2021 Nurse Corps Loan Repayment Program

Published

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

Hi all,

I applied for both Nurse Corps LRP and NHSC LRP this year (first year applying) and I just got emails today from both saying that I am a finalist. I now have to make the decision to move forward with one of them. 

1. Does anyone know how much of a guarantee the money is once they say you are a finalist?

2. Does anyone have an opinion on which one is better? I'm worried about state taxes with the Nurse Corps, especially as NY's taxes are so high. 

For reference I have income to debt ratio of 150% and my HPSA score is 21. I work as a midwife in the Bronx. 

1
Up Vote Up Vote ×
Specializes in Family.
1 hour ago, khilton13 said:

I received a cosignature today! I can’t even breathe I’m so relieved. 

Yay!! Congratulations to you! ?

Up Vote Up Vote ×
Specializes in Family.
5 hours ago, gadams said:

Hi all,

I applied for both Nurse Corps LRP and NHSC LRP this year (first year applying) and I just got emails today from both saying that I am a finalist. I now have to make the decision to move forward with one of them. 

1. Does anyone know how much of a guarantee the money is once they say you are a finalist?

2. Does anyone have an opinion on which one is better? I'm worried about state taxes with the Nurse Corps, especially as NY's taxes are so high. 

For reference I have income to debt ratio of 150% and my HPSA score is 21. I work as a midwife in the Bronx. 

Congratulations to you! What a good dilemma and timing for both to offer at the same time. 
personally, I could not take a chance once I was offered a NHSC. Come to find out, NHSC will pretty much continue you for as long as it takes to pay off your loan as long as you put the money toward your loan and verify your employment every six months. 50k for 2 years paid lump sum, 20k for year 3, 20k for year 4, and 10k/year for years 5+ until paid off. However, nurse corps does seem to be more desirable to a lot of ppl- I think because it pays off a percentage and depending on your debt could be A LOT more, even with the taxing. 60% for 2 years paid monthly to you, then if you get the 3rd year continuation you get 25% added to that for a total of 85% of your approved student loan amount. This is just how I understand it to be and I may be wrong. Maybe consider how long you are planning to be where you are and how much debt you have. You can’t go wrong really, and congratulations again! 

1
Up Vote Up Vote ×
Specializes in Peds psych.
9 hours ago, gudiarani said:

Is this for NCLRP or NHSC?

It's for nurse corps loan repayment program, NCLRP. 

I posted this on Monday the 12th:

"Check the nurse corps site where you normally see "under review"! I just checked mine and it says I'm a finalist!! I saw someone on a psych NP facebook group was notified today also so I decided to check the site. I did not receive an email yet. I checked in spam and it's not there either.

Psych NP, DTI 178%, HPSA score 17 - first time applying"

Up Vote Up Vote ×
Specializes in Peds psych.
6 hours ago, gadams said:

Hi all,

I applied for both Nurse Corps LRP and NHSC LRP this year (first year applying) and I just got emails today from both saying that I am a finalist. I now have to make the decision to move forward with one of them. 

1. Does anyone know how much of a guarantee the money is once they say you are a finalist?

2. Does anyone have an opinion on which one is better? I'm worried about state taxes with the Nurse Corps, especially as NY's taxes are so high. 

For reference I have income to debt ratio of 150% and my HPSA score is 21. I work as a midwife in the Bronx. 

I was just told I'm a finalist for nursecorps. I did not realize it is 60% of my original loans AND of the interest I've accrued on them at the time the contract begins.
Also....I could be wrong, but I'm assuming there are state taxes with both programs. From everything I can tell, there will NOT be any FEDERAL taxes on any loan repayment until at least 1/1/2026 thanks to the COVID bill passed in March:

https://www.warren.senate.gov/newsroom/press-releases/warren-menendez-bill-to-make-student-loan-relief-tax-free-passes-as-part-of-covid-relief-package-clearing-a-hurdle-for-broad-loan-forgiveness

1
Up Vote Up Vote ×

Hi All, 

I just received my finalist email from NHSC. My question to those that have received this before or those with any knowledge , once you get the lump sum of 50k do you have to pay all 50k at once towards your student loan or you can divide the 50k into 24 months payment towards your loans. Thanks 

Up Vote Up Vote ×
Specializes in PsychNP.

Hi everyone,

I received Nurse Corps loan repayment offer email on Thursday. Unfortunately, now the website is down and I can't login. I'm starting to panic as the email said to respond by July 19 so it doesn't leave much time. Anyone ever encounter this problem? 

Also, if I'm reading correctly it said personal loans used for education may be included and I only did my government loans (I have a small private loan from undergrad I didn't think would count). I'm assuming that can't be submitted anymore after the fact? 

Thanks everyone!

Up Vote Up Vote ×
7 hours ago, NCFNP1 said:

Hi All, 

I just received my finalist email from NHSC. My question to those that have received this before or those with any knowledge , once you get the lump sum of 50k do you have to pay all 50k at once towards your student loan or you can divide the 50k into 24 months payment towards your loans. Thanks 

Congratulations! No, you can actually space it out over monthly payments. I spoke to a financial advisor last year who is familiar with Med School/Nursing School loans and NHSC and her suggestion was to apply for the Repaye payment plan (or similar), which allows low monthly payments based on your salary. Her thought was that if you use the 50k slowly over time for low monthly payments and then apply for PSLF, which forgives your loans after 10 years, you end up paying less out of pocket over time. This is just an example/suggestion based on my situation where I have A LOT of federal loans and plan to stay working at a public hospital for most of my career. Hope this helps! 

Up Vote Up Vote ×

For those of you receiving offers (specifically about the Loan Repayment program) when did you have your credit pulled and how many times have you had it pulled?

Up Vote Up Vote ×
Specializes in Family.
3 hours ago, ccnurse31 said:

For those of you receiving offers (specifically about the Loan Repayment program) when did you have your credit pulled and how many times have you had it pulled?

I applied for both NHSC and Nurse Corps.. I got my credit checked back in late April and May.. one time per program. 
 

I was also wondering about the 50k.. do we get continuation for the 3rd year and so on if we space out our payments? Or do they prefer we pay the 50k at once? 

Up Vote Up Vote ×
16 hours ago, gadams said:

Congratulations! No, you can actually space it out over monthly payments. I spoke to a financial advisor last year who is familiar with Med School/Nursing School loans and NHSC and her suggestion was to apply for the Repaye payment plan (or similar), which allows low monthly payments based on your salary. Her thought was that if you use the 50k slowly over time for low monthly payments and then apply for PSLF, which forgives your loans after 10 years, you end up paying less out of pocket over time. This is just an example/suggestion based on my situation where I have A LOT of federal loans and plan to stay working at a public hospital for most of my career. Hope this helps! 

thank you very much gadams!

Up Vote Up Vote ×
10 hours ago, ccnurse31 said:

For those of you receiving offers (specifically about the Loan Repayment program) when did you have your credit pulled and how many times have you had it pulled?

I applied to both NHSC and nurse corps  loan repayment so I have 2 credit checks; one from NHSC and one from nurse corps. Credit check from NHSC was on 6/2/21 and Nurse corps was on 5/20/21.

Up Vote Up Vote ×
+ Join the Discussion