I am an NP working at a NY facility with a score of 19, which is tier 1. My loans each month are CRAZY (about $1500), so even though my debt:income score isn't as high as some (it's about 120%), this would be life changing for me!
I was just hoping to get some general advice/thoughts from everyone during this very painful waiting process. I've heard that if you do get the award you generally find out in July/August, otherwise rejections mainly come around October.
Has anyone else been in my shoes, with a similar facility score and debt/income score, with any words of wisdom? I'm nervous and thought it would just be nice to chat with other people who are going through the same thing, or who have been through it!
Lastly, for the folks who have gotten this before, what ways do you utilize it? Do you use it to make your minimum monthly payments and try to save, or do you make 1.5 x your regular payments? Pay off private loans first?
Just thought it would be nice to get a convo going this application cycle!
The wording is a little different in both contracts, but if you lose your position involuntarily (or voluntarily, but who would go through the headache), you have a set amount of time (maybe 60 days)? to get another position at a qualifying facility (same score as the one you left or higher), or the amount they've paid becomes immediately due with an insane percentage rate and penalty clause.
It's an awesome benefit, life changing... but I wouldn't buy a house until I was done fulfilling the terms, just in case.
Just wanted to report that I got the acceptance email this week! Yay! I'm hoping for good news about the rest of you, let us know!
Does anyone who has gotten it before know how long it takes for it to be finalized and for the money to start arriving?
Also, I'm curious what everyone does in terms of using the money - do you pay exactly out the way you had been paying before, or do you pay what you were paying before, plus a little bit extra? What are everyone's tactics for using the funds?
Just wanted to report that I got the acceptance email this week! Yay! I'm hoping for good news about the rest of you, let us know!
Does anyone who has gotten it before know how long it takes for it to be finalized and for the money to start arriving?
Also, I'm curious what everyone does in terms of using the money - do you pay exactly out the way you had been paying before, or do you pay what you were paying before, plus a little bit extra? What are everyone's tactics for using the funds?
I was wondering where you applied? Do you have the website? Is it still open?
Congratulations!! That's great news that they are starting to notify. I have been checking to see if anyone has gotten information. My daughter has an app in for the 3rd time, hoping this one is the charm. Great news for you!!
I Recieved the acceptance letter 6/24!! It's under final review. I too have $1500 monthly payments. I can't afford even $500/month. Really relieved! Wondering when they will sign off on the final review? You receive funds 90 days after the final review is completed.
Also wondering how to best pay off loans but supposedly to qualify for future funds the money has to be payed equally to all loans that qualify. We will talk to analyst about it before we receive funds.
I'm a nursing student and I will graduate in Dec. of this year. I wanted to know if most of the facilities that are eligible for the program are located in bad areas, or do the areas vary? Also, about how long does the application take to complete? Its seems like I will have a small window from the time I graduate to the times the application is due.
sugarsweet21612
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