vaston Posted October 17, 2011 Author Share Posted October 17, 2011 What is considered a competitive starting salary for an NHSC loan repayment site? I have searched this site and tried Google, but I can't come up with anything definitive. I know that it is based on location, but I would like to hear a general number regarding what I should expect if I decided to take a position with a loan repayment site. 65K, 70K, 75K or 80K? Thoughts? Link to comment Share on other sites More sharing options...
vaston Posted October 17, 2011 Share Posted October 17, 2011 What is considered a competitive starting salary for an NHSC loan repayment site? I have searched this site and tried Google, but I can't come up with anything definitive. I know that it is based on location, but I would like to hear a general number regarding what I should expect if I decided to take a position with a loan repayment site. 65K, 70K, 75K or 80K? Thoughts? Link to comment Share on other sites More sharing options...
Hemegroup Posted October 17, 2011 Share Posted October 17, 2011 It should be the same competitive salary as any other clinic in your area. The NHSC allowance should not affect salary in any way. Link to comment Share on other sites More sharing options...
Hemegroup Posted October 17, 2011 Share Posted October 17, 2011 It should be the same competitive salary as any other clinic in your area. The NHSC allowance should not affect salary in any way. Link to comment Share on other sites More sharing options...
Jason09 Posted October 18, 2011 Share Posted October 18, 2011 Agree with the above. You should negotiate as if the loan repayment was not in affect. The loan repayment is a government bonus/incentive to get you to go there. The site should be paying a competitive rate. Just be careful because a lot of times qualified sites will try and low ball because they know you will be applying for loan repayment. You have to go into it thinking what is the difference in taking a high paying, metropolitan job/non-rural +/- specialty at 100K vs. rural job at 70K + 25K loan repayment? Nothing, but yet you sacrifice for loan repayment because you have to give up your option of living where you want are locked into a 2 year commitment. Make it worth wild if you are going to go into a 2 year commitment. Link to comment Share on other sites More sharing options...
Jason09 Posted October 18, 2011 Share Posted October 18, 2011 Agree with the above. You should negotiate as if the loan repayment was not in affect. The loan repayment is a government bonus/incentive to get you to go there. The site should be paying a competitive rate. Just be careful because a lot of times qualified sites will try and low ball because they know you will be applying for loan repayment. You have to go into it thinking what is the difference in taking a high paying, metropolitan job/non-rural +/- specialty at 100K vs. rural job at 70K + 25K loan repayment? Nothing, but yet you sacrifice for loan repayment because you have to give up your option of living where you want are locked into a 2 year commitment. Make it worth wild if you are going to go into a 2 year commitment. Link to comment Share on other sites More sharing options...
vaston Posted October 18, 2011 Author Share Posted October 18, 2011 I pulled the salary report from AAPA and the number I was given was right on par with the median salary I can expect given that I am a new grad. I'm happy with that. In reference to the 100K vs 70K+ loan repayment, it is much more financially beneficial to take the loan repayment. 4 years and debt free sounds better than a 10 years of loan payments. It's worthwhile to mention that I am married and have a family, so I don't have the luxury of living dirt cheap in a studio apartment while throwing every last cent at my loans. Besides, NHSC repayment is now at 30K for each of the first 2 years, 40K for the third and 50K for the fourth. I can live in a big town, commute to the small town clinic, have a good life for my kids AND get my loans paid off in 4 years. Sounds like a great deal to me. I think that's the best choice. Link to comment Share on other sites More sharing options...
SilverPA Posted October 18, 2011 Share Posted October 18, 2011 Vaston: Question. You say, "get my loans paid off in 4 years." You really have 160K in PA school loans? I'd love to know what school cost you that much! Your undergrad loans will NOT qualify for NHSC loans - just your PA school ones. Link to comment Share on other sites More sharing options...
Hemegroup Posted October 19, 2011 Share Posted October 19, 2011 Your undergrad loans will NOT qualify for NHSC loans - just your PA school ones. I've never heard that before ... wow. Would you mind providing a link to a reference on that? Link to comment Share on other sites More sharing options...
haeriphos Posted October 19, 2011 Share Posted October 19, 2011 Vaston: Question. You say, "get my loans paid off in 4 years." You really have 160K in PA school loans? I'd love to know what school cost you that much! Your undergrad loans will NOT qualify for NHSC loans - just your PA school ones. The NHSC pays for your undergrad loans now. Page 11 of the applicant bulletin: An NHSC LRP participant will receive loan repayment funding to be applied to the principal,interest, and related expenses of outstanding Government (Federal, State, or local) and commercial loans for undergraduate or graduate education obtained by the participant forschool tuition, other reasonable educational expenses, and reasonable living expenses. Link to comment Share on other sites More sharing options...
vaston Posted October 19, 2011 Author Share Posted October 19, 2011 Vaston: Question. You say, "get my loans paid off in 4 years." You really have 160K in PA school loans? I'd love to know what school cost you that much! Your undergrad loans will NOT qualify for NHSC loans - just your PA school ones. Sigh.... I don't know when you finished school, but tuition now is higher than ever. Tuition + books + fees + full cost of living since my wife stayed at home with our children (instead of paying for a nanny or day-care) ended up being a significant amount. What's your point? Not everyone gets the opportunity to make it through grad school being a single person with no responsibilities. Heck, even the people in my program that are single are still coming out with nearly $100K in grad loans. Yes, my education was expensive, no it's not 160K, but it is worth every penny. No, I don't have undergrad loans since I worked full time DURING undergrad to pay FOR undergrad. Besides, to echo what Hemegroup said, where does it say you can't use that money towards undergrad loans? Yes, I do have other debt that I owe, all of which will be paid off within 4 years since I won't have to worry about making a loan payment. What I would have used for a loan payment will go towards paying off whatever consumer debt I have (which isn't much). So, question my life decisions if you would like, I am comfortable and happy with where I am. Thank you to Hemegroup for providing the only appropriate answer to my initial question. Link to comment Share on other sites More sharing options...
dhageremtp Posted October 19, 2011 Share Posted October 19, 2011 Your undergrad loans will NOT qualify for NHSC loans - just your PA school ones. This is wrong. They will pay of all of your educational loans. Link to comment Share on other sites More sharing options...
SilverPA Posted October 19, 2011 Share Posted October 19, 2011 I actually participated in loan repayment and when I had to qualify (just 4 years ago), anything outside of your PA education was not covered. In fact, I am not absolutely certain they will still pay for undergraduate loans. Direct from the LRP application form: NHSC LRP participants will receive monies to be applied to the principal, interest, and related expenses of government (Federal, State, or local) and commercial loans obtained by the participant for: a. school tuition; b. reasonable educational expenses (see Definitions); and c. reasonable living expenses (see Definitions). The tuition and expenses listed above are limited to those incurred by the participant for undergraduate or graduate education prior to obtaining a degree in the health profession in which the participant will satisfy his or her NHSC LRP service commitment. If an eligible educational loan is consolidated or refinanced with any debt other than another eligible education loan of the applicant, NO portion of the consolidated/refinanced loan will be eligible for loan repayment. While that might be read as Haeriphos suggested, having been there and done that, it stated nearly the same when I applied for loan repayment but the statement about undergrad loans referred to any education directly required to get where you are - such as becoming an RN to become an NP. Please note the "undergraduate OR graduate." And even though a graduate PA program requires an undergrad degree, those loans were not directly related to the health profession covered by NHSC-LR. It was very sticky and for PAs, it was very clear that PA school ONLY qualified (four years ago). There were very large changes in the 2010 into 2011 cycle that may have affected what qualifies now but my point is this: NHSC is a very, very complex application that has very stiff qualifications and large penalties for not filling one's commitment. Before one makes assumptions about what will qualify for payment, it is best to ask the question directly to NHSC. I loved working in the NHSC program and continue to work in underserved medicine. I am glad for you that you were able to go to school, work, and pay off your student loans. I also think everyone should consider applying for an NHSC loan repayment because, as you rightfully stated, PA school is getting more and more expensive. I don't believe I ever questioned your financial integrity. Good luck to you as you travel down the road. Link to comment Share on other sites More sharing options...
SilverPA Posted October 19, 2011 Share Posted October 19, 2011 dhageremtp: This is wrong. They will pay of all of your educational loans. Then I apologize - it has to be a new change. Funny they didn't tell me since I just completed 3 years with them 6 weeks ago. Link to comment Share on other sites More sharing options...
dhageremtp Posted October 19, 2011 Share Posted October 19, 2011 You are correct. I am a NHSC loan repayor contract signed Jan. 2011. When filing my loan paperwork all of my loans, graduate and undergraduate, were approved for repayment. The key is that the student loan must have been originated prior to graduation with your health care degree and that it is approved prior to your issued contract. If an eligible educational loan is consolidated or refinanced with any debt other than another eligible education loan of the applicant, NO portion of the consolidated/refinanced loan will be eligible for loan repayment. This line applys to commercial lends that will allow you consolidate your student loan with a personal line of credit (ie credit card, or mortgage). As long as the entire loan is for education expenses and is used to repay those loans, NHSC will cover them....at least they did mine as of 31 Jan 2011. Link to comment Share on other sites More sharing options...
dhageremtp Posted October 19, 2011 Share Posted October 19, 2011 I had even completed an MBA in healthcare admin prior to PA school, those loans qualified to NHSC repayment as well..... Link to comment Share on other sites More sharing options...
vaston Posted October 19, 2011 Author Share Posted October 19, 2011 There were very large changes in the 2010 into 2011 cycle that may have affected what qualifies now but my point is this: NHSC is a very, very complex application that has very stiff qualifications and large penalties for not filling one's commitment. Before one makes assumptions about what will qualify for payment, it is best to ask the question directly to NHSC. I loved working in the NHSC program and continue to work in underserved medicine. I am glad for you that you were able to go to school, work, and pay off your student loans. I also think everyone should consider applying for an NHSC loan repayment because, as you rightfully stated, PA school is getting more and more expensive. I don't believe I ever questioned your financial integrity. Good luck to you as you travel down the road. Please accept my apologies for being overly sensitive to my financial situation. I'm sorry that I was short with you in my response. I know that this is a good opportunity for me, and yet every time I look at my loan statements I get this pit in my gut. That's my unfortunate knee-jerk reaction. I couldn't help but wonder how I was going to get this taken care of at the same time as providing everything that my family needs. Loan repayment is truly the only way for me to be free of my debt. Thank you for sharing your information. Again, I apologize for being rude. Link to comment Share on other sites More sharing options...
ToppDog Posted October 19, 2011 Share Posted October 19, 2011 If I get in I will be in a similar situation as vaston, so I am very interested as well. My understanding is that government financial aid/loans typically only cover tuition & basic expenses, & if you need more you have to get private school loans. So, are you guys saying that this type of loan repayment can cover both government & private school loans up to 160K? My situation is this... I will have to relocate for school. I am married with a kid. Our daycare (grandparents) cannot move with us, so my wife will have to be a stay at home mom while I am in school. So, I need enough in loans to cover the actual cost of attending PA school, plus enough money for my entire family to live on for two years. Can I get all that covered with this type of loan repayment? Also, I understand that PA school is considered a professional program & qualifies for private loans for up to 80K per year at some banks, from what others here have posted. Does that still apply if you do not have a four year degree yet? Or if for some reason you do not do a degree completion option & end up with a PA certificate only? Until now I have only taken pre-req's here & there & have paid for them one at a time, so I am completely inexperienced with anything to do with financial aid or school loans other than what I have read. So, all these tips from those of you who have dealt with this firsthand are well appreciated :) Link to comment Share on other sites More sharing options...
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