2021 Nurse Corps Loan Repayment Program

[psychnp179]

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

[mabel goodrich]

I like this https://ulive.chat/en/p

[MvbRn, ASN, BSN]

On 6/21/2021 at 3:16 PM, psychnp179 said:

From everything I am reading the NO federal loan repayment would be taxed until 2025.... and it would make sense that would include nursecorps. For the person who is debating between NHSC and Nurse Corps, Nurse Corps takes into account debt to income (DTI) ratio (total student loans/base yearly income). If that number is not greater than 150% (1.50), I would not be confident in getting Nurse Corps loan repayment based on other year's comments. BUT I also saw Nurse Corps and potentially other programs received millions more dollars from the same Covid bill that included the NO tax on federal loan repayment so... perhaps more people will get loan repayment this year at a lower DTI ratio? 

 

Can anyone who filed taxes last year, tell me if this ended up being taxed? 

[85201sc, MSN, RN]

Hi,

I am a recipient as of 2021 and federal taxes are taken out and its added to my income where I pay state taxes in CA. I owe 300k I receive 7500 yet after fed taxes I receive 5500 to my account monthly to pay my loans. Hope this helps! It would be amazing to not be taxed but I am thankful for the help either way!

[MvbRn, ASN, BSN]

6 minutes ago, 85201sc said:

Hi,

I am a recipient as of 2021 and federal taxes are taken out and its added to my income where I pay state taxes in CA. I owe 300k I receive 7500 yet after fed taxes I receive 5500 to my account monthly to pay my loans. Hope this helps! It would be amazing to not be taxed but I am thankful for the help either way!

Thanks for your response.   Can you tell me if you chose to have additional federal taxes taken out? Did you owe anything on your refund or found that enough where taken out. 

 

[sdk6972, BSN, RN]

51 minutes ago, MvbRn said:

 

Can anyone who filed taxes last year, tell me if this ended up being taxed? 

It was definitely taxed. And they weren't taking enough taxes out so I had them take out an additional $300 for federal. I'd love for that bill someone mentioned a while back to be passed so that Nurse Corps funds aren't taxed.

I started a support group on facebook that I hope some of you will join. I think those with experience work NCLRP and HRSA in general can provide really useful insight there.

Support for Nurse Corps LRP

 

[sdk6972, BSN, RN]

For example, my award was 1789. After their taxes came out it was 1580. I changed it, had them take out an additional 300 so that it's not 1280. 

I did end up owing but because of the deduction from paying student loans, it kinda evened out and I owed for state taxes (they don't take out for state taxes)

[MvbRn, ASN, BSN]

I haven't received funds yet, currently waiting on a counter signature. Fingers crossed.  Just trying to research just incase. 

Is there a w-4 online that I can update my deductions once the countersignature is received?

 

I will look at the fb page. Thanks!
 

[MvbRn, ASN, BSN]

I can't get the fb page to pull up with that link and when I type it in, its giving everything but that!

 

[sdk6972, BSN, RN]

11 minutes ago, MvbRn said:

I can't get the fb page to pull up with that link and when I type it in, its giving everything but that!

 

I fixed the link ?

And you should be given an option to fill out your tax forms either before or while you're receiving the funds. I had to reach out to change my withholdings and they provided the form then.

[85201sc, MSN, RN]

Yes, I owed state taxes 7k. So up what you have taken out for state. Still worth it! That's 120k going to my loans in 2 years. 

[MvbRn, ASN, BSN]

I am in Florida so thankfully no tax here ?.

I only owe 34k total 

[chocoholic1]

Do they pay your loan servicer directly?