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Loan repayment assistance for doctors and other health care professionals


Are you just thinking about entering the healthcare industry? Or have you already graduated from your degree program? If it is yes, then repayment assistance must be the issue that you are most likely impacted by. To become a doctor is like a marathon, not a sprint. Because, after completing undergrad, passing the MCAT, finishing medical school and getting accepted into a great residency program, now you have to survive medical residency. However, your school loan will also start to come due. Otherwise, maybe you have a family or mortgage to take care of as well, so being proactive about finding any form of loan repayment assistance is a smart move. Don’t be scared. There is nothing to worry about. We are here to help. This comprehensive article will guide you about available loan repayment assistance for doctors and other related healthcare professionals.

There is a challenging requirement of entering the healthcare field such as a solid education and consistent training. That is why you can rest a little easier knowing about some loan repayment programs dedicated to helping you achieve healthcare student loan forgiveness. You may have been able to defer payments on your loans while in medical school. Unfortunately, residents may no longer have that option. If you are the student graduating medical school with student debt, there could be some relief in terms of debt forgiveness and some alternatives towards loan repayment. Let us look at some of these federal loan forgiveness programs.

loan-repayment-assistanceStudent loan relief for Nurses

Even though nursing is not an allied health career, there is federal student loan relief available for nurses. If you have to become a nurse in your mind,  take a profound look at the Nurse Corps Loan Repayment Assistance Program. You will find all detailed information about eligibility and requirements on their website.

Healthcare Loan Forgiveness by State

Most of the states in the US offer public student loan forgiveness and assistance for healthcare employees. That is why it would be better you check with your state to see what your options are. Some of the most common loan repayment assistance alternatives include programs aimed at healthcare professionals who work with high-needs communities, in rural areas or as educators teaching healthcare fields at a state college or university. There is a grant program known as the State Loan Repayment (SLRP) which is funded by the Federal Government. It is intended for the states and territories that provide cost-sharing grants to help in operating state education loan repayment assistance programs for primary care providers working in Health Professional Shortage Areas. But, just keep in mind that not all states offer SLRP.

Healthcare Loan Repayment Program

loan-repayment-assistanceBesides the widely available federal student loan forgiveness relief alternatives mentioned earlier, there are loan repayment assistance programs dedicated just for those who studied and work in allied health or healthcare. Here are several options:

National Health Service Corps loan repayment program (NHSC) is a program allowing licensed healthcare providers up to $50000 towards student loans in exchange for two years of work at an NHSC-approved site. It qualifies federal credits, state loans and loans from local entities as well as commercial institutions. However, there are several additional requirements for being eligible:

  • you have to be a US citizen (either US born or naturalized) or US National
  • be eligible to participate as a provider in the Medicare, Medicaid and the State Children’s Health Insurance Program.
  • be a fully experienced and licensed practitioner in an NHSC-eligible primary medical, dental or behavioral health discipline.
  • have unpaid student loans that have been taken before the application to the NHSC Repayment Program.
  • work ar or have an accepted offer of employment at an NHSC-approved service which begins no late than 7/18/18
  • get more detailed information about opportunities at NHSC-approved sites, just take a look at the Health Workforce Connector online.

loan-repayment-assistanceNational Health Service Corps(NHSC) Students to Service Loan Repayment Program (S2S LRP)

This is one of the most reasonable loan payment assistance for healthcare employees. The Students to Service Repayment Program allocates up to $12000 in aid to medical or dental students in their final year of school. But it is signed the agreement that the student will work full-time as a primary healthcare provider at an NHSC-approved site for at least three years. This agreement implies that the student must work in a Health Professional Area of the greatest need.

Indian Health Services (IHS) Educational Loan Repayment

This loan repayment assistance program aims to ensure that Indian health program facilities trained health professionals by offering loan repayment for individuals who to serve an applicable time at an IHS-approved site. The individuals receive up to $20000 per year and plus 20% of the award for the tax liability. But the minimum amount of time required is two years.

Faculty Loan Repayment Program (FLRP)

If you are a creature of habit who loves teaching and healthcare, this repayment assistance program is very convenient for you. The FLR  Program is intended to provide loan assistance of up to $40000 to those who pursue a career as a faculty member at a health professions school. Additional requirements have an acceptable healthcare degree or certificate, you must come from a disadvantaged background (based on environmental and economic factors). Moreover, the applicant should have an employment commitment as a faculty member for at least two years.

loan-repayment-assistance National Institutes of Health Loan Repayment Programs (LRPs)

This type of t assistance program is designed to recruit and retain qualified health professionals in biomedical and biobehavioral research careers. The program provides $35000 in repayment annually but requires graduates to work within NIH research.

Health Professionals Loan Repayment Program (HPLRP)

This is also another kind of loan repayment program which is intended for individuals to join the US Navy or for current active medical personnel to commit to active duty in exchange for repayment of their student loans. The Health Professionals Loan Repayment Program offers up to $40000 annual refund excluding 25 percent in federal income taxes.

Private Loans for Healthcare Students

Besides all these repayment assistance programs mentioned above, there are also many options for private student loans dedicated to students in the healthcare fields. If you want to receive a loan from a private lender like a bank, credit union or school, you can compare their general and healthcare specialty student loans. Just learn about which offers are the best deal for your financial situation. It is better to be aware of that while federal loans have a fixed interest rate, private student loans offer an often higher interest rate, and it is more variable.

Finally, to build a career as a healthcare professional is rewarding and respected, plus it requires a solid education. When you are just thinking of applying or already in your program, feel confident that your life will be more comfortable with the resources of loan repayment programs listed above. By the way, always keep in mind that there are additional resources available online. It will be a great idea to make an appointment to talk with financial aid at your school. Or if you need any additional information about other options of loan repayment assistance, please, do not hesitate to contact us.