– are there certain requirements you must meet to
– 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.
Is the program tax exempt?
If not tax exempt, what will you be taxed?
– 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?
When exploring a potential loan repayment or scholarship program, it’s important
to assess your risk! These questions can help you start.