RN Application(.pdf)

$2,000-$5,000 LOAN FORGIVENESS PROGRAM

In order to encourage graduate nurses from the College of San Mateo program and/or other 2-year accredited college nursing programs to locate and provide nursing services within the jurisdiction of the Peninsula Health Care District, the District will loan selected nursing students the sum of up to $2,000 for each year of the program they pursue. The loan proceeds are intended to assist the students with the costs of their nursing education. The first up to $2,000 loan proceeds will be advanced to select students enrolled in the College of San Mateo program or other 2-year accredited college nursing program upon completion of the District's selection process, which should be before the commencement of the first semester. The second of up to $2,000 amount will be advanced upon the commencement of the student's second year of the program.

For students enrolled in a 4-year Nursing Program, the District will loan selected nursing students a sum of up to $5,000 for each year of the program they pursue. The first of up to $5,000 loan proceeds will be advanced to selected students enrolled in a 4-year Nursing Program upon completion of the District's selection process, which should be before the commencement for the first year of the program. Subsequent of up to $5,000 loans will be forthcoming based upon satisfactory performance/passing of the first year and written confirmation of continued enrollment in the Nursing Program at a 4-year institution.

Unless the student qualifies for loan forgiveness (see below), the loan shall be repaid (without interest) over a period of not more than twenty-four (24) months, in equal monthly installments, commencing at the beginning of the first month following a Repayment Event. A Repayment Event shall occur if (1) the student leaves CSM, another 2-year college nursing program, or a 4-year Nursing Program without completing the Nursing Program and obtaining a degree, or (2) does not obtain a position upon graduation providing nursing services on a full-time basis within any of the following communities: Burlingame, Millbrae, San Bruno, Hillsborough, San Mateo, or Foster City, or (3) ceases providing nursing services on a full time basis within any of the foregoing communities during the two years following graduation.

If the student completes the CSM program or other 2-year college nursing program and completes two post graduate years in a nursing position in the specified communities, a Repayment Event will not occur and the District shall forgive the loan in full. If the student completes an accelerated program leading to a Bachelor's in Nursing or a 4-year program, and completes either two years or four years in a nursing position in the specified communities, a Repayment Event will not occur and the District shall forgive the loan in full.

The Graduate shall repay the entire loan amount advanced if a Repayment Event occurs at any time after the first $2,000.00 or $5,000.00 is advanced and completion of the first post graduate year in nursing. The Graduate shall repay one-half (1/2) the loan if a Repayment Event occurs at any time during his or her second year of post graduation nursing. A Repayment Event will not trigger repayment if it arises from the Graduate's death or permanent disability. The District may, within its absolute discretion, agree to suspend a Repayment Event if the District deems that the event represents a temporary period of transition by the Graduate between nursing service positions within the named communities.

The loan advance will be made subject to terms and conditions set forth in a loan agreement entered into between the District and the Graduate. Loan applicants should be aware that to the extent outstanding amounts owed are forgiven by the District, such amounts may be deemed taxable income by the IRS, the applicant should discuss the loan forgiveness with his or her tax adviser.