A Nursing Education Loan Repayment Assistance bonus of $6000 will be paid to RN’s or LPN’s that currently have outstanding student loans that were incurred while obtaining their nursing degree. If the amount of the outstanding student loan is less than $6000, the amount of the bonus paid would be limited to the outstanding balance. This bonus will be paid out in annual payments. Employees electing to receive a sign-on bonus are not eligible for this Tuition Loan Repayment Assistance bonus.
The employee must maintain guaranteed hours of at least 24 hours per week during the payout period. The employee will forfeit any remaining amount of the unpaid bonus should their guaranteed hours fall below 24 hours per week during the pay-out period.
The following payout schedules are available:
Student Loan Balance Payout Period
Up to $1000 1 year
$1001 to $2000 2 years
$2001 to $6000 3 years
Payout for each year of the bonus is limited to the following amounts.
Year 1 payment $1000
Year 2 payment $1000
Year 3 payment $4000
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