Loan Repayment Assessment

What questions should I ask about a program?

When exploring a potential loan repayment or scholarship program, it’s important to assess your risk!

Eligibility Requirements

  • Is your discipline/profession included?

Service Commitment

  • How long are you obligated to the program for?

HPSA Score

  • Is it required you work in a HPSA to apply for loan repayment?
  • If so, how high of a HPSA score has been needed for approval in the past?

Repayment Obligations

  • What are the penalties if you back out of the service you’ve committed to?

Financial Benefits

  • What amount of money (or other financial incentive) will you receive?

Application Requirements

  • Are there certain requirements you must meet to apply?
  • If so, what are they?

Tax Liability

  • Some financial incentives can be subject to income tax!
  • Be certain you are aware of any pertinent tax laws.
  • NHSC programs are exempt from both state and federal income tax.
  • Remember that even if you are going to work in a state with no income tax, there may be federal income tax to consider if a program is not exempt.
  • When in doubt, check with your accountant.

Reporting Requirements

  • Do you (or your employer) have to report any data back to your funder during the time you’re participating in the program?
  • What do you have to report?
  • When do you have to report it?