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.
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.
read it however you hope to, but the Army is not going to pay you $114K up front. Max Ascension bonus is $30K. Even in the Loan repayment option, it is my understanding that they deal with the lender to get a one year deferment, before they start making payments (hence the four year commitment... one year waiting period three year pay out). They want to make sure you are going to be able to complete all your training satisfactorily, and integrate into the Army before they pony up for the bucks. If t sounds to good to be true...it usually is.
Sal, sounds like you got a great deal, hope it is all in your contract. Normally the LRP requires a four year commitment (unless they have changed the policy in the last few months)
The following is an email from my Recruiter (notice the LRP amount has changed):
Yes, I do remember you. You will be eligible for the ANCP program just
before the start of your junior year. Once selected you will receive
$5,000 and then $1,000 per month while in school. At the beginning of
your senior year you will receive an additional $5,000. If you apply
and get accepted before your junior year you would get a total of
$28,000. Receiving the program for your junior and senior years would
require a five year payback. If you only took it for your senior year
it would require a four year payback.
I do not believe that you can also get the loan repayment or $30,000 as
these are offered for BSN students in their senior year. If you can
wait financially until you are in your senior year to apply you would
get more benefits because you could get up to $109,000 in loan
repayment
and a $10,000 bonus (6 year obligation) or just the loan repayment (4
year obligation) or just the bonus of $30,000 (4 year obligation).
Thank you and good luck!
MAJ Anderson
All said, it is still a good program, but to think you will get a $114K "bonus" is not realistic.
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.
that was my understanding too, i also have a prior degree. i haven't been commissioned yet so i haven't signed my contract, do the army put exactly how much they are willing to pay back in your contract. i just want to know what my contract should state when i sign it.
The goarmy website does state that you could receive the bonus or the loan repayment for up to 114k... It is simply a huge typo. I was very surprised to see such a figure and was just as excited. There are actually several 'nursing' pages throughout the go army website and sadly the information is contradictory between them - you should call your local health care recruiter... I have pretty much the same understanding as MAJ Anderson stated on the bonus/repayments. I am only using it as a planning factor as the new fiscal year and recruiting cycle/incentives will be out prior to me getting to that 12 month out time line which allows me to head down that road.
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?
It is late right now, but I will absolutely do this for you tomorrow. :)
That was my understanding too, I also have a prior degree. I haven't been commissioned yet so I haven't signed my contract, do the army put exactly how much they are willing to pay back in your contract. I just want to know what my contract should state when I sign it.
I don't know what your situation is, but I told my recruiter that I wouldn't sign anything that didn't mention the full value of my student loans and he said "Don't worry it is in there. I took two weeks on the phone with the group that owns your federal student loans to make sure the exact amounts are in there." I didn't get my official orders yet (But I did get a letter addressed to "Lieutenant MyLastName" HA!) and if I do get them soon, I will let you know. But I stand by what I said to my recruiter, if it doesn't spell it out, I'm not signing.
read it however you hope to, but the Army is not going to pay you $114K up front. Max Ascension bonus is $30K. Even in the Loan repayment option, it is my understanding that they deal with the lender to get a one year deferment, before they start making payments (hence the four year commitment... one year waiting period three year pay out). They want to make sure you are going to be able to complete all your training satisfactorily, and integrate into the Army before they pony up for the bucks. If t sounds to good to be true...it usually is.
*snip*
All said, it is still a good program, but to think you will get a $114K "bonus" is not realistic.
I totally get your point. I didn't really expect it to be true, or honored. That is why I just needed someone to confirm that the army does indeed say that they WILL PAY YOU $114,900 over the first three years as "accession bonus" as per the link I provided. They even go as far as to tell you how they will break it down to you over the next three years.
worknblues,
The goarmy website does state that you could receive the bonus or the loan repayment for up to 114k... It is simply a huge typo. I was very surprised to see such a figure and was just as excited. There are actually several 'nursing' pages throughout the go army website and sadly the information is contradictory between them - you should call your local health care recruiter... I have pretty much the same understanding as MAJ Anderson stated on the bonus/repayments. I am only using it as a planning factor as the new fiscal year and recruiting cycle/incentives will be out prior to me getting to that 12 month out time line which allows me to head down that road.
OK. For a second there, I figured I was in a dream, on the school bus naked or something. Thanks for the confirmation.
Contradictory information is right. I for one, would like to see some continuity and ease of understanding in the recruitment procedure of the United States. I ran into a very similar situation with it about 10 years ago, when I almost enlisted for "MI", though the story changed several times before I "gracefully" acquired "hypothermic feet", and compared what is being said, with what I had in writing. Some of this bait and switch smacks of used cars. Absolutely no disrespect to any recruiters or members of the armed forces intended or implied. This is a policy issue not related to individual professionalism, as far as I am concerned.
It is late right now, but I will absolutely do this for you tomorrow. :)
I have spoken with a health care recruiter and the $104k is confirmed as the max student loans that can be payed back - and that $30k is the max bonus that can be provided. There is obligations associated with each..and the combo where you can get the loan repayment with a slightly reduced bonus - with a higher obligation.
Those are rough factors for this fiscal year - the typo was the ability to get the $114k as a bonus in stead of the loan repayment. Good questions to ask are to validate your types of loans are qualified (most normal student loans are......) and look at the amount you get after the taxes are taken (I think if your loans are 50k, then you would get 50k minus 28% of that value which is taxed) and also to understand when loan repayment begins - which is probably after training ends.
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?
It is late right now, but I will absolutely do this for you tomorrow. :)
I was going to call, but it looks like you got your answer, right? If you still want me to call lemmeno.
I was going to call, but it looks like you got your answer, right? If you still want me to call lemmeno.
Well, it would be nice to get an official response from an actual recruiter. I am more interested to hear the "reaction" rather than the answer for some reason.
Well, it would be nice to get an official response from an actual recruiter. I am more interested to hear the "reaction" rather than the answer for some reason.
I just spoke with my recuiter and he said that it is very specific to situation. Are you graduating within the next two years or the next four?
Thanks for the confirmation.
lifeafter40
244 Posts
read it however you hope to, but the Army is not going to pay you $114K up front. Max Ascension bonus is $30K. Even in the Loan repayment option, it is my understanding that they deal with the lender to get a one year deferment, before they start making payments (hence the four year commitment... one year waiting period three year pay out). They want to make sure you are going to be able to complete all your training satisfactorily, and integrate into the Army before they pony up for the bucks. If t sounds to good to be true...it usually is.
Sal, sounds like you got a great deal, hope it is all in your contract. Normally the LRP requires a four year commitment (unless they have changed the policy in the last few months)
The following is an email from my Recruiter (notice the LRP amount has changed):
Yes, I do remember you. You will be eligible for the ANCP program just
before the start of your junior year. Once selected you will receive
$5,000 and then $1,000 per month while in school. At the beginning of
your senior year you will receive an additional $5,000. If you apply
and get accepted before your junior year you would get a total of
$28,000. Receiving the program for your junior and senior years would
require a five year payback. If you only took it for your senior year
it would require a four year payback.
I do not believe that you can also get the loan repayment or $30,000 as
these are offered for BSN students in their senior year. If you can
wait financially until you are in your senior year to apply you would
get more benefits because you could get up to $109,000 in loan
repayment
and a $10,000 bonus (6 year obligation) or just the loan repayment (4
year obligation) or just the bonus of $30,000 (4 year obligation).
Thank you and good luck!
MAJ Anderson
All said, it is still a good program, but to think you will get a $114K "bonus" is not realistic.