, I was disqualified because of the bad information they gave me. This year, application is ok, but it seems I just didn't make it above the D:I cutoff.

I wish I could say I'm not bitter about this.

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does anyone know what the debt to income ratio cut off would be? at least teh average?

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I don't feel as though I would really 100% trust what those people tell you on the phone. I had called before the application deadline to ask several questions and the rep that I talked to would have completely messed me up had I not read through the program guidance a million times before calling. At first she tried to tell me that I was ineligible to apply at all because I have a non-nursing degree in addition to my BSN and MSNA??? I was like really??? And then after a 10 minute discussion she apologized for being wrong - misunderstanding she said. So then I asked if the only way to submit information for my qualified nursing loans was by manually entering them, since I have non-qualified loans from my non-nursing degree as well. She told me no, that I could just electronically upload them from the Nslds, and they would just "weed out the loans that didn't qualify". I questioned her answer because thankfully I had read in the PG that any unqualified loans submitted would deem the entire application ineligible. So she put me on hold to ask someone else, and sure enough came back to tell me that I was correct, that I would have to manually enter my qualified loans. So that's why I personally would be a little leery about information received from the reps...at least the one I talked to seemed to be lacking in the knowledge department, and even more scary is that she confidently told me the wrong answers when she obviously didn't really know the answer to start with.

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does anyone know what the debt to income ratio cut off would be? at least teh average?

According to one of the phone conference calls the lowest they funded before running out of funds was 160%

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I also heard 160% for last year on one of the conference calls, although some people reported differently on the forums. It varies every year, sometimes by quite a large margin, depending on who has applied.

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I've read on some of the forums that they have made it to tier 2 applicants some years so it really just depends on who all applied and the applicant pool.

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I just want to say that I have received this before and I believe if you are close in the running and something in your packet is not just so-so, they will contact you for it......watch your email closely because the responses are time limited. They do not have a lot of staff but they do have a lot of applicants. It was a prayer answered for me and I received the whole 3 years. I worked with the representatives during my 3 years and they were very helpful. I just wanted to say time is close and watch your email daily! Good luck!

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I think I've given up hope. While my facility score is 18, my D:I ratio is only 115%. Not an NP. Not faculty.

No credit check.

Looks like all that "trying to be responsible" by turning down loans so as not to get into too much debt has backfired. I should have just taken the loans, got an apartment in a better part of town, and eaten out once a week like my classmates did. It might have paid off!

Here's something interesting though.

This is my second time applying. Last year, I called them and they told me (they later confirmed that they had written record of telling me this) that as long as my start date at the facility was prior to June, I was eligible. I had her repeat this back to me twice, because I needed to know for sure. Based on this information, I pushed my start date at my current facility back to May 3rd to give my former employer time to fill my job (I was offered a start dates as early as the beginning of February).

You can imagine my reaction when my status was listed as "ineligible" when the application window closed. The reason of course, was that I had to be working at the facility by the application deadline. Yes, they gave me bad information. Yes, they admitted they gave me bad information. Yes, I made decisions based on that bad information. Their solution was, "we are very, very sorry. Try again next year."

But guess what happened next? Credit report was run. Twice. April and July.

I can only guess that if I were not ineligible based on my start date, I would have likely been offered an initial award. But of course I wasn't eligible, and I got the rejection letter in September.

And now this year, speculatively because the pool of applicants is larger, it appears I didn't make the cut off D:I ratio in my tier (tier 1, non NP/faculty).

So last year, a year it seems I may have otherwise been offered an award, I was disqualified because of the bad information they gave me. This year, application is ok, but it seems I just didn't make it above the D:I cutoff.

I wish I could say I'm not bitter about this.

Tier 1 is also debt to income ration >100%. You have 115% so you still qualify. I'm guessing you're a CRNA, I am as well and received a credit check this year and last year. My hospital has a score of 17 and debt to income ratio 148%. Same debt and score last year and I didn't get it because they ran out of funds. Hoping for a better result this year. Also, I find that every time I call HRSA I get a different answer each time. I don't think half of them know what they're talking about.

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