Announcement Announcement Module
Collapse
No announcement yet.
AMEDD bonus vs HPLRP Page Title Module
Move Remove Collapse
X
Conversation Detail Module
Collapse
  • Filter
  • Time
  • Show
Clear All
new posts

  • AMEDD bonus vs HPLRP

    I am well into the application process for ARNP as a nurse practitioner. My recruiter always gives me general answers to my specific questions, so I figured I'd ask here. Right now, I'm looking at the financial side of joining, specifically in regards to student loan repayment.

    I have 34K in loans remaining from nursing school, 17k of that at 6.8%. The remainder is at 2.1%. I know there is a 60K overall limit in loan repayment for NP's, but obviously I don't need all of that. As a side note, I have an additional 46K in student loan debt from my naturopathic doctorate, but I know that is not eligible for repayment. However, I plan to use most of my signing bonus to pay down that debt.

    I'm confused about how much of the HPLRP money can get disbursed for each year of service, and whether I should just go for the signing bonus instead (20K annually) and use it to pay the student loan. The reasoning is this: if both are considered taxable income, it might be in my best interest to just get the cash and apply it as I see fit to my various loans, depending on interest rate. If I do the loan repayment option, I wouldn't be able to control where the money goes (high interest vs low interest loans), and wouldn't be able to choose to keep some for emergency money, for example. Also, even if, say, 20K was paid back the first year, what happens the 2nd year when there is only 14k remaining? I assume they would not proportionally give me loan repayment and signing bonus pay. I was told that the 3 year signing bonus is renewable, but I don't know for how long? Max of 6 years?

    Generally speaking, I plan to stay in the Guard for 20 years until retirement, but if something changed, I want to maximize the time I DO have.

    Thanks very much for any insight!

  • #2
    Re: AMEDD bonus vs HPLRP

    This forum is not designed to handle a question of this sophistication. AMEDD incentives change all the time, so your best resource is your AMEDD recruiter. Lay out to her your situation, goals, and preferences, and develop a plan from there.

    Comment


    • #3
      Re: AMEDD bonus vs HPLRP

      My eyes went crossed just reading this..... AMEDD is a beast unto its own.

      Comment


      • #4
        Re: AMEDD bonus vs HPLRP

        Mcnacht,

        Your case is a little tricky, but let me try to explain. As a board certified FAMILY Nusre Practitioner going into a vacant PA slot in a Med Det, you can qualify for both the HPLRP and the special pay program. So I put special emphasis on Family NP because that is the only kind of NP accepted. For example, as a 66P(Family Nurse Practicioner) you would request to partcipate in HPLRP first and special pay second. After executing the oath of office, you would sign the HPLRP and special pay contracts. The first payment (HPLRP) made will be up to $25,000 one year after the date of your contract. The second payment would be $25,000 after your second year anniversary in the Guard. The third payment will be the lesser of the remaining amount of the loan or the $25,000 sepcified for the SM's specialty. At the beginning of your fourth year, eligibilitgy for special pay starts. This will be $20,000 for years 4, 5, and 6 if you opt for three years.

        So to give a re-cap. You will get $25,000 per year served in the Guard up to a cap of $75,000 on education towards your NP. In addition, you will be able to receive the special pay bonus of up to $20,000 per year for 3 years (total of $60,000). So the gross amount that could be potentially paid to you is $135,000. This of course with a net contractual obligation of 6 years. In addition to this, you will have have up to $2,500 towards CME, a flexible drill schedule, and potentially qualify for $4,500 Federal Tuition Assistance for another masters.

        I hope this helps and please let me know if you have anymore questions!

        Comment


        • blue75
          blue75 commented
          Editing a comment
          It is my understanding that NPs are not eligible for either loan repayment or incentive pay, however a PA in the slot, is. Can you confirm this?

      • #5
        Re: AMEDD bonus vs HPLRP

        AMEDD_Recruiter ,

        Could you please elaborate on this?
        "In addition to this, you will have have up to $2,500 towards CME, a flexible drill schedule, and potentially qualify for $4,500 Federal Tuition Assistance for another masters."

        Thanks.

        Comment


        • #6
          Re: AMEDD bonus vs HPLRP

          OP- worth noting is that with HPLRP, you are not signed up for an extra commitment. You sign up on July 1st (for example) and the following July 1st you are credited with the HPLRP payment in your account. You can then sign up for another year. It is also not binding. If you sign up and decide to resign, you can do so. But you are not pro-rated any of those funds. It's also worth remembering that you WILL be paying more taxes due to the money paid towards HPLRP. It bumps up your tax bracket.

          Comment


          • #7
            Re: AMEDD bonus vs HPLRP

            Originally posted by FloridaFeMan View Post
            "In addition to this, you will have have up to $2,500 towards CME, a flexible drill schedule, and potentially qualify for $4,500 Federal Tuition Assistance for another masters."
            - In AMEDD for practitioners, you can expense up to $2500 towards a CME-granting conference, providing it is in the continental U.S. (travel costs, lodging, food, admission, etc.). THAT SAID, it requires approval and with state budgets, CME is largely no-go in some states.
            - Practitioners can SUTA pretty freely as they are often tasked to other units. While in training, they are under Flexi-Training rules, which allows to drill as infrequently as every other month. THAT SAID, all of this is up to your CO. Also, for HPLRP, you need to be in deployable-status and drilling monthly.
            - You can qualify for up to $4,500 federal tuition assistance for college. Though everyone qualifies for this.

            Comment


            • #8
              https://gkoportal.ng.mil/arng/G1/D03...%20(HPIO).aspx

              You need GKO CAC Login. All policies.

              Comment

              Working...
              X