If you have *eligible debt that is $40,000.00 or more then you would receive the maximum Award amount. If your eligible debt is less than the maximum Award amount then your eligible debt amount would be your Award amount. 72% of your Award amount will go the lending institution and 28% will be withheld for taxes. Contact ADHPLRP with any questions.
Example how your Award is disbursed:
If your Award is the maximum Award amount then $28,800.00 would go to your lender and $11,200.00 would be withheld for taxes - Total Award $40,000.00.
If your Award is less than the maximum Award amount (example $20,000.00) then $14,400.00 would go to your lender and $5,600.00 would be withheld for taxes - Total Award $20,000.00.
*Eligible Debt: Loans disbursed to you while in school for the degree that allows you to apply for ADHPLRP.
Example: 46NX Nurse: BSN loans would be eligible debt.
You will receive a W2 in January 2011 that would reflect your Award amount as income and that the taxes have been paid.