2021 Nurse Corps Loan Repayment Program

Published

Starting this thread for those who applied for Nurse Corps loan repayment in 2021

Not sure if anyone has answered this before or not, but how much (%) do they take out for taxes?

Up Vote Up Vote ×
Specializes in NP.

How do you check the status of your application.  Mine just says can't access it any longer as it is closed

Up Vote Up Vote ×
Specializes in Pediatrics/Family Practice NP.

Has anyone In nurse Corp received an October payment yet? It seems my September one was about this time but my October is not even processed yet. Thanks!

Up Vote Up Vote ×
18 minutes ago, TriciaH said:

Has anyone In nurse Corp received an October payment yet? It seems my September one was about this time but my October is not even processed yet. Thanks!

I haven't received a Sept payment yet ?

Up Vote Up Vote ×
On 10/16/2021 at 11:32 AM, sdk6972 said:

I haven't received a Sept payment yet ?

I went to the webinar. The payments are slowly coming. Should be in before October 31. My "September" payment came this past Friday ?

Up Vote Up Vote ×
Specializes in Peds psych.
On 10/16/2021 at 10:12 AM, TriciaH said:

Has anyone In nurse Corp received an October payment yet? It seems my September one was about this time but my October is not even processed yet. Thanks!

I received my October payment on Friday 10/22. My September payment came on 9/20. 

Up Vote Up Vote ×
Specializes in Peds psych.

I spoke with a tax person. Was told if I put money into 401k to get my taxable income below the 163k amount I would save a good chunk. I'm not good with money but have since learned that calculating interest rate (ie 5%) is different than calculating the percent of tax. I realized that if I put 10k toward my 401k rather than 10k toward student loans, I'm saving money. To calculate daily/monthly interest rate, follow these steps: https://www.investopedia.com/how-to-calculate-student-loan-interest-4772208
Income after deductions above 163k is taxed at 32% for federal taxes if you're single. For example, if your income after deductions is 173k, you're paying $3200 in fed tax plus state taxes JUST on the amount from 163k to 173k. If you put 10k into your 401k, your taxable income is now 163k. That will save you $3200 in federal taxes plus the state taxes so.... better to get your taxable income below the 163k to save 32%. (Income below 163k is taxed at 24% so still good to bring your income down w/ 401k contributions as much as it works for you). If you put that 10k toward student loans, you'd only be saving $493.20 per year if loans were at 5%. SO.... of course we have to put all our nursecorps payments toward student loans but I'll be sure to be maxing out my 401k as much as I can afford. I'll put extra toward loans once I'm no longer receiving the nursecorps and no longer in such a high tax bracket. ALSO.... I asked and we can refinance our student loans from the original federal lender as long as we ONLY refinance student loans that were originally part of the nurse corps award. Of course, I would ask myself to be 100% sure, but we can probably get loan rate down to around 3% with refinancing. 

Up Vote Up Vote ×
Specializes in MSN PHN.

Hi,

I received September and October payment around the 21st. I put in a site change and it's still under review after 3 weeks. Hoping everything goes through soon..feeling anxious ? 

Up Vote Up Vote ×

Question: I just got my $50,000. Do I have to apply it all to my loan now? Or can I make the first 12 months of payments at one time, and then keep half the money in a savings account and make the second 12 months of payments in a year from now? If that makes sense.... Fed Loan Servicing says you can make a lump sum payment and apply it to 12 payments max (To try and get loan forgiveness). 

 

Also, I got an email that 2022 HRSA just opened up again. Do we apply for this every year to keep it going? Or do I wait till my 2 year contract ends? Thank you. 

Up Vote Up Vote ×

I personally kept mine in the bank and made payments monthly. It allowed me to play “catch up” with my other bills. You just have to show at the end of 2 years that you paid a total of 50k whether that be lump sum or monthly. All you do is print out your payment history. 
you don’t need to apply next year. Right before your contract is ending in August 2023, you will do the “continuance” application in March or April. 

1
Up Vote Up Vote ×
Specializes in Pediatrics/Family Practice NP.
2 hours ago, Ashimaly said:

Question: I just got my $50,000. Do I have to apply it all to my loan now? Or can I make the first 12 months of payments at one time, and then keep half the money in a savings account and make the second 12 months of payments in a year from now? If that makes sense.... Fed Loan Servicing says you can make a lump sum payment and apply it to 12 payments max (To try and get loan forgiveness). 

 

Also, I got an email that 2022 HRSA just opened up again. Do we apply for this every year to keep it going? Or do I wait till my 2 year contract ends? Thank you. 

I would apply all of it while the interest is in the Covid freeze it all goes to principle right now. 

Up Vote Up Vote ×

Hi all! Congrats to everyone who received their awards! I unfortunately was not one of the lucky ones but just received and email stating that more funding was granted from the American Rescue Plan so I was thinking of applying again. I have switched jobs and was wondering if I would still qualify to apply for 2022...Wondering if anyone knows if you can be contracted to work at the CSF? I'm contracted to work 100% of my time at an outpatient facility (under a professional services agreement) attached to the same CSF I used to apply earlier this year. The CSF hospital funds my employer for me to manage the clinic.   I don't want to waste my time reapplying if I don't qualify. I suppose I could always call the phone number and talk to someone, but just looking for personal stories if it has happened to any of you??

 

Thank you!

Up Vote Up Vote ×
+ Join the Discussion