Archives for 2023

Personal Finance / Filing Taxes

Despite the joys that the arrival of spring heralds, it also evokes thoughts of tax season, with all of its negative associations. Adding tax filing to nurses’ already stressful schedules virtually guarantees stress and headaches.

The good news is that we’re here to help! We’ve created a guide to help you navigate the tax filing process, and to alleviate any confusion about the details of filing as a nurse.

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Specifically, this post will cover the following: 

• Tips for filing taxes as a nurse
• Potential tax write-offs for nurses
• Overview of travel nurse contracts

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Tips for filing taxes as a nurse

Most people don’t know what they’re doing when it comes to filing their taxes. That doesn’t mean that they make mistakes — it’s more that they don’t take advantage of the various ways of minimizing what they owe or maximizing their refund. Most nurses don’t aren’t aware of all the things they can write off to reduce their tax liability. If you’re a nurse, below you’ll find some valuable tips for filing your taxes. 

Keep a paper trail

Hold on to receipts for all your work-related expenses. This is one of the most important things to remember. 

Why?

Because your receipts are how you prove that you’re entitled to write these expenses off. Without receipts, you can’t prove you bought anything, and your accountant won’t be able to use them to minimize what you owe the government. It’s a good idea to keep an accordion file or folder that you can easily bring with you when you meet with your account or turn to as you prepare your return. 

Know your state’s tax laws

Every state has a different tax laws, so familiarize yourself with the rules where you live. For example, if you live in Florida, you don’t have to pay state income tax. By contrast, some states use a flat rate to calculate income taxes and others have a progressive tax rate. The more you know about your state’s tax rules, the more prepared you’ll be when it comes to tax time.

Of course, we’re just referring to state taxes. You’ll need to prepare your federal income tax return too.

Report all income

If you do any side work as a nurse, whether consulting, writing, driving an Uber, or babysitting, it’s imperative that you report your income, even if the company doesn’t provide you with a W-2 or 1099 form. The law says that you are responsible for paying taxes on that money. Failure to pay taxes can lead to significant risk of legal issues, fines, penalties, and even jail time.

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Potential tax write-offs for nurses

Anybody who has ever worked as a nurse knows that the job comes with costs. By some estimates, nurses pay up to $14,000 out of pocket, just to practice every year. 

Unfortunately, far too many nurses don’t realize that these costs can be written off.

According to Nurse.org, these are some of the tax write-offs that nurses can claim:

• Uniforms, including scrubs, medical shoes, and scrub coats
• Equipment including your stethoscope, penlights, scissors, etc.
• Licensing fees, i.e., anything you pay to keep your nursing license or any state registrations
• Continuing education costs, including the fees, meals, and cost of travel to conferences or continuing education courses
• Expenses related to staying current in your profession including journal access fees, subscriptions to publications in your field, and professional organization membership dues

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Overview of travel nurse contracts

Travel nurses find themselves in a unique tax situation because they can receive stipends as incentives to work, as well as reimbursements. 

When travel nurses sign their contracts, they need to make sure all reimbursements and stipend qualifications are specified in their contracts. They also need to make sure their hours are guaranteed. 

Not all travel nurse contracts guarantee hours. For example, if it’s a low census day and there aren’t a lot of patients, some hospitals pay nurses for those hours while others don’t. As a travel nurse, you should be able to cancel your contract at any time.  

If you are a travel nurse, you can work in a state for up to a year before you become a permanent resident. Travel companies can pay you to relocate within the state. 

Nurses need to live at least 50 miles from the facility where they work to be eligible to receive stipends. Travel nurses can live closer than 50 miles, but they won’t receive that extra benefit. Also, travel nurses can only receive stipends for one year.

Stipends are taxed differently. Make sure you are meeting the requirements of your travel nurse contract. 

Another option to consider is local travel nursing, which is travel nursing within your state.

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At Incredible Health, we are dedicated to helping every nurse find work and the information needed to succeed. That’s our mission. Click here to find out more. 

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Personal Finance / Nursing Student Loan Forgiveness

Higher education is expensive, and getting a nursing degree is no exception. Like many others pursuing a degree, many nurses take out loans, hoping that their income will be high enough for them to be able to pay them off quickly. Unfortunately, debt can become a significant financial burden for nurses, causing them to either pursue supplemental side hustles or to work exhausting overtime shifts.

The good news is that there are many programs offering nursing student loan forgiveness in 2025.

In this article, we’ll cover:

• Nurse Corps Loan Repayment Program
• Public Service Loan Forgiveness Program
• Federal Perkins loan cancellation and discharge
• Military nursing student loan forgiveness
• FAQs

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Nurse Corps Loan Repayment Program

A program of the Health Resources and Services Administration, the Nurse Corps Loan Repayment Program is designed for: 

• Registered nurses
• Advanced practice registered nurses (such as nurse practitioners) 
• Nurse faculty

To qualify, you need to be an RN or APRN working full time for a critical shortage facility or for a nursing school accredited by a national nursing accrediting agency or a state agency recognized by the Secretary of the U.S. Department of Education. Critical shortage facilities are public or private healthcare facilities located in, designated as, or serving a Health Professional Shortage Area as defined by the program.

To be eligible, you must also have received your nursing degree from an accredited nursing school located in a U.S. state or territory. The program pays 60% of unpaid nursing education for a minimum of two years of work, and after those two years of service, a third year of work will make you eligible for another 25% of your unpaid debt. The funds received are subject to state and federal taxes. You can apply for this nursing student loan forgiveness program online.

What counts as a critical shortage facility?

Critical shortage facilities are those located in areas that have a significant shortage of healthcare providers. They can include:

• Native Hawaiian health centers
• Indian health service centers
• End-stage renal disease dialysis centers
• Disproportionate share hospitals
• Urgent care centers
• Certified behavioral health clinics
• Rural health clinics
• Residential nursing homes
• Free and charitable clinics

Public Service Loan Forgiveness Program

The Public Service Loan Forgiveness Program is the most frequently-used nursing student loan forgiveness program. It offers nurses who have  made the equivalent of 120 qualifying monthly payments under an accepted repayment plan forgiveness after working full-time for a government or nonprofit employer.

If you work more than one job, you can combine your hours. However, you’ll need to have your employer fill out paperwork to gain eligibility.

To take advantage of the PSLF, change to an income-driven repayment plan. These plans generate your income to figure out your monthly cost. Switching over reduces your payments and can forgive more debt.

How to apply for a PSLF program

After making the 120 qualifying monthly payments and working for the same employer, you can fill out an application. Once you fill out the application, attach it to the employer certification form and mail it to the U.S. Department of Education.

Federal Perkins loan cancellation and discharge

Nurses who have federal Perkins loans and who work full-time may qualify for a 100% loan discharge. Though Perkins loans are no longer granted, nurses who have already taken them out can have their loans canceled.

The loan cancels out over 5 years. To have your loans withdrawn, send an application to the school you received the loan from, or the loan provider.

Military nursing student loan forgiveness

Nurses who have served in the military are eligible for many types of loan forgiveness programs. The Navy and Air Force have programs that can give up to $40,000 a year for nursing student loans. Eligibility depends on the program. Repayment awards are taxed.

To apply, contact your specific military branch for more details.

State nursing student loan forgiveness

Most states have nursing student loan forgiveness programs. Generally, you need to work in a critical needs area to qualify.

Below are several state programs available to nurses:

Alaska

If you live in The Last Frontier state, there’s a SHARP program dedicated to recruiting healthcare providers to work in critical needs areas in exchange for loan assistance.

Medical workers can earn up to $27,000 per year in loan forgiveness based on their positions.

Arizona

The Arizona Loan Repayment Program allows nurses to receive loan assistance to pay off their student loan debt. This program requires a 2-year commitment to provide primary care services in federally designated shortage areas.

Nurses can receive up to $50,000 in funds to help pay back loans for their first 2 years of work.

Florida

Florida nurses who work full-time at eligible organizations have the opportunity to get rid of debt through the state’s Florida provides up to $4,000 per year for a maximum of 4 years.

To be eligible, nurses must be licensed in Florida as an LPN, RN, or APRN.

Illinois

Nurses in Illinois who choose to work in veterans homes may receive loan forgiveness of up to $5,000 per year for a maximum of 4 years.

To be eligible for the Veterans Home Nurse Loan Repayment Program, nurses must:

• Be a resident of Illinois
• Receive employment verification by the Illinois Department of Veterans Affairs
• Meet licensing standards created by the Illinois Department of Financial and Professional Regulation

Iowa

Iowa has a Health Care Loan Repayment Program  that offers nurse educators teaching full-time at eligible Iowa colleges and universities, as well as registered nurses and advanced registered nurse practitioners who work in service commitment areas for five consecutive years a maximum annual award of $6,000 per year for up to five consecutive years of full-time employment.

Louisiana

Louisiana’s goal is to recruit healthcare workers to work in rural or urban communities in exchange for loan assistance.

Eligible nurses can receive up to $20,000 annually for a three-year initial commitment. Participants who complete their original three-year commitment in compliance, remain in an eligible site in a HPSA, and still have educational loans to repay may be able to extend their commitment with a two-year renewal to receive $15,000 annually. To qualify, you must have a Louisiana nursing license and not be in default on your loan.

Minnesota

The Minnesota Nurse Loan Forgiveness Program provides repayment to registered or licensed practical nurses who work in a designated nursing home or with people who have developmental disabilities. This program requires a 2-year commitment and can be extended for two additional years. Qualified candidates can receive $6,000 per year.

Montana

The Montana Institutional Nursing Incentive Program provides loan assistance for RNs who work full-time at a Montana state hospital or state prison. Qualified candidates need to submit documentation stating that their loans are more than $1,000. 

The final amount awarded depends on state funding. Candidates can only apply for repayment for 4 years.

Oregon

The Oregon Partnership State Loan Repayment Program asks nurses to commit to either two years of full-time service or 4 years of part-time service in a health shortage area. Full-time nurses are eligible for up to $25,000 a year of 50% of their qualifying educational debt. Part-time workers can receive up to $12,500 a year, or 25% of their qualifying educational debt.

Pennsylvania

Through the Pennsylvania Primary Care Loan Repayment Program, Certified Nurse Practitioners and Nurse Midwives who choose to work in federally designated shortage areas can receive loan repayment of up to $48,000 for full-time nurses, while part-time nurses can receive up to $24,000. Candidates must serve at least two years.

Rhode Island

Within the state, nurses may qualify for the Rhode Island Professional Loan Repayment Program. To receive these funds, you must commit to working for 2 years within a shortage area.

Tennessee

Tennessee offers a State Loan Repayment Program to qualified primary care practitioners in exchange for an initial 2-year service obligation to practice full-time or part-time at an ambulatory public, non-profit or private non-profit primary care site located in a federally designated Health Professional Shortage Area (HPSA). To qualify, applicants must:

• Be a Tennessee resident
• Have a Tennessee nursing license
• Must work forty (40) hours a week with no more than eight (8) hours per week spent on practice-related administrative duties or part-time, twenty (20) to thirty-nine (39) hours per week choosing a two (2) or four (4) year service obligation commitment.

Texas

To qualify for the Rural Communities Health Care Investment Program, nurses need to work 12 back-to-back months in a rural community. The maximum payment is $10,000. This is especially helpful for new graduates of Texas nursing programs  unsure of how to pay off their loans.

Vermont

Vermont offers a maximum $6,000 educational loan repayment program for nurses. To qualify, you must work 12 months within an under-resourced area. Each nurse also needs to work at least 45 weeks every year, with 20 weeks including clinical hours.

West Virginia

The West Virginia State Loan Repayment Program provides loan assistance for nurses who work full-time for at least two years in under-resourced rural areas. Qualified candidates can earn up to $40,000 for a two-year commitment and an additional $25,000 for two more years if the contract gets extended.

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Personal Finance / Home Buying Programs for Nurses

Nursing is a highly respected profession, and the demand for qualified, experienced registered nurses is so high that they can get a good-paying job just about anywhere they want.  Still, some banks view nurses as a credit risk when it comes to extending them loans. Though this may feel discriminatory or counter-intuitive when a nurse is a well-paid prospective borrower, it happens.

The frustration of this phenomenon is palpable, especially when nurses spend so much of their time and energy caring for others, carry such significant responsibility, and earn attractive salaries. The good news is that when it comes to buying a house and choosing a lender, nurses have other options, including taking advantage of home-buying programs specifically designed for healthcare professionals. 

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In this blog, we explore: 

• Standard home loans for nurses
• Specialized home loans for nurses
• Loan options from private lenders
• Home loan grants for nurses
• Overcoming home buying challenges

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Standard home loans for nurses

Though nurses may encounter problems in applying for a housing loan, it doesn’t happen all the time, and there’s no requirement for nursing professionals to seek mortgage programs designed specifically for them. There are plenty of affordable home loans that are easily accessible across the market. Some of the more popular options include:

Conventional home loans. These do not come with government backing, though most conform to the rules of government-sponsored enterprises. To qualify, you typically must have a minimum of 3% down payment of the total cost of the home and a credit score of 620 or higher.

FHA loans appeal to nurses with credit scores between 580 and 620 (however, some lenders do still require a higher credit score). They’re backed by the Federal Housing Administration and come with some strings attached. One requirement is that you must have a 3.5% down payment available at the time of loan approval. FHA loans also require private mortgage insurance (PMI). Requiring this insurance is common when a borrower puts down less than 20% on a home purchase. PMI protects the lender, not the borrower.

The U.S. Department of Veteran Affairs backs VA loans and are available to any nursing professional who has also served in the military. This is an attractive option to most nurses who qualify because VA loans don’t require a down payment to secure a low interest rate and closing costs. Best of all, borrowers who take out VA loans can avoid PMI. Lenders who provide mortgages through the VA loans program set their own credit score thresholds, with most opting for a range between 580 and 660.

The U.S. Department of Agriculture backs USDA loans. Like VA loans, they do not require a down payment to get the best interest rates. To qualify, nurses must have a credit score of at least 640 and must meet household income limits. They also need to commit to buying a home in a rural area. Nurses can use maps provided by the USDA to find out if the home they want to purchase is eligible under the program’s rules.

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Specialized home loans for nurses

There are two reputable home loan programs that specialize in loans for nurses. Both operate nationally.

Nurse Next Door

Nurse Next Door is not a traditional mortgage lender. Rather than lending money or originating loans, it serves as a first-time homebuyer assistance program for nurses that matches them with aid programs, mortgages, and even available properties.

Nurse Next Door also offers a Fresh Start Program that can help nurses with credit issues get back on track financially so they’re ready to become mortgage borrowers. Need help with a down payment? Nurse Next Door has available grants and other financial assistance for nursing professionals who qualify.

Homes for Heroes

Homes for Heroes is another nationwide homeowner assistance program popular with nurses and other healthcare professionals. It helps nurses buy, sell, or refinance their homes when they work with recommended affiliate real estate and mortgage brokers. According to information provided by the program, nurses can save an average of $2,400 when they use Homes for Heroes.

The more referred specialists they use from the program, the higher the savings. Working with real estate specialists approved through the program generates an average saving of $1,700,  and using mortgage, title, and inspection specialists recommended by Homes for Heroes can save borrowers $500 on lending fees, $150 on title services, and $50 on home inspections.

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Loan options from private lenders

With a little research, nurses can find other deals offered by private mortgage lenders who may be willing to sweeten the pot for healthcare professionals. This may include offering reduced closing costs and other perks. One such lender is Mortgages for Champions, a mortgage program from RealFi Home Funding Corp. that is licensed as a direct lender in 13 states plus the District of Columbia. Nurses can save between 2 and 3% by borrowing through them because they can avoid many of the fees associated with closing.

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Home loan grants for nurses

In addition to the grant program from Nurse Next Door previously mentioned, there are numerous down payment assistance programs created especially for nursing professionals. One of the most effective ways to identify these programs in your area is by visiting the website of your state’s Department of Housing and Urban Development (HUD). Nurses should be aware that grants are usually limited and eligibility criteria vary significantly between programs.

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Overcoming home buying challenges

Nurses can face unique challenges when applying for mortgages. Lenders must verify eligibility requirements, including income and creditworthiness, but since many mortgage lenders don’t understand how nursing works, they may deny nurses access to the financial resources they need to buy homes. Alex Capozzolo of SD House Guys, a professional house buyer located in California, stated, “Getting approved for a loan to buy a home is more challenging than ever. Banks are extremely strict. Pay off as much debt as possible before applying. That will help make banks more interested in lending to you.” Here are some of the most common home-buying challenges nurses face and what you can do if you’re faced by any of them.

Traveling nurse income has mystified traditional mortgage lenders for years. Financial institutions like to review prospective borrowers’ average gross pay history to determine whether they are financially stable, but traveling nurses can go from working very few hours in oneo location to working more than full time hours in another, all at varying hourly rates. This can confuse some lenders and can lead them to deny nurses’ mortgage applications. One solution is to have your current employer write a letter verifying current employment conditions, making special mention if they are long-term.

Student debt is another variable that can play into a mortgage lender’s denial of your application. Nurses who wish to advance their careers require higher levels of education. Paying for nursing school isn’t cheap, and mortgage lenders can look at student debt as a risk factor. Working with one of the loan specialty programs mentioned earlier in this article is one way to find solutions that drive down debt-to-income ratio and increase your chance of qualifying for a traditional mortgage.

Looking for a new job to go with your new home? Browse our Nursing Jobs Board to find an exciting position in your nursing specialty.  

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