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2008 Faculty Loan Repayment Program Applicant Information Bulletin

Discrimination Prohibited
Qualifying / Eligible Educational Loans
Service Obligation Requirement
Application Submission
Award Information
Breach of Contract
Contact Information

Award Information

Award Notices
Applicants will receive notification regarding their selection (or non-selection) for a FLRP award.  The signed contract between the individual and HHS is the authorizing document.  The contract becomes effective once signed by the HHS Secretary or his / her designee.  A copy of the 2-year FLRP obligation contract with HHS’ official signature will be sent to each awardee.

Anticipated Award Announcement:  between mid August and September 30, 2008. 

Method of Disbursing Payments
HHS loan repayments will be provided to participants in eight quarterly payments.  These payments are made electronically by direct deposit.  Payments will begin in 2009 in mid-January, April, July and October.

The loan repayments and the 39% tax liability benefit are regarded as income by the U.S. Internal Revenue Service (IRS) and are subject to Federal taxes.  FLRP will send the 39% tax liability benefit directly to the IRS, and this will represent the amount withheld by HHS to pay the participant’s Federal income tax and Federal Insurance Contributions Act (FICA) tax for the HHS benefits received.  All HHS FLRP payments made and Federal taxes withheld will be reported to the participant and the IRS on a Form W-2 after the end of the tax year.  The FLRP payments may also be subject to State and local income taxes.  Participants should check with their State or local tax authority concerning their tax liability for these payments.

Appropriate Use of FLRP Funds
All loan repayments received under FLRP (from HHS and the employing institution) must be applied, during the calendar year of their receipt, to reduce the participant’s eligible undergraduate and/or graduate health professions educational loans.  In order to confirm that all FLRP funds were appropriately applied, a detailed payment history from the lender for each approved loan must be submitted, approximately early December 2009 and December 2010.  The payment history must reflect the lender’s name, account holder’s name, and account number.  Cancelled checks and bank statements cannot be used to confirm that funding was applied to the approved loans.