How Loan Repayment Works Under IHS LRP

In order to be eligible for this program, NPs must have an offer to be employed or already be employed as full-time clinicians at an approved Indian health facility. NPs who have a job offer must begin work by September 30th of the fiscal year in which they signed the contract.

Full time is defined as 40 hours a week and 80 hours every two weeks. At least 64 of the 80 hours must be in direct patient contact.

Eligible NPs will receive a $20,000 payment at the start of each year they are qualified. The first installment is typically disbursed 120 days after award notification or the first day of work assignment, whichever is sooner. These awards https://badcreditloanshelp.net/payday-loans-ny/ are taxable, but the IHS LRP pays 20 percent in taxes for the recipient. Any additional tax burden is the responsibility of the NP.

Managing Consolidation

If an NP has consolidated their loans, they are still eligible for this program. However, only the amount directly related to the education required to become an NP will qualify for repayment.

The Bottom Line: Loan Repayment Under the IHS LRP

The IHS LRP award is specific to the location where the NP is employed at the time of application. Continue Reading