2019 Nurse Corps Loan Repayment Program

I_Love_Bacon, APRN, NP · Jul 29, 2019

Nicole, did you just find out today?

GoodLuck_Everyone · Jul 29, 2019

39 minutes ago, PsychNicole said:
Yes, I had more than 200%DTI and Tier 1. Maybe it’s the monthly amount? It doesn’t say if that’s the total or monthly total on the award letter! So confusing. I’m accepting either way.

@PsychNicole The actual worksheet will tell you what loans were approved and then give 60% of the qualified amount. Below that it will tell you how much your monthly payment will be. For example, if you have 200k in loans, then 120k would qualify at 60%. That is 5k per month prior to taxes. The tax part is hard because it depends on what you claim on the W2 and tax bracket. But I would guess on the example that an individual would get somewhere btw 3-4K for their monthly payment amount.

It’s highly unlikely that your payment is less than your interest. That doesn’t make sense. Most interest rates run 4-8% of the loan.

Hope that helps. Congratulations!!!

LandDRNChi · Jul 29, 2019

If I remember correctly, you wont be able to see the payment authorization worksheet until after you accept. Your portal will change and you'll have access to you contract, welcome letter, payment authorization worksheet, etc. then you can see.

PsychNicole · Jul 29, 2019

I heard via email and had to accept on the Hrsa webpage- I applied for the Nurse Corps Liam Repayment program.

PsychNicole · Jul 29, 2019

49 minutes ago, LandDRNChi said:
If I remember correctly, you wont be able to see the payment authorization worksheet until after you accept. Your portal will change and you'll have access to you contract, welcome letter, payment authorization worksheet, etc. then you can see.

Ah, thank you! I was wondering why I can’t see any worksheet! Hopefully I get approved in the final round and it’ll all make more sense!

PsychNicole · Jul 29, 2019

1 hour ago, I_Love_Bacon said:
Nicole, did you just find out today?

I found out on the 21st... just got around to posting though (sorry for the confusion!)

PsychNicole · Jul 29, 2019

59 minutes ago, DNP_AGACNP_Faculty said:
@PsychNicole The actual worksheet will tell you what loans were approved and then give 60% of the qualified amount. Below that it will tell you how much your monthly payment will be. For example, if you have 200k in loans, then 120k would qualify at 60%. That is 5k per month prior to taxes. The tax part is hard because it depends on what you claim on the W2 and tax bracket. But I would guess on the example that an individual would get somewhere btw 3-4K for their monthly payment amount.
It’s highly unlikely that your payment is less than your interest. That doesn’t make sense. Most interest rates run 4-8% of the loan.
Hope that helps. Congratulations!!!

This is very helpful! The amount was a little over $5000 but it did not say “a month”... but this would make sense as my loans are over $200k (with interest each year at $8k). I’m reading that I won’t know for sure until I’m selected and then can see my worksheet (I don’t gave that option currently). Fingers crossed! This would be a game changer for me. I’m a Psych NP, DTI >200%, score 14

Lovely_RN, MSN · Jul 30, 2019

I just got my award letter for the HRSA SUD workforce loan repayment! I have 99k in federal loans so this is truly a blessing. I was notified that I was a final applicant on 7/12. My contract was signed on 7/26/19 and I received the welcome email today. It states that the funds will be disbursed to the bank account I provided within 90 days.

Good luck! I hope everyone gets it.

Erika C · Jul 30, 2019

Any NPs that are not psych getting any notifications?

blcRN123 · Jul 30, 2019

2 hours ago, Erika C said:
Any NPs that are not psych getting any notifications?

any FQHC NPs or RNs get any notifications?

BlueSue · Jul 30, 2019

FNP here. Applied for NHSC loan repayment and the Rural Community Loan repayment, too. Had credit checked back in April (i think) for the first one. The apps for the rural were open until the 18th and I just got a credit check for that one. I think I would be much more likely to get the rural community loan based on my numbers, and tier etc. Anyone else apply for that one? Geez I hope this happens for all of us!

Wsmfp88 · Jul 30, 2019

FNP at FQHC and no word for me yet!