Student loan forgiveness (NHSC)

Specialties NP

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Anyone have any experience getting their student loans paid off using the National Health Service Corps? I was offered a position recently that is eligible for this benefit, however I worry about all the penalties should you be unable or unwilling to complete your 2 year commitment.

I don't mean to be nosy... but what is the pay vs private practice pay?

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Specializes in General.

My salary is at the high end of the 70's plus benefits, 3 weeks paid vacation 5 days for cme's plus 1500.00 for cme I work in a rural area that qaulifys for reimbursement but I have yet to apply for it. If something should happen 7100.00 a month is alot to pay back

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Specializes in allergy and asthma, urgent care.

I make about $9000 a year less than I was offered in a private practice. However, the 50,000 over 2 years means I come out 16,000 ahead. Unfortunately, I won't be able to stay in my current position past the 2 year commitment, as it just won't make sense financially to do so. And, you do have to wait until you graduate AND have a position in a qualified center before you can apply for the loan forgiveness.

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A good overview, thanks. I work at a big hospital in Seattle, as an adult ARNP. My salary is $81K (one year of experience) and ARNP school cost me a LOT; I will have to to NHSC eventually. I wish I didn't have to leave my current job to do so, but the big hospital where I work is not an NHSC site, unfortunately. But for the amount they pay for loans, I'll just have to move for a few years...it's an amazing deal.

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Specializes in FNP.

How do you find a place that is eligible? I live in a rural highly under served area, but there are not NP jobs being advertised anywhere, except private practice.

P.S. I'd give my left arm to make 70k. A FNP here is not going to come close to that. One of my friends just got bumped to 70 after 10 years with that private prac. She gets zero retirement, zero for continuing ed, and a fairly lousy health insurance plan. My CNM friend makes 72 in private practice, zero insurance, no retirement or continuing ed money. The hospital CRNA makes 90K with 20 years experience. I don't know about his benefits.

I'm hoping for 60K, which is less than I made as a RN, but w/o the nights, weekends, holidays and kayexelate enemas. ;-) I really really NEED some loan repayment to make it feasible, or Ill have to continue to work as a RN on you guessed it, nights and weekends. :-(

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Specializes in Medical Surgical/Addiction/Mental Health.

BC,

Do you mind sharing what your score was to get into the program. I know those who are financially needy get first dibs and it looks as though preference is given to those with the score above 10. Your thoughts?

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Specializes in allergy and asthma, urgent care.

The application prcoess has changed since I applied, but I think the criteria are the same. Keep in mind that I'm talking about the loan repayment program, NOT the NHSC scholar program. Job sites are rated by the NSHC based on how great the need is. I believe scores range from 1 to 21, with a higher score given to a site with greater need. The site I work at has a score of 17. Awards are first given to people who are working at centers with a higher score. This was more of an issue when the funding was low, but President Obama has poured a lot of money into this program and people at centers with scores on the lower end are also being given awards. So, the awards are not based on personal need, but hinge on where you work. You do have to give all of your debt information and write a personal essay for the application, but I'm not sure how much weight is put on that. NHSC lists all kinds of info, including job openings on their website. I think the website is www.nhsc.hrsa.gov If that's incorrect, my apologies but you can google NHSC and get to the website.

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I just started looking into this - I have $42,000 in undergrad and grad loans and this would be huge - but the only position on the webiste that is near me has a score of 6. I wonder if I'm even close to being able to obtain any payout. When I search the whole state, the highest score is a 7! I only work part time now so I would have to take a full time position and travel to this other position. It'll be a big change for me if I weren't able to obtain the award, but a HUGE help if I could. It would save me $500/month which I could REALLY use

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Specializes in Medical Surgical/Addiction/Mental Health.
The application prcoess has changed since I applied, but I think the criteria are the same. Keep in mind that I'm talking about the loan repayment program, NOT the NHSC scholar program. Job sites are rated by the NSHC based on how great the need is. I believe scores range from 1 to 21, with a higher score given to a site with greater need. The site I work at has a score of 17. Awards are first given to people who are working at centers with a higher score. This was more of an issue when the funding was low, but President Obama has poured a lot of money into this program and people at centers with scores on the lower end are also being given awards. So, the awards are not based on personal need, but hinge on where you work. You do have to give all of your debt information and write a personal essay for the application, but I'm not sure how much weight is put on that. NHSC lists all kinds of info, including job openings on their website. I think the website is www.nhsc.hrsa.gov If that's incorrect, my apologies but you can google NHSC and get to the website.

Great! Many thanks for the information.

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Specializes in FNP.

Can anyone let me know the future of this program? I finish in 2 years, and am hoping that I'll be able to use this as an option to pay back my loans, but have had a hard time trying to find out if it will still be funded into the future. Thanks!

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Specializes in Community Health.
Hi,

thank you for providing information about the program. I am in my last year of NP school and I am considering the program. Can you apply while you're still in school or do you have to wait until you graduate. Thanks.

Hi Lovely86!

Yes you can apply during school but the application process, for this year's scholarship is over. :-( I think it starts in May of every year. They offer tuition assistance, and a monthly stipend of about $1300/month until you graduate. In return you have to agree to work at an HRSA approved site for at least two years. There were almost 500 scholarships this year and I am waiting to hear if I am one of the recipients on Sept 30. I just wish I would have known about this a long time ago when I started my FNP in 2008. I only have 2 semesters left and still alot of debt.

My question is...does anyone know if you can still apply for tuition reimbusement even if you received the scholarship during school?

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Hi Sheri,

I'm in the loan repayment program. I would highly recommend it, if you find a position you like. I was hoping to stay at least 2 years at my job regardless of whether I got the award or not, so that wasn't an issue for me. The application process has gotten a whole lot easier since I completed it last summer. NHSC has a ton of money right now and everyone who applies is getting the award. It effectively added $25,000 per year to my salary for the 2 years of my commitment. My base salary is lower than that in a private practice, but the $25,000 "bonus" puts me at a higher salary than most new grad NPs I know. And best of all, it felt so good to pay off most of my loans!!! However, I will have to look for another job once my commitment is met, because it's not financially feasible for me to stay where I am without the NHSC $$$.

The NHSC will work with you to ensure you can meet the 2 year commitment. If you're unhappy in your position, they will help you try to work things out or work with you to transfer to another NHSC approved site. I went to the orientation conference for new NHSC loan repayors last month in Texas, and the NHSC staff were really helpful. Just one little pinch of reality.....the community health centers may truly want to give good quality care, and that is the attitude of the providers, but it's still all about the bottom line for the administrators, and you may find that frustrating. I certainly do, and that was the general feeling of all the people I talked to at the conference. Regardless, it is very satisying to provide care for those who may have not had access before.

Let us know if you decide to go for the job, and feel free to PM me or post here with any other questions. Make sure you check out the NHSC website, too.

I applied awhile back and haven't heart a thing...

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