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The NELRP will provide funds to program participants to repay a portion of their outstanding qualifying nursing education loans. Recipients of NELRP contracts receive the following benefits:
- For the first year of service, the NELRP will pay participants 30 percent of their total qualifying educational loan balance(s) for qualifying nursing education, as of the effective date of the contract.
- For a second year of service, the NELRP will pay participants 30 percent of their total qualifying educational loan balance(s) for qualifying nursing education, as of the effective date of the contract.
- For a third year of service, dependent on the availability of funds, the NELRP will pay participants 25 percent of their original qualifying educational loan balance(s) for qualifying nursing education, as of the effective date of their initial 2-year contract.
The NELRP participant will receive salary and benefits from the employing CSF or professional group. Employment compensation packages are negotiated between the nurse and the employer. The CSF cannot guarantee a NELRP contract. Therefore, the NELRP loan repayments should not be part of the salary negotiations between the nurse and the employer.
NOTE: All loan repayments paid to the participant after Federal tax withholding must be used by the participant to repay qualifying educational loans for qualifying nursing education. A participant’s payments to his/her lenders or holders are subject to periodic verification by the BCRS.
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