Kaiser Foundation Hospitals is the Kaiser Permanente entity that serves as lender for the Kaiser Permanente CRNA Student Loan Program. Kaiser Foundation Hospitals partners with Scholarship America, Saint Peter, MN who serves as a broker to assist with: (1) online loan application process, (2) school attending verfication process, (3) distribution of loan checks. Kaiser Foundation Hospitals does not charge broker fees to its borrowers. Loans are made by Kaiser Foundation Hospitals pursuant to California Financing Law license.
Kaiser Permanente announces a loan program to assist new and continuing students in the Samuel Merritt University Program of Nurse Anesthesia. These guidelines describe CRNA loans available for the graduating classes of 2021 and 2022.
Loans of $10,000 per year are available to students in the Samuel Merritt University Program of Nurse Anesthesia to a maximum loan amount of $20,000 over two years. Financial need is not a criterion for loan approval. Loans may be forgiven through qualifying employment with Kaiser Permanente within Northern California for a maximum of $5,000 forgiven per year of employment.
CAREFULLY READ the web site materials for full details on loan amounts, eligibility requirements, applicable deadline dates and Loan Disclosure Information.
This program is administered by Scholarship America®, the nation’s largest designer and manager of scholarship, tuition assistance and other education support programs for corporations, foundations, associations, and individuals. Awards are granted without regard to race, color, creed, religion, sexual orientation, gender, disability, or national origin.
Applicants for the 2020 award cycle must be accepted into or enrolled in the Samuel Merritt University Program of Nurse Anesthesia and expect to graduate by December 31, 2022. For initial and continuing loan program eligibility recipients must
Samuel Merritt University will be contacted to verify each applicant’s eligibility for this loan award disbursement. Samuel Merritt does not guarantee that an applicant will receive a loan. Applicants will be notified in August 2020.
Students must submit their applications by 3:00 pm CT on June 10, 2020.
For the 2020-21 award year, loans will be disbursed In two payments of $5,000. Loan checks will be made payable to the recipient and mailed to their home address .
Eligible recipients who successfully complete the 2020-21 academic year will be invited to continue their CRNA Student Loan funding to cover tuition in 2021-22. CRNA Student Loan award continuation information will be emailed directly to eligible recipients.
LOANS WILL BE ARRANGED OR MADE PURSUANT TO THE CALIFORNIA FINANCING LAW LICENSE
Loan Forgiveness or Repayment
Loans may be forgiven through qualifying employment with Kaiser Permanente within Northern California for up to a maximum amount of $5,000 per year of employment. Recipients must work in the specialty for which they received their loan in order to earn forgiveness and must obtain employment at Kaiser Permanente within 6 months of their graduation date otherwise loan forgiveness cannot occur.
All loan recipients are encouraged to apply for qualifying positions following graduation, however, Kaiser Permanente does not give preference to loan recipients in the hiring process. All applicants for employment, including current or prior employees of Kaiser Permanente, are subject to normal hiring practices and must meet all eligibility requirements set by Kaiser Permanente, including a physical examination and a criminal background check.
Applicants should not rely on the potential for loan forgiveness in determining whether they will be able to meet loan repayment obligations. Recipients who fail to maintain satisfactory academic progress, who do not obtain a qualifying position, or otherwise do not qualify for loan forgiveness must repay the loan under the terms set forth in the loan agreement This includes a six-month interest-free grace period following graduation and a ten percent (10%) rate of interest thereafter. The loan may be prepaid without penalty.
Kaiser Permanente reserves the right to review the conditions and procedures of this financial aid program and to make changes at any time including termination of the program.
Submission of the application does not constitute an entitlement or a legally-enforceable right to a loan. By submitting the application, the applicant agrees to accept the decisions of Scholarship America and Kaiser Permanente as final. Such decisions do not grant a right of appeal. Loan applicants must submit the application by the published deadlines. Scholarship America and Kaiser Permanente take no responsibility and grant no exceptions for errors in delivery or non delivery by the postal service.
It is recommended loan recipients consult a tax advisor to discuss the tax implications of both loan repayment and forgiveness For example, the IRS currently considers loan forgiveness to be taxable income for the year in which it is earned. Loan recipients are responsible for the payment of all such income taxes, and Kaiser Permanente may be required to withhold from recipients’ payroll checks an amount sufficient to cover such taxes. In addition, the IRS considers interest paid on student loans to be tax-deductible under certain circumstances.