Transcript Slide 1

Empowerment for Student Success
Broward College
ALERT
“OCCUPATIONAL FORGIVENESS” ADVISORY
NURSE CORPS LOAN REPAYMENT PROGRAM
Empowerment for Student Success
Can my
student loans
be forgiven…?
Empowerment for Student Success
THERE ARE CIRCUMSTANCES IN WHICH STUDENT LOANS
MAY BE ‘DISCHARGED’…

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




DEATH
DISABILITY
SCHOOL CLOSURE
OCCUPATIONAL CHOICES
IDENTITY THEFT
FALSE LOAN CERTIFICATION
BANKRUPTCY (ONLY VERY RARE EXCEPTIONS)
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.
MUST AGREE TO…maximum…3 YEARS of 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.
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.
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, NonDisproportionate Share
Hospital
• Nursing Home
• Ambulatory Surgical Center
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.
Empowerment for Student Success
OCCUPATIONAL FORGIVENESS
NURSE CORPS LOAN REPAYMENT PROGRAM
“INELIGIBLE” SITES…
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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.
Empowerment for Student Success
OCCUPATIONAL FORGIVENESS
NURSE CORPS LOAN REPAYMENT PROGRAM
5 STEPS TO AWARDS:
1.
READ APPLICATION and PROGRAM GUIDANCE
(APG)…see hyperlink at end of this presentation.
2.
GATHER required 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).
Empowerment for Student Success
OCCUPATIONAL FORGIVENESS
NURSE CORPS LOAN REPAYMENT PROGRAM
5 STEPS TO AWARDS:
3.
COMPLETE on-line application…
Deadline: February 27, 2014 by 7:30 PM.
a.
b.
c.
d.
All documents must be scanned and uploaded.
Provide employment verification (may take up to 5
days…so don’t wait until the last minute).
Upload loan documentation.
i. Account Statements
ii. NSLDS Disbursement Reports
Link: http://www.nslds.ed.gov/nslds_SA/
“HRSA Nurse Corps Loan Repayment Program
Authorization to Release Form”
--- SIGNED, SCANNED & UPLOADED.
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”.
Empowerment for Student Success
OCCUPATIONAL FORGIVENESS
NURSE CORPS LOAN REPAYMENT PROGRAM
5 STEPS TO AWARDS:
5.
SELECTION for 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”.
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/