2018 Nurse Corps Loan Repayment Program

[mefifome]

Hi all,

I've been reading up on the Nurse Corps Loan Repayment Program and looks like in past years, threads have been started for the yearly application process. I'll be applying as a Staff RN (non-faculty) working at a DSH with an HPSA Score of 16. Not sure of my DTI percentage yet. Hoping to connect with others that will be applying to the program next month and we can all share our updates here. Best of luck to everyone!

[Aimee0816, BSN, RN]

I would like to talk to someone who has already been in this program for a while or is done with it. I cannot attend the webinar and I would like to know what some of the rules are for this program. Thanks!

[Kayla3812]

On 10/20/2020 at 12:24 PM, Kayla3812 said:

I have not yet received mine and it does not show as processed in the portal.

I received my payment today! ?

[SuccessCNM]

26 minutes ago, Aimee0816 said:

I would like to talk to someone who has already been in this program for a while or is done with it. I cannot attend the webinar and I would like to know what some of the rules are for this program. Thanks!

I’ve been in the program for two years. Maybe I can answer your question? 

[Aimee0816, BSN, RN]

13 minutes ago, SuccessCNM said:

I’ve been in the program for two years. Maybe I can answer your question? 

Does it matter if we pay one qualified loan at a time or does the money need to be decided up amongst all qualified loans? 

[SurgTraumaNP]

I always put the entire check on the loan with the highest interest. I also still pay the monthly student loan payment on all of my loans as scheduled though. I hope that answers your question. 

[Aimee0816, BSN, RN]

Yes. That’s what I planned on doing. It does look like some taxes were deducted from the loan because my deposit was less than what the worksheet said it would be. In the contract it says, “No portion of the Nurse Corps LRP payments made directly to the Applicant shall be used to pay taxes due to Federal, State, or local authorities.” That doesn’t mean I need to make up the $200 difference from what the worksheet said I would be getting, correct? 

[SuccessCNM]

30 minutes ago, Aimee0816 said:

Does it matter if we pay one qualified loan at a time or does the money need to be decided up amongst all qualified loans? 

No, it doesn’t matter. Personally, I paid the minimum on each qualifying loan, then with the remainder, I targeted the loan with the largest balance. So I paid huge monthly lump sums on a particular loan. 

[Aimee0816, BSN, RN]

34 minutes ago, SuccessCNM said:

No, it doesn’t matter. Personally, I paid the minimum on each qualifying loan, then with the remainder, I targeted the loan with the largest balance. So I paid huge monthly lump sums on a particular loan. 

OK thanks! What about taxes? I said single and claiming 0. They’re deducting $220 a month for taxes. Do I need to pay the difference? Will I end up paying more income taxes next year?

[SurgTraumaNP]

I have always just taken the amount deposited into my account and paid exactly that amount or more.. Having completed two years already, I have paid 75% of my massive loan I am unbelievably grateful. The only warning I wish I had was regarding taxes.  They take federal taxes out, NOT state. The second year I owed 10 K of taxes because I was in a different earning bracket. Now I pay an extra $200 each paycheck for state.

[SuccessCNM]

1 hour ago, Aimee0816 said:

OK thanks! What about taxes? I said single and claiming 0. They’re deducting $220 a month for taxes. Do I need to pay the difference? Will I end up paying more income taxes next year?

Yes! You’ll end up paying more in income taxes. I recommend increasing your 401K contribution to avoid it. 

[SurgTraumaNP]

I agree, max your 401K. I also file single claim 0. When you get your taxes done ask your accountant.  You will only have a few payments so it’s won’t really effect you this year. It also depends on income, and state you live in. They take enough out of your award for federal taxes. It’s the state that I didn’t have enough out. Then again, I happen to live in a tax happy state ?