sign a contract?

i recently graduated in december and currently have $15,000 in school loan debt. the hospital i am working for, which i just started working for, will pay $10,000 of my student debt if i sign a two year contract. i have to wait to sign the contract after i have been employed 90 days. some of the nurses i have talked to who do not work at hospital have said do not sign a contract. it seems like a good deal but i dont want to get trapped in a job i hate but if i stay for two years and do not sign a contract i will feel guilty. what are some opinions about this? has any one signed a contract and not regretted it?

It's a straight-up business transaction. If you'll agree to stay for two years then they'll give you $10,000 toward your loans. If you don't want to make the commitment then you'll forego the money. You need to decide how badly you need the money.

It seems like a good deal that you get 90 days to decide if you want to take the contract and the money. You should also check to see if there's a buy-out clause in the contract that would let you leave if you paid them back.

I do not understand the "...but if i stay for two years and do not sign a contract i will feel guilty." About what would you feel guilty?

Me, if it's a good offer then I'd sign the contract and take the money. Two years is not that long, even if you don't like it (at least from the perspective of a 43-year-old).

I would check on that one. In many states there are loan forgiveness programs for nursing graduates. They will forgive upto 90% of most loans with the shortage on nurses now a days. That is the route I would go before you lock yourself into a job that you may regret.

I also think that this is a decent deal, provided that you investigate, as llg suggested. I worked for my facility as an aide for 8 years, and they offered us an opportunity to become an LPN or RN with a paid leave of absence along with paid tuition and books. This meant that they would automatically employ me as an LPN upon completion of the program and passing NCLEX-PN within 6 months after graduation. Part of this contract means that I should remain there for three years, or the contract is forfeited. While I have discovered that being a nurse here leaves much to be desired, I am in familiar surroundings with people and an administration that I am familiar with. I'm getting my feet wet here, gaining experience to move on if I wish at a later date.

It seems by your post that you have the option of working 90 days to see if you wish to accept this, and that (may) be enough time for you to see if you would, in fact, make this place your home for the next two years. It may also be because they are desperate, but, if you investigate as llg suggested, you can see if it is worth your time. Be sure that while you are investigating, make friends with people that work in different departments, see if it is easy to transfer to a more preferred place and learn the behind the scenes politics before you make a decision.

Every nurse I have ever known who has taken a sign-on bonus or loan repayment for signing a contract has regretted it, and has paid the money back to get out of their contract.

I've done it myself.

The fact that you get 90 days to decide is good, though.

That isn't really a bad deal. I know several of my fellow graduates that signed two year contracts for between 3,000 and 6,000.

Find out if they pay you the bonus, or if they pay the bank. If they are acquiring the loan from the bank, then it has different tax ramifications than if they just give you that much money. It can make up to a 4,000 dollar difference.

And you have the 90 days to decide if its a job you hate. So it doesn't sound like they are trying to trap you in to anything.

i would check on that one. in many states there are loan forgiveness programs for nursing graduates. they will forgive upto 90% of most loans with the shortage on nurses now a days. that is the route i would go before you lock yourself into a job that you may regret.

i agree. alot of ppl i know have done this

There are always reasons behind getting people to sign contracts in exchange for cash.

Only you can decide if you can tolerate the working conditions and/or reasons why they pay out that kind of money in exchange for work.

I've not know anyone yet actually be happy with a sign on bonus. It gets taxed and you see about 2/3 of it and you are trapped into a contract with said employer.