Faculty of Medicine Lending: 8 Programs for Physicians
Doctors who work in the public sector or who practice in underserved areas for a period of time usually have the option to take out medical school loans. If these requirements match your career goals, loan waiver is a great option to make .
Here are eight doctor lending programs, as well as information on how to get medical school loans.
Public Service Loan Forgiveness is a U.S. Department of Education program that clears any remaining federal student loan balances after 10 years of making payments while working for the government or a nonprofit. Doctors can benefit especially if they are staying in a qualified non-profit or public hospital. Forgiveness Through Public Service Loans Forgiveness is tax-free.
Many states have programs that repay some or all of doctor’s student loans if they work in a rural or underserved area for a period of time – usually at least two years. The Association of American Medical Colleges has one of state and federal programs.
In addition to government loan repayment programs for doctors working in underserved areas, offers up to $ 50,000 in tax-free student loan repayment for GPs who have worked in a healthcare professional for at least two years.
You can qualify for the National Health Service Corps loan repayment program if you specialize in family medicine, internal medicine, pediatrics, obstetrics / gynecology, geriatrics, or psychiatry. Parent PLUS loans are not eligible.
the offers up to $ 120,000 in tax-free student loan repayment (up to $ 30,000 per year for four years) to fourth year medical students who agree to work full-time in a health professional area for at least three years.
You can qualify if you plan to specialize in family medicine, internal medicine, pediatrics, obstetrics / gynecology, geriatrics, or psychiatry. Parent PLUS loans are not eligible.
the provides up to $ 75,000 in student loans to physicians who have worked in a licensed substance abuse treatment facility for at least three years.
Program priority will be given if you have a DATA 2000 waiver for prescribing licensed narcotics for the treatment of opioid use disorder, work in an opioid treatment program, or are licensed or certified in substance use interventions.
There are eight each providing up to $ 35,000 per year in student loan repayments for physicians in biomedical or biobehavioral research careers. Each of the programs is aimed at researchers in a variety of fields including clinical, pediatric, AIDS, and contraception and infertility.
Your loans will not qualify if you have refinanced or consolidated them with loans given to someone else; B. a parent or spouse.
the provides up to $ 40,000 in student loan repayment to physicians who have worked in communities that serve Native American or Alaskan communities for a minimum of two years. You may be able to extend your contract beyond the first two years and continue to receive loan repayment benefits until your qualifying student loan is paid off.
Your loans will not qualify if you have refinanced or consolidated them with loans given to someone else; B. a parent or spouse. This loan repayment service is taxable, but the program pays a percentage of federal taxes.
The U.S. military provides student loan repayment benefits to doctors on duty. For example, the Navy Health Professions Loan Repayment Program offers loan repayment of up to $ 40,000 per year for up to three years. Contact your military department for details on your options.
Bill has been proposed to grant student loans to doctors and other frontline health workers responding to the COVID-19 pandemic. The Law on Student Loans for Frontline Health Workers would pass the entire outstanding balance of government and private medical loans, but it has not passed.
Student Loans as part of the Coronavirus Aid, Relief and Economic Security Act, or CARES Act. Federal student loan payments will be on hold until September 30, 2021, and those payments will count towards public sector loans. If you have any other medical school loan waiver option, check with the program administrator to determine if missed payments will affect your eligibility.
If any of the medical school loan programs listed above meet your career goals, here are some steps you can take:
Depending on the program – especially whether national or private qualify – take steps to maximize the amount of lending you can receive: