Nursing repayment plan for student loans ......???????

meandragonbrett · Mar 6, 2007

Can't give input if you don't give details. What is this "nursing repayment plan?" Who is offering it? What are the details? What are the requirements?

paulaking1978 · Mar 6, 2007

Can't give input if you don't give details. What is this "nursing repayment plan?" Who is offering it? What are the details? What are the requirements?

If you go to the US Human Health and Services Resource link on the web, then go to the finacial aid page, you will find the Nursing loan and education repayment program....... I was wondering if anyone has looked into this?????

mom2michael, MSN, RN, NP · Mar 6, 2007

I have one that was offered through the state in which I live in. I was given X amount of money each year for 2 years during NS. I must work in an area of high need (which is pretty much the entire state) for a period of 4 years and during that 4 years I am required to update them every 6 months about my job and have my manager sign that I am still employed. At the end of 4 years, the money I owed is gone. If for some reason I am unable to fullfill my requirement, the money "owed" is pro-rated and I pay it back within 48 months at 9.5% interest. I must maintain fulltime employment too for those 4 years.

I was able to use this money each year for whatever I felt the need to use it for - tuition, books, living expenses, etc.....The money was given to me, not the the school.

paulaking1978 · Mar 6, 2007

I have one that was offered through the state in which I live in. I was given X amount of money each year for 2 years during NS. I must work in an area of high need (which is pretty much the entire state) for a period of 4 years and during that 4 years I am required to update them every 6 months about my job and have my manager sign that I am still employed. At the end of 4 years, the money I owed is gone. If for some reason I am unable to fullfill my requirement, the money "owed" is pro-rated and I pay it back within 48 months at 9.5% interest. I must maintain fulltime employment too for those 4 years.
I was able to use this money each year for whatever I felt the need to use it for - tuition, books, living expenses, etc.....The money was given to me, not the the school.

This was through the state in which you lived in? Was it given to you during school? The plan I am speaking of pays your loans after you are out of school.....if I understood what I read correctly? I live in KY, I don't know if the state has such a program here.

nurseRabbit · Mar 6, 2007

It's been a while since I read about it. I don't know if we are thinking of the same one. I read online that the government was offering tuition forgiveness for a bachelor's and master's degree-if you promise to work in a rural setting for two years. I'll try to find the site again.

htrn · Mar 6, 2007

While I was in school I got a Perkins Loan. Each year since graduation I sent the college a letter from my manager saying that I am still employed fulltime and after five years it's payed off. OK, forgiven, not payed off. Just got the letter from the college a few minutes ago saying the balance was $0.

dardeedee · Mar 6, 2007

The nursing loan repayment program is at the HRSA web site. I applied last year and didn't get it. It is very competitive and takes a lot of paperwork and a web application to apply. The deadline is this Friday with no exceptions.

sister--* · Mar 11, 2007

I took one through the Federal Government. I worked in a "needs" hospital as identified by the Federal Government. It was two yrs. after I submitted application before I was accepted.

It was a guaranteed two yr. contract on what I still owed. It was payable as long as I successfully continued to work in the "needs" hospital. The Federal Government held option of making it a three yr. contract, which they did. And your right, the penalties of breaking the contract are quite severe.

Each yr. they paid a percent of my out-standing loan value. Each yr. the percent they paid increased. That was great, but, THERE WAS A STICKER IN IT.....

I had to file my loan repayment monies as independent contractor wages. Which, of course, I didn't. I just filed it as regular income. Ouch....I got bit! Penalty and interest for two of the three yrs. as the IRS is a yr. or two behind in reviewing returns. Until I got my little IRS "surprise" in the mail, I had no idea there was a problem.

If it's offered to you, I'd run the entire contract past your tax advisor/attorney so you'll know how to claim should you decided to sign on, and if it will really benefit you. You gotta remember that these "needs" facilities generally pay significantly lower wages than facilities without that designation.

Good luck.