Wednesday, March 16, 2011

Faculty Loan Repayment Program (FLRP)


Faculty Loan Repayment Program (FLRP)

The purpose of FLRP is to increase the recruitment and retention of faculty members from disadvantaged backgrounds in eligible health professions disciplines who have a health professions degree or certificate to serve at an eligible health professions school for a minimum of 2 years

FLRP is administered by the Bureau of Clinician Recruitment and Service (BCRS) within the Health Resources and Services Administration (HRSA).  HRSA is an agency of the U.S. Department of Health and Human Services (HHS). 

HRSA continues to strengthen its commitment to address health care workforce issues by supporting the repayment of costs incurred while pursuing a career in the health professions and dedication to preparing the next generation of health professionals.

What are the benefits of the FLRP?
Service - By joining the past and current FLRP participants across the country, participants
have an opportunity to train and serve as role models for the next generation of health professionals.

Loan Repayment - FLRP will provide funds to program participants to repay qualifying educational loans.
FLRP will award a lump sum, up to a maximum of $40,000, for a two-year service obligation.  All loan repayments paid to the participant must be used to repay qualifying educational loans.   

Tax Assistance Payment - FLRP payments are subject to Federal income tax and Federal Insurance Contributions Act (FICA) taxes.  To assist participants in meeting their tax burden, they receive an additional amount (equal to 39% of the loan repayment amount), which FLRP withholds (pays directly to the IRS) on behalf of the participants’ for their Federal income and FICA tax liability. All FLRP payments 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.  These FLRP payments may also be subject to State and local income tax.

Find more information at
http://bhpr.hrsa.gov

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