Residency for Army Nurses/ some financial questions

Published

http://www.army.mil/-news/2008/08/15/11685-army-nurse-leaders-discuss-new-residency-program/

During my search for info, (and a big thanks to the very detailed and thorough responses from many well known on these boards) I came across this very interesting column off of the AMEDD site....

I would be interested to hear some weigh ins. Looks great to me, and that is how I would like to start my nursing career wherever it ends up.

Quick follow up questions if I may:

Why does the USPHS start out at O-2?

Is this for real? (from here: http://www.goarmy.com/amedd/nurse/corps_benefits.jsp)

ARMY NURSE ACCESSION BONUS

Start with a sign-on bonus of up to $30,000 or up to $114,900 ($38,300 per year for a maximum of three years) if you elect to not receive student loan repayment. If you participate in the Health Professions Loan Repayment Program, you could earn an accession bonus of up to $10,000.

Am I reading this correctly, that you will receive $38,300 dollars above your commissioned pay scale for 3 years if you do not need tuition reimbursement? So in other words, if I calculate a cash total from the pay calculator of $48,000 (large hunks of that not taxed r/t combat tax exclusion and housing allowance/meal allowance )for O-1 and add $38,300, I get $86,300 a year for the first 3 years (not also factoring in a pay bump in rank along the way), with a large portion of it tax exempt.

I am going to start looking for health recruiters if this is the direction of army nursing. I like it.

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For a four year commitment, you have the option of taking EITHER a $30,000.00 accession bonus OR up to $114,000.00 loan repayment (for qualified student loans)... If you accept the latter option, you can also qualify for an additional $10,000.00 accession bonus. (five year commitment) The LRP is payed out over up to three years, and I am pretty sure the payments are made to the lender of your student loans (minus applicable taxes of 28%). It is a great program, but there are some "fine print" areas you will need to look into and be aware of. Pin down your recruiter and make them explain all the details.

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Well, that is one heck of a typo, then. And I am no English major!! Shucks, I was getting amped up to "discuss" this with the REAL boss, my fiancée. :D

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Specializes in Med/Surg.

Woknblues,

Thank your for that link to the article. I've been searching high and low for anything about this new nurse residency program but I've been unable to. I wanted to know more about the program but it seems like my recruiter and no one else I've spoken to in the army knew the exact details of how the program will implemented. The article helped a great deal. I'm looking into the loan repayment option only and I've heard conflicting information so I guess I won't know for sure until my time comes to get my loans paid off. I did however get a chance to speak with an army nurse who told me that he had about 21K in loans and after the army applied the loan repayment option about 16K was paid off.

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Specializes in Tele, ICU, CVICU.

Did he say why they only paid off that much? I thought the repayment is up to $50, 000. So they tax that, then what ever is left over goes toward your student loan?

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Did he say why they only paid off that much? I thought the repayment is up to $50, 000. So they tax that, then what ever is left over goes toward your student loan?

You will only be eligible to receive loan repayment up to the total amount of your qualifying student loans...that $16k is what was paid after the 28% tax deduction was applied to the $21k... In His/Her case... I think I would have opted for the $30,000 bonus instead... would have paid ALL of the loans (or if they were low interest loans, he could have invested the cash and maybe turned a profit...you can spend the bonus money on anything you want) just be sure to weigh all your options.

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Specializes in Tele, ICU, CVICU.

Ok, thanks. I have close to 42, 000 in loans, so even with the $50 max, they all would not get paid off. Just trying to figure out what to do. :banghead:

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Ok, thanks. I have close to 42, 000 in loans, so even with the $50 max, they all would not get paid off. Just trying to figure out what to do. :banghead:

Hey mom,

I seriously advise you to carefully read the link I posted above, and then specifically talk to a medical recruiter. I am still scratching my head over it. When I read it, I get the impression that there is a sum of around $114,900 for EITHER loan repayment, OR as accession bonus. Others have said that this is not the case, that the money is less. Maybe I am "hopefully reading" into what I want to see, rather than the reality of it.

Specifically, look at the part under the heading of "ACTIVE NURSE CORPS BENEFITS" and please tell me you see the same thing as I do, so I am not "crazy" after all. :p

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Specializes in Tele, ICU, CVICU.

For the reserves its 50,000 student loan repayment. But I guess after taxes it wont be that much. I am not sure about the bonus and loan repayment. I meet with the recruiter again this week and these are the questions I am going to ask. I have my BSN and work critical care so I will see.

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For the reserves its 50,000 student loan repayment. But I guess after taxes it wont be that much. I am not sure about the bonus and loan repayment. I meet with the recruiter again this week and these are the questions I am going to ask. I have my BSN and work critical care so I will see.

just remember that it is UP TO $50k ($114k for active duty) the actual amount will be the sum total of your qualifying student loans (up to the limit) then from that amount 28% will be deducted for taxes.

also keep in mind that the information on goArmy.com is not always the most current... your recruiter should be able to give you the latest and most accurate information.

I seriously advise you to carefully read the link I posted above, and then specifically talk to a medical recruiter. I am still scratching my head over it. When I read it, I get the impression that there is a sum of around $114,900 for EITHER loan repayment, OR as accession bonus. Others have said that this is not the case, that the money is less. Maybe I am "hopefully reading" into what I want to see, rather than the reality of it.

the $114k is the max they will pay for student loan repayment. With that you can get an additional $10k bonus, but it requires an additional one year commitment (total of five years). If you ONLY take the accession bonus, it is $30k.

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i am a new graduate and newly commissioned with no prior service and the army has agreed to pay off not only my nursing loan, but the loans for my first degree as well (slightly over $100k in student loans all told). the commitment is three years, not four (of course they can make it up to 8). i had to waive all sign on bonuses to get that deal.

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i am a new graduate and newly commissioned with no prior service and the army has agreed to pay off not only my nursing loan, but the loans for my first degree as well (slightly over $100k in student loans all told). the commitment is three years, not four (of course they can make it up to 8). i had to waive all sign on bonuses to get that deal.

wow. i think you did pretty well. i am looking for a similar deal, but with the money coming in the front, as i have a $0.00 balance for loans.

may i ask a huge favor? if you notice earlier in my post here, i am confused about the verbiage from the website, that to me, clearly states that they will either pay the $114k on the front end, or as you got, in loan reparation. if you are still in contact with your med/recruiter, could you ask if the website is accurate?

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