National student loan forgiveness programs for doctors

IDR repayment plans last for 20 to 25 years, depending on which plan you enroll in. After the plan repayment period ends, any remaining federal student loan debt will be forgiven.

All federal student borrowers are eligible for the REPAYE Plan. The IBR, ICR, and PAYE plans are only available to those with certain types of federal loans.

If you have private student loans or don’t qualify for federal student loan forgiveness, other options are available exclusively to those in the medical fields. These programs may allow you to get a portion of your student loan debt forgiven, simply for doing the job.

National Health Service Corps Loan Repayment

The NHSC Loan Repayment Program offers up to $50,000 in nontaxable student loan repayment in exchange for a two-year, full-time service commitment and up to $25,000 in student loan repayment for two-year, half-time service.

• U.S. citizen or national
• You provide care in the Medicaid, Medicare, or state CHIP programs (or eligible to participate)
• Fully trained and eligible to work in the primary care medical, dental, or mental and behavioral health fields in your state

Applicants need to have eligible student loan debt resulting from education expenses required for their health profession. Applications are accepted on an annual basis; for more information, visit the NHSC Loan Repayment Program page.

National Health Service Corps Substance Use Disorder Workforce Loan Repayment

The NHSC Substance Use Disorder Workforce Loan Repayment Program, also known as SUD Workforce LRP, is designed to support healthcare providers helping combat the opioid crisis in the U.S. It offers up to $75,000 in loan repayment funds for three years of full-time service, and up to $37,500 for three years of half-time service.

In order to be eligible for this award, you must work at a SUD treatment facility classified in a health professional shortage area (HPSA), with a score that would normally be too low to qualify for funding. Lire la suite

Student loans and finance – how to pay for a degree

Am I eligible for a student loan?

If you are starting or continuing a full-time or part time undergraduate course in 2022 to 2023 you can apply to the government for help with your student tuition fees and your living costs. You can find out what loans are available to you and how and when you will have to pay back your loan from the Student Loans Company website. You can start the application process from onwards.

How much student loan you get depends on your course of study, your household income and your personal circumstances. For many students, household income will be the money that their parents earn as a combined sum.

What if I do not qualify for a student loan?

If you do not qualify for a tuition fees loan and a maintenance loan from the government, you may still be able to arrange a private student loan or private student finance to fund your studies. There are personal loans for students from banks and other lenders to help you through your course of study.

However, bear in mind that private student loans are actually commercial personal loans and come at higher interest rates than loans from the SLC. You will also have to pay back your personal loan while you are at university, unlike a government student loan which is only repaid after you finish and only if your income is above a certain threshold. Some people on low incomes may never have to repay their government SLC student loan in full as it is written off after 30 years. You will always have to repay a private personal loan.

What are the alternatives to a student loan?

If you do not qualify for a government student loan from the SLC, and you do not want to take out a personal loan, there are other options to help you financially through your studies. You could choose to study part time, have a job while studying, or apply for grants, bursaries or scholarships. Lire la suite