psychnp179

Not sure if you saw my post above, but.... There is a new BIPARTISAN bill S.3505 - the “Nurse Corps Tax Parity Act of 2022” that was just referred to the Senate finance committee. If this is passed by Congress the Nurse Corps scholarship and loan repayments would be non-taxable (currently all payments are taxable). If Chuck Grassley, an influential member on the senate finance committee, supports this bill, it will have a good chance of being moved forward into legislation that will hopefully pass the senate/house and be signed by Biden. Please reach out to Chuck Grassley at this website: https://www.grassley.senate.gov/contact/questions-and-comments and send him a quick message asking him to support this bill. EXTRA points if you're from IOWA! I've created a sample message for you to make it quick and simple. Subject: S.3505 - the “Nurse Corps Tax Parity Act of 2022” Sample message (feel free to copy/paste): I am asking you to please move forward bill S.3505 - the “Nurse Corps Tax Parity Act of 2022”. This bill will benefit the economy and healthcare in rural areas. The Nurse Corps program requires nurses work where there is a shortage of healthcare workers. Nurses who are paying lower taxes (as this bill would do) will be spending more in their local rural economy, rather than sending their money on to the federal government. This bill will also help attract nurses to work in rural high need areas, improving healthcare for your rural constituents. Thank you.

Oh good. Mine is not blank, nor is medicare or social security. In the portal, under financial information, it lists the total amount awarded each month BEFORE taxes. I did not get that much deposited each month in my checking account of course because they withheld the taxes, etc...

I didn't check before today, but Under My Tax Information, there is a link to View Tax Documents. The W2 is in there on mine.

There is a new BIPARTISAN bill S.3505 - the “Nurse Corps Tax Parity Act of 2022” that was just referred to the Senate finance committee. If this is passed by Congress the Nurse Corps scholarship and loan repayments would be non-taxable (currently all payments are taxable). If Chuck Grassley, an influential member on the senate finance committee, supports this bill, it will have a good chance of being moved forward into legislation that will hopefully pass the senate/house and be signed by Biden. Please reach out to Chuck Grassley at this website: https://www.grassley.senate.gov/contact/questions-and-comments and send him a quick message asking him to support this bill. EXTRA points if you're from IOWA! I've created a sample message for you to make it quick and simple. Subject: S.3505 - the “Nurse Corps Tax Parity Act of 2022” Sample message (feel free to copy/paste): I am asking you to please move forward bill S.3505 - the “Nurse Corps Tax Parity Act of 2022”. This bill will benefit the economy and healthcare in rural areas. The Nurse Corps program requires nurses work where there is a shortage of healthcare workers. Nurses who are paying lower taxes (as this bill would do) will be spending more in their local rural economy, rather than sending their money on to the federal government. This bill will also help attract nurses to work in rural high need areas, improving healthcare for your rural constituents. Thank you.

There is a new BIPARTISAN bill S.3505 - the “Nurse Corps Tax Parity Act of 2022” that was just referred to the Senate finance committee. If this is passed by Congress the Nurse Corps scholarship and loan repayments would be non-taxable (currently all payments are taxable). If Chuck Grassley, an influential member on the senate finance committee, supports this bill, it will have a good chance of being moved forward into legislation that will hopefully pass the senate/house and be signed by Biden. Please reach out to Chuck Grassley at this website: https://www.grassley.senate.gov/contact/questions-and-comments and send him a quick message asking him to support this bill. EXTRA points if you're from IOWA! I've created a sample message for you to make it quick and simple. Subject: S.3505 - the “Nurse Corps Tax Parity Act of 2022” Sample message (feel free to copy/paste): I am asking you to please move forward bill S.3505 - the “Nurse Corps Tax Parity Act of 2022”. This bill will benefit the economy and healthcare in rural areas. The Nurse Corps program requires nurses work where there is a shortage of healthcare workers. Nurses who are paying lower taxes (as this bill would do) will be spending more in their local rural economy, rather than sending their money on to the federal government. This bill will also help attract nurses to work in rural high need areas, improving healthcare for your rural constituents. Thank you.

OK the bill S.3505 - the “Nurse Corps Tax Parity Act of 2022” has been sent to the Senate Finance Committee. Thank you gaspasser for bringing this to my attention. I spent way too much time trying to ensure it will cover us but by specifiying "section 846", that seems to cover both the Nurse Corps scholarship AND loan repayment programs. If Chuck Grassley, from Iowa, supports this bill, it will have a good chance of being moved forward into legislation that will hopefully pass the senate/house and be signed by Biden. Please reach out to Chuck Grassley at this website: https://www.grassley.senate.gov/contact/questions-and-comments and send him a quick message. I've created a sample message for you to make it quick and simple. Subject: S.3505 - the “Nurse Corps Tax Parity Act of 2022” Sample message (feel free to copy/paste): I am asking you to please move forward bill S.3505 - the “Nurse Corps Tax Parity Act of 2022”. This bill will benefit the economy and healthcare in rural areas. The Nurse Corps program requires nurses work where there is a shortage of healthcare workers. Nurses who are paying lower taxes (as this bill would do) will be spending more in their local rural economy, rather than sending their money on to the federal government. This bill will also help attract nurses to work in rural high need areas, improving healthcare for your rural constituents. Thank you.

Yes, everyone, please contact your state senators and encourage support for this bill. You can click this link to find your senator. They seem to all have a contact form on their website that allows you to quickly message them. Here is a sample message you could send: Nurse Corps Tax Parity Act of 2022 I am a nurse and am encouraging you to support bipartisan Senate Bill S.3505 - Nurse Corps Tax Parity Act of 2022. This will enable nurses to receive non-taxable loan forgiveness from the nurse corps program. Currently payments through the nurse corps student loan forgiveness program are considered taxable income. The nurse corps loan forgiveness program is only awarded to those working at non-profit, high need facilities. Thank you!

Thanks gaspasser, but.... it looks like it would just make the nurse corps scholarship payments non-taxable... but not the nursecorps loan repayment. ? I would encourage all of us who are receiving or wanting to receiving the nursecorps loan repayment to contact the following senators: Mr. Merkley, Mr. Wicker, Mrs. Murray, Mr. Boozman, Ms. Stabenow, Mrs. Gillibrand, and Ms. Klobuchar This does appear to be bipartisan so that should be helpful!

I spoke with a tax person. Was told if I put money into 401k to get my taxable income below the 163k amount I would save a good chunk. I'm not good with money but have since learned that calculating interest rate (ie 5%) is different than calculating the percent of tax. I realized that if I put 10k toward my 401k rather than 10k toward student loans, I'm saving money. To calculate daily/monthly interest rate, follow these steps: https://www.investopedia.com/how-to-calculate-student-loan-interest-4772208 Income after deductions above 163k is taxed at 32% for federal taxes if you're single. For example, if your income after deductions is 173k, you're paying $3200 in fed tax plus state taxes JUST on the amount from 163k to 173k. If you put 10k into your 401k, your taxable income is now 163k. That will save you $3200 in federal taxes plus the state taxes so.... better to get your taxable income below the 163k to save 32%. (Income below 163k is taxed at 24% so still good to bring your income down w/ 401k contributions as much as it works for you). If you put that 10k toward student loans, you'd only be saving $493.20 per year if loans were at 5%. SO.... of course we have to put all our nursecorps payments toward student loans but I'll be sure to be maxing out my 401k as much as I can afford. I'll put extra toward loans once I'm no longer receiving the nursecorps and no longer in such a high tax bracket. ALSO.... I asked and we can refinance our student loans from the original federal lender as long as we ONLY refinance student loans that were originally part of the nurse corps award. Of course, I would ask myself to be 100% sure, but we can probably get loan rate down to around 3% with refinancing.

I received my October payment on Friday 10/22. My September payment came on 9/20.

heymynameisLA...... Do you mean the Nurse Corps loan repayment? or the National Health Service Corps? Are you aware of the NHSC SUD and rural loan repayment programs also? If you mean the Nurse Corps, I assume you are at a non-profit?

I don't feel I'm a great writer and would love someone who is a better writer to modify this. Shorter is always better too, but.... this is what I sent to Tina Smith's office (Minnesota senator - 651-221-1016). I plan to call her office also this week. Anyone else in Minnesota, please reach out to her. She's big on rural health and mental health. Dear Tina Smith, I would like nurses to have the Nurse Corps Loan Repayment program be exempt from federal taxes just as it is for doctors and practitioners through the National Health Service Corps Loan Repayment program. It’s a fortuitous time and way to reward nurses/front line health care workers working in non-profit facilities. It would be another great way to encourage nurses and nurse practitioners to work in non-profits/community health/community mental health facilities in high need areas. The basics/differences of the 2 loan repayment programs: Nurse Corps Loan Repayment program - MUST PAY FEDERAL TAXES -For: Nurses (RN's, APRN's), Nurse Faculty -Must work in NON-PROFIT facility or eligible nursing school (for nurse faculty) -Must have high debt to income ratio (>100% ) to receive funding -Must work in high need area (HPSA score >14) National Health Service Corps Loan Repayment program -FEDERAL TAX EXEMPT -For: Physicians, PA's, NP's, Midwives, Dentists -Can work in FOR PROFIT facility -Only the NHSC SUD programs at SUD facilities allow registered nurses to qualify for this loan repayment program -Must work in high need area (HPSA score >14) Student loan forgiveness is now exempt from federal taxes. Student loan repayments through the NHSC program are exempt from federal taxes. Loan repayments through the Nurse Corps Loan Repayment and Nurse Corps Scholarship programs are not exempt from income. I encourage you to consider action to make the Nurse Corps Loan Repayment program exempt from federal taxes to reward nurses and encourage them to work in non-profits in high need/rural areas.

AND they can make bigger donations! BUT..... politicians might jump on the "Help the Nurses/front line workers" bandwagon that we have going on right now due to COVID. Good publicity for them. I think it's a great time to write our legislators and ask for Nurse Corps Loan Repayment to be made tax free ASAP. They can throw it in as an amendment to some other bill.

Sadly, I am quite certain you are all correct and that it IS still taxable since it is a repayment and not forgiveness. It is curious that the National Health Service Corps loan repayment (which doctors but NOT nurses can receive and doesn't have to be in a non-profit) doesn't have taxes, but the program that nurses can receive IS taxed even though they are required to work in a non-profit with a high HPSA score. I'll be writing to my legislators! I think the time is ripe to advocate for nurses to have tax free loan repayment (especially since the COVID bill made loan forgiveness tax free). I'd encourage everyone applying this year or in future years to write to your legislators advocating for the nurse corps loan repayment to be tax free just like the NHSC loan repayment is! Thanks all!

Great point. I haven't seen anything official yet either. I did find the actual bill and it does not use the word forgiveness or repayment, but uses the term "discharge" : "Special rule for discharges in 2021 through 2025. Gross income does not include any amount which (but for this subsection) would be includible in gross income by reason of the discharge (in whole or in part) after December 31, 2020, and before January 1, 2026, of —" Fingers crossed but I'm not a lawyer....

And today on 8/19, I received my "award documents" which provide the monthly payment (not including taxes), the contract, next steps, etc.... This is for the Nurse Corps Loan Repayment (60% of loans for 2 yrs of service). I was originally notified on July 12th that I was a finalist. 5 weeks and 3 days later until I received the official documents. Again based on what I've read of the COVID bill passed in March I don't think there will be federal taxes on this but ?????

July 12th I received notification that I was a finalist for the Nurse Corps Loan Repayment. My status on the HRSA site changed to Under Final Review. 30 days later, I received another email that stated "You have received a new message from the Bureau of Health Workforce (BHW).". When I logged into the site, with the link provided in that email, it looked entirely different and at the top it states "Welcome to the Nurse Corps Loan Repayment Program!". The message in there states: "Congratulations and welcome to the Nurse Corps Loan Repayment Program (LRP)! Your Nurse Corps LRP online application account has been converted to an active Customer Service Portal account. The Customer Service Portal gives you 24/7 access to your Nurse Corps LRP account. You may update your personal information or submit questions to the Nurse Corps Loan Repayment Program staff via a portal inquiry. Through the portal, you may make banking information updates and review your personal information to ensure it is up-to-date and accurate. The Nurse Corps LRP Welcome Kit includes, the signed contract and Payment Authorization Worksheet (detailed payment disbursement); along with other resources to support you throughout your service commitment. You will receive an additional notification when your new award documents are available. To access these documents, visit "My Service Information" section on the right of the portal homepage and click view documents and details.: NOTE it states: "You will receive an additional notification when your new award documents are available". I am now waiting for that and do not yet have the signed contract or the Payment Authorization Worksheet.

I received an email yesterday afternoon (8/11 at around 3pm) in my Yahoo SPAM account from HRSA.gov notifying me that I had a new message from Bureau of Health Workforce and a link to login to read the message. I was notified that I received the NurseCorps loan repayment. I am no longer a finalist. I first received the email notifying me that I was a finalist on July 12th. It was 4 weeks and 2 days between those emails. I saw someone on a facebook PMHNP site who was notified they were completely accepted into the NurseCorps Loan Repayment Program in a little less than 4 weeks. I don't have much info online yet (ie: documents stating when I will receive payments, etc....) but it sounds like they will come. I am a Psychiatric Nurse Practitioner (PMHNP lifespan), was first a pediatric nurse practitioner and it looks like all loans from both programs were included. All loans were thru FAFSA/feds. Stats: PMHNP with MSN, DTI: 178%, HPSA site score: 17

Well I'm not really sure, but I've read these messages from past years. It sounds like some people were still receiving notifications of awards in September so I wouldn't give up until the end of September. I don't think anyone received awards in past years that had lower than 100% DTI, but I am seeing some for this year. I know the COVID bill passed in March had additional funding for nurse corps so I'm assuming that's why.

Thank you for sharing and Congratulations!! FYI for others: I received and signed a confirmation of interest email on July 12th... still no 2nd signature (still states "under final review) yet. Rubysasha, do you mind sharing if you are RN or NP (and specialty), HPSA score and DTI ?

I received my finalist email on July 12th for NurseCorps loan repayment (NCLRP). I am also waiting for co-signature. (it's been just over 3 weeks since email stating I'm a finalist). I have not yet heard of anyone receiving co-signature for nursecorps loan repayment but would love to hear if someone has! Stats: DTI: 178% (at least). HPSA score: 17 - Psych NP

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

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"

.... update, I did end up receiving an email that arrived at around 11pm last evening. It looks like the site was updated just a few hours prior to the email being sent.