What it is — The National Health Service Corps Loan Repayment Program repays nurses’ student loans (federal and private) for health care professionals who work in underserved areas. … If you work full-time, you can have up to $50,000 of your loans forgiven. You won’t be taxed on the forgiven loan amount.
Correspondingly, how can I pay off my nursing student loans?
Registered nurses who work at least 32 hours a week at a qualified facility can get 60% of their student loans paid off over two years of employment. Borrowers have the option of getting an additional 25% of their loans paid off by the Nurse Corps program for a third year. Applications are only accepted once a year.
Considering this, how many NHSC scholarships are awarded?
The NHSC scholarship application process is highly competitive. Each year, there are more than 1,800 applications from hundreds of schools from across the country. Approximately 10 percent of the applicants receive the scholarship award.
How can I get out of NHSC?
Taking Permanent Leave from Your NHSC Site
If you feel you can no longer continue working at your current NHSC-approved site, discuss the situation and/or concerns with your NHSC-approved site management and contact us immediately through the BHW Customer Service Portal.
What Hpsa qualifies for loan repayment?
Who can apply for LRP?
Applicants must meet specific eligibility criteria: Be a U.S. citizen, U.S. National, or permanent resident. degree (except for the Contraception & Infertility Research LRP). Have qualifying educational debt equal to or in excess of 20 percent of their institutional base salary.
How much is the NHSC loan Repayment?
The NHSC will pay up to $20,000 ($25,000 with DATA 2000 waiver) for the first additional year of full-time clinical practice defined as no less than 40 hours per week, for a minimum of 45 weeks a year. 2) Half-Time Clinical Practice.
Will student loans be forgiven for healthcare workers?
The AAMC has endorsed the Student Loan Forgiveness for Frontline Health Workers Act , which would provide student loan forgiveness to health care workers on the front lines of the COVID-19 pandemic.
Does forbearance count towards forgiveness?
Unfortunately for Gene, deferments and forbearances will not count towards the required 120 payments for Public Service Loan Forgiveness. … This is because a forbearance or deferment means that the borrower made no payment under an eligible repayment plan. (Note: $0 payments on an income-driven repayment plan can count.)
What is the average student loan debt for nurses?
» MORE: How many Americans have student loan debt? Graduate nursing students expect to finish school with a median debt between $40,000 and $54,999, according to a 2017 report by the American Association of Colleges of Nursing. This aligns with the $47,321 average nursing student debt found via College Scorecard data.
Is HRSA repayment taxable?
HPSAs can be found in rural and urban communities across the nation. In return, the NHSC LRP assists clinicians with repayment of their outstanding qualifying educational loans. By statute, NHSC LRP funds are exempt from federal income and employment taxes.
What does NHSC stand for?
What is the loan forgiveness program?
The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
Can you do NHSC and PSLF?
If you qualified for both programs simultaneously, after two years of NHSC, you could potentially get $50,000 in assistance. This only counts as one payment, so you need another 119 payments to be eligible for PSLF.