2021 Nurse Corps Loan Repayment Program

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I did not see a thread for the 2021 Nurse Corps Loan Repayment Program application round. Post on this thread any insight/questions/etc... 

Specializes in Family.
2 minutes ago, Janar333 said:

Congratulations! 

From other posts about Nurse Corps it seems that you will get monthly payments for 24 months with federal taxes withheld from those monthly payments. You may have to pay more in depending on your situation. However, there is speculation that you may not have to pay any taxes at all on it! Someone else posted this link about a covid relief bill that was passed... So hopefully you won't have to pay taxes on it! 

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

On that same note, the article talks about loans that are forgiven, not loan repayment programs.. I know nothing about the difference or what qualifies but if I were you I'd call and ask this question- if Nurse Corps Loan Repayment qualifies for this new bill passed and therefore won't be taxed. 

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On 7/16/2021 at 9:58 AM, cashCNMFNP said:

OK. CNM second year applying for Nurse Corps. Former NHSC loan repayment recipient for 3 years and then changed jobs so did not qualify until they had site certification this year. I did apply for NHSC award this year.  As you all know, there was some preference for Women's Health this year and I fell into that category. 

HPSA score of 16

DTI=90%

I received notification last night that I was a finalist for Nurse Corps. I accepted this morning and waiting on countersignature by the secretary. I thought about declining the award because it does move my husband and I into a higher tax bracket. However, we just purchased a home and I wasn't willing to chance losing both of them just for tax purposes.  Does anyone have experience with the tax situation? We live in Nevada so not state income tax. 

So my wife got Nurse Corps and still owes taxes from the state of North Carolina  because Nurse will take federal tax but not state tax. I think you will have to set some money aside to pay for your state tax but if there is no state income tax you should be fine. I tax person my be able to give you an accurate advise  tho.

In regards to your previous NHSC loan with your initial 2 year award when you received your $50k lump sum did you pay all the $50k at once towards  your loan or you divided it into 24 monthly payments. What did they required for you to get your 3 year award. Thanks 

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Not sure if I did this correctly to reply. 

I was notified of my NHSC aware in August of 2015 and received the lump sum of 50k in my bank account in November 2015. I had my 6 month verifications with no issues. As I came into early 2017, I received notification that I could apply for a continuation contract. I applied (earlier than the traditional application) and was approved in June 2017. They provided another lump sum in October 2017. It was the same for 2018 going into a 4th year but then I changed jobs. 

Regarding how I paid- I had some bills to catch up on. My normal monthly IBR was about $1100 per month so for a few months, I just used my NHSC money to pay monthly. It was my cushion back then for life. When it comes time for continuation contract, you have to prove all of that 50k went to the loans. So what I did was lump sum pay a few of them off in early 2017. Even when I submitted the application, I got a message saying that my continuation was contingent upon me providing documentation of one additional monthly payment. My best suggestion is to make sure you have spent all the 50k at least 8 months prior to your contract ending. 

For documentation, all I did was print out my Navient payments for the two years. They simply look that you made the payments to total 50k. I printed those off the website , signed them, and uploaded them. I did the same thing for year 3. Unfortunately, I was accepted for year 4 and was told my new place was an approved site (thank goodness they document every phone call). And then I called randomly to verify and was told that I could not take my new job even though that new contract had not been started. The gentleman, who was sick, evidently told me in error. I had already secured a move from Illinois to Nevada so this was big. They agreed it was their mistake and sent me a letter saying that I had completed my service in good standing.  The lady initially threatened me with some crazy repayment terms.

 

Regarding Nurse Corps, did your wife receive monthly payments? 

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7 hours ago, cashCNMFNP said:

Not sure if I did this correctly to reply. 

I was notified of my NHSC aware in August of 2015 and received the lump sum of 50k in my bank account in November 2015. I had my 6 month verifications with no issues. As I came into early 2017, I received notification that I could apply for a continuation contract. I applied (earlier than the traditional application) and was approved in June 2017. They provided another lump sum in October 2017. It was the same for 2018 going into a 4th year but then I changed jobs. 

Regarding how I paid- I had some bills to catch up on. My normal monthly IBR was about $1100 per month so for a few months, I just used my NHSC money to pay monthly. It was my cushion back then for life. When it comes time for continuation contract, you have to prove all of that 50k went to the loans. So what I did was lump sum pay a few of them off in early 2017. Even when I submitted the application, I got a message saying that my continuation was contingent upon me providing documentation of one additional monthly payment. My best suggestion is to make sure you have spent all the 50k at least 8 months prior to your contract ending. 

For documentation, all I did was print out my Navient payments for the two years. They simply look that you made the payments to total 50k. I printed those off the website , signed them, and uploaded them. I did the same thing for year 3. Unfortunately, I was accepted for year 4 and was told my new place was an approved site (thank goodness they document every phone call). And then I called randomly to verify and was told that I could not take my new job even though that new contract had not been started. The gentleman, who was sick, evidently told me in error. I had already secured a move from Illinois to Nevada so this was big. They agreed it was their mistake and sent me a letter saying that I had completed my service in good standing.  The lady initially threatened me with some crazy repayment terms.

 

Regarding Nurse Corps, did your wife receive monthly payments? 

Thank you so much for your explanation!

 

Yes, so the nurse corps will send you a monthly payment directly into your account and will send you a 1099 form for taxes at the end of the year. I just read an article online that says the COVID relief bill placed a hold on taxes on student loan repayment till 2024 so you may end up not paying any taxes on your nurse corps loan repayment

 

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Specializes in CRNA.

@cashCNMFNP congratulations to you! The whole women's health thing is great and seems to have bumped you up a bit! Would you mind sharing if your facility is a disproportionate share facility vs a critical access hospital?

Thanks!

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8 minutes ago, USLEEP said:

@cashCNMFNP congratulations to you! The whole women's health thing is great and seems to have bumped you up a bit! Would you mind sharing if your facility is a disproportionate share facility vs a critical access hospital?

Thanks!

We are disproportionate share facility. My clinic only accepts Medicaid, uninsured, and underinsured- no commercial payers. We have a secondary women’s health office that takes all other payers. It is a hospital owned clinic. 

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Specializes in CRNA.
46 minutes ago, cashCNMFNP said:

We are disproportionate share facility. My clinic only accepts Medicaid, uninsured, and underinsured- no commercial payers. We have a secondary women’s health office that takes all other payers. It is a hospital owned clinic. 

Thank you! I am also at a disproprionate share facility so that gives me hope. Our score is 14, but my DTI is shameful, so definitely hoping for some reflief! I do a lot of OB, but there is no way to "prove" that in anesthesia. Ah well! Again, huge congrats to you, and thank you again for responding.

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Specializes in OB.

Just received my finalist email! I know it is not guaranteed yet but I am still so excited that it’s is heading in the right direction.

Certified OB/ GYN RN 

DTI ~ 78%
HPSA 14

Credit check 6/25

Finalist email 7/30

 FYI…. If you have a Yahoo email make sure you check junk/spam folder both my email and my friend email went there instead of my inbox so you could miss your deadline if not on top it. 

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Specializes in Family.
4 minutes ago, Myra2010 said:

Just received my finalist email! I know it is not guaranteed yet but I am still so excited that it’s is heading in the right direction.

Certified OB/ GYN RN 

DTI ~ 78%
HPSA 14

Credit check 6/25

Finalist email 7/30

 FYI…. If you have a Yahoo email make sure you check junk/spam folder both my email and my friend email went there instead of my inbox so you could miss your deadline if not on top it. 

Congratulations! ???

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Specializes in OB.

@Janar333 Thank you ? 

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I'm still waiting to hear back but a coworker of mines received her Confirmation of Interest Email on Monday 8/2 around 1pm. 
She's an entry level nurse 
180K student loans - will receive roughly 62k for her nursing loan over the 2 years if accepted

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Wanted to update everyone. It's been 3 weeks since my finalist email and acceptance. Still have not received my countersignature. So we'll see what happens. *fingers crossed*

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