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Student Loans And The Healthcare Industry: Exploring Links And Impacts
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Student loans can help cover the costs of your medical education, but paying back your loans when you’re starting your career can be a tall order. The average medical student graduates with $250,990 in total student debt, seven times more debt than the average college graduate.
What Are Health Professions Student Loans?
If you have medical school debt that you are struggling to pay off, medical school loan forgiveness programs can provide much-needed financial relief by making your debt manageable.
A medical school loan waiver is any program that erases some or all of your medical school loan debt after meeting certain criteria. Part of the medical school loan may be available through the federal government, your state government, or other programs. Generally, this type of student loan forgiveness is reserved for physicians who work in areas with a high need for medical professionals and for those who work in non-profit organizations or the government.
Below is a list of six student loan forgiveness programs for physicians to consider if you want to reduce your medical school debt.
Public Service Loan Section Best for: Physicians who intend to work for 10 years or more in a non-profit or public health care facility.
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The Public Service Loan Facility (PSLF) is a federal student loan repayment plan available to many professionals who work full-time for nonprofit organizations or government agencies. This can often include an internship or residency with a nonprofit or public hospital.
Doctors and nurses who want to use the public service loan forgiveness program need the right types of student loans. Only Federal Direct Loans are eligible, although you can consolidate Perkins or Federal Family Education Loan (FFEL) loans to participate in the program. Recent changes to PSLF mean that anyone who consolidates their loans and applies for PSLF by October 31, 2022, can count past qualifying payments on Perkins or FFEL loans toward PSLF. Private student loans are not eligible.
The Biden administration announced permanent changes to the PSLF program in 2022, expanding eligibility criteria for the program to include borrowers. Since these changes have come into effect, borrowers can borrow for late, partial and lump sum payments, as well as certain forbearance and deferment periods. In addition, borrowers who have made 20 to 25 years of qualifying payments may qualify for income waivers through an income repayment plan.
To get your balance forgiven, you’ll need to make 10 years of on-time payments (120 in total) on your student loan under an income-driven repayment plan.
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PSLF is a way to save money if you work in a public service job, but it takes at least 10 years and it won’t erase all of your medical school debt.
National Health Service Corps (NHSC) Loan Repayment Program Best for: Physicians and other health professionals interested in working with underserved communities
The Health Resources and Services Administration offers a student loan repayment program (among other assistance programs) to eligible health care professionals. To qualify for a waiver, you must be licensed and work in an appropriate discipline. Eligible employees include:
If you apply for and are accepted into the NHSC loan repayment program, you must agree to serve at an NHSC approved site for at least two years. These are areas and facilities that face shortages of health professionals, often in poor communities.
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Making this commitment can make up to $50,000 of student loan debt tax-free. If you get a continuing contract, your third, fourth and fifth years of service can give you up to an additional $25,000 each year. Even if you can only work on a part-time basis, you can get some forgiveness through the program.
The NHSC LRP is a tax-forgiveness program for full-time and part-time medical professionals who choose to work in a high-need area.
The NHSC Student Loan Repayment Program is best for: Students interested in primary care who may be eligible for the HSPA.
Eligible students in their final year of medical, nursing or dental school may qualify for up to $120,000 in tax-free loan repayment through the NHSC Student Loan Repayment Program. Loan repayments are made in four annual installments, up to a maximum of $30,000 per year. To qualify, medical students, nursing students or dental students must commit to full-time clinical practice for three years at an NHSC approved site.
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The NHSC Student Loan Repayment Program can be a great way to pay off a large portion of your medical school debt early in your career.
Indian Health Services (IHS) Loan Repayment Program Best for: Physicians interested in the cultural or financial rewards of service to American Indian or Alaska Native communities.
Doctors who have been working for at least two years
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