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Empowerment for Student Success. Broward College ALERT “ O CCUPATIONAL FORGIVENESS” ADVISORY NURSE CORPS LOAN REPAYMENT PROGRAM. Empowerment for Student Success. Can my student l oans be forgiven…?. Empowerment for Student Success.

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slide3

Empowerment for Student Success

THERE ARE CIRCUMSTANCESIN WHICH STUDENT LOANSMAY BE ‘DISCHARGED’…

DEATH

DISABILITY

 SCHOOL CLOSURE

OCCUPATIONAL CHOICES

IDENTITY THEFT

FALSE LOAN CERTIFICATION

BANKRUPTCY (ONLY VERY RAREEXCEPTIONS)

slide4

Empowerment for Student Success

OCCUPATIONAL FORGIVENESS

NURSE CORPS LOAN REPAYMENT PROGRAM

85% repayment of your educational loans

(leading to eligible degrees in nursing);

Registered nurses (including nurse practitioners);

…and/or Nurse Faculty.

MUSTAGREE TO…maximum…3 YEARSof service.

ELIGIBILITY:

  • A U.S. Citizen, U.S. national or lawful permanent resident.
  • Have a nursing degree.
  • Have current full, permanent, unencumbered, unrestricted RN license valid in the state in which the applicant is employed.
  • Has outstanding “qualified” nursing loans.
slide5

Empowerment for Student Success

OCCUPATIONAL FORGIVENESS

NURSE CORPS LOAN REPAYMENT PROGRAM

TYPES OF AWARDS:

INITIAL 2-YEAR AWARD…Equal to 60% of current loan balance in return for a 2-year service commitment at a “Critical Shortage Facility”

CONTINUATION AWARD…25% additional of the original loan balance for a 3rd year of service.

AWARDS SUBJECT TO…Federal taxes.

slide6

Empowerment for Student Success

OCCUPATIONAL FORGIVENESS

NURSE CORPS LOAN REPAYMENT PROGRAM

TYPES OF: “CRITICAL SHORTAGE FACILITIES” (CSF)

  • Critical Access Hospital
  • Disproportionate Share Hospital
  • Federally-Qualified Health Center and “Look-Alikes”
  • Indian Health Service Health Center
  • Native Hawaiian Health Center
  • Public Hospital
  • Rural Health Clinic
  • Skilled Nursing Facility
  • State/Local Public Health and/or Human Services Department
  • Home Health Agency
  • Hospice Program
  • Non-Profit, Non-Disproportionate Share Hospital
  • Nursing Home
  • Ambulatory Surgical Center
slide7

Empowerment for Student Success

OCCUPATIONAL FORGIVENESS

NURSE CORPS LOAN REPAYMENT PROGRAM

REASONS FOR A “DENIAL”

  • Judgment liens arising from Federal debt.
  • Existing service obligations.
  • Defaulted on any Federal payment or service obligation.
  • Any existing Federal, State or local government debt written off as “uncollectable”.
  • Currently excluded, debarred, suspended, or disqualified by a Federal agency from participating in a covered transaction.
  • Employed by a staffing or travel nurse agency.
  • Working on an ‘as-needed’ (PRN) basis.
  • Have a temporary or inactive nursing license.
  • Licensed as an LPN or vocational nurse.
  • Are self-employed.
  • Work for a for-profit facility or a for-profit school of nursing.
slide8

Empowerment for Student Success

OCCUPATIONAL FORGIVENESS

NURSE CORPS LOAN REPAYMENT PROGRAM

  • “INELIGIBLE” SITES…
  • Free standing clinics (exception: nurse managed).
  • Renal Dialysis centers.
  • Private practice offices.
  • Assisted living facilities.
  • Clinics in prisons and correctional facilities.
  • Private (for-profit) facilities.
  • LOAN PAYMENTS…Monthly…via direct deposit.
  • “IN-SERVICE VERIFICATION”…Required every 6 months.
slide9

Empowerment for Student Success

OCCUPATIONAL FORGIVENESS

NURSE CORPS LOAN REPAYMENT PROGRAM

5 STEPS TO AWARDS:

1. READAPPLICATION and PROGRAM GUIDANCE

(APG)…see hyperlink at end of this presentation.

2. GATHERrequired documents.

a. Proof of Citizenship

b. Transcripts

c. Curriculum/Vitae/Resume

d. “Loan Documentation”

(Loans “subject to forgiveness” must have proof the loan is not subject to cancellation).

slide10

Empowerment for Student Success

OCCUPATIONAL FORGIVENESS

NURSE CORPS LOAN REPAYMENT PROGRAM

5 STEPS TO AWARDS:

3. COMPLETEon-line application…

Deadline: February 27, 2014by 7:30 PM.

a. All documents must be scanned and uploaded.

b. Provide employment verification (may take up to 5

days…so don’t wait until the last minute).

c. Upload loan documentation.

i. Account Statements

ii. NSLDS Disbursement Reports

Link: http://www.nslds.ed.gov/nslds_SA/

d. “HRSA Nurse Corps Loan Repayment Program Authorization to Release Form”

--- SIGNED, SCANNED & UPLOADED.

slide11

Empowerment for Student Success

OCCUPATIONAL FORGIVENESS

NURSE CORPS LOAN REPAYMENT PROGRAM

5 STEPS TO AWARDS:

4. Applicant REVIEW…

a. Information from other sources also used to

determine “ELIGIBILITY”:

i. National Practitioner Data Bank, etc.

b. Applicants ranked based upon data collected:

i. Funding preferences used to determine sequential

order in which applicants are considered;

ii. Preference given to applicants with the greatest

financial need (loan debt to salary ratio – 20% or

greater);

iii. Applicants grouped into “Funding Performance

Tiers”.

slide12

Empowerment for Student Success

OCCUPATIONAL FORGIVENESS

NURSE CORPS LOAN REPAYMENT PROGRAM

5 STEPS TO AWARDS:

5. SELECTIONfor Award:

a. “Confirmation of Interest” is sent to those recommended

for award…

i. Confirm the practice site and loan amount;

ii. Accept or decline the terms of the Nurse Corps LRP;

iii. Provide banking information.

b. Documents sent to “Award Recipients”…

i. Signed contract;

ii. Award Letter;

iii. Payment Authorization Worksheet;

iv. Receive “Welcome Packet”.

slide13

Empowerment for Student Success

OCCUPATIONAL FORGIVENESS ADVISORY

NURSE CORPS LOAN REPAYMENT PROGRAM

THIS INFORMATION PROVIDED BY:

BROWARD COLLEGE

STUDENT FINANCIAL SERVICES

OBTAIN THE FEDERAL APPLICATION

(AND MORE DETAILS) BY

CLICKING ON:

http://www.hrsa.gov/loanscholarships/repayment/nursing/