The purpose of the T. This includes 22 counties in East Texas. Nurse Corps provide federal loan repayment program for registered nurses and advance nurse practitioners working at Critical Shortage Facilities CSF located in primary care or mental Health Professional Shortage Areas; or nurse faculty at accredited nursing schools.
FLRP helps eligible health professions faculty from disadvantaged backgrounds to repay their student loans. Educational support for eligible military veterans, including those in certain health professions. For eligible veterinarians who agree to serve in a NIFA-designated veterinarian shortage situation for a period of three years.
A set of programs established by Congress and designed to recruit and retain highly qualified health professionals into biomedical or biobehavioral research careers.
For programs that are specific to federal loans, income-driven repayment plans can reduce required monthly payments before the debt becomes eligible for forgiveness. For example, if you plan to pursue Public Service Loan Forgiveness PSLF , you will need to make qualifying payments over ten years before your remaining debt can be forgiven. As a result, prospective PSLF applicants should enroll in an income-driven repayment plan to ensure that they are paying the minimum amount in their payments.
Otherwise, according to the terms of a standard 10 year plan, they will have already paid off most of their loan balance by the time their ten years of service is completed. If the program repays or forgives private loans, check the rules relating to refinanced and consolidated loans. Many, but not all, programs disqualify student debt that has been refinanced.
If you are allowed to refinance your loans and remain eligible, you may be able to minimize interest with medical school loan refinancing. Many loan assistance programs place a cap on their financial assistance, which means doctors will still have to repay a portion of their debt. Strategic refinancing can help you pay down your remaining principal faster, but always make sure that refinancing will not jeopardize your eligibility for forgiveness or repayment assistance.
If you have a mix of federal and private loans, it is also possible to refinance only the private loans while leaving the option for income-driven repayment or loan forgiveness on the table for the federal loans. The detailed research, planning, and documentation required to successfully qualify for loan forgiveness does not stop once you start working. It is critical to stay on top of any on-going requirements that may affect your eligibility for your program of choice.
For example:. Too often, doctors neglect to submit an annual certification or miss qualifying payments that are required by their program. Imagine the shock, frustration and disappointment of realizing you have inadvertently disqualified yourself from loan forgiveness after years of work. As you decide whether to pursue a loan forgiveness program, you should study the exact requirements and consult with a representative from the program. A physician-specific financial professional can also help you stay on top of your on-going eligibility requirements to ensure you have the best possible chance of receiving maximum loan assistance.
The rewards of a loan forgiveness program can be enormous, both financially and professionally. However, be prepared for a lot of red tape and fine print as you navigate the loan forgiveness process.
If you are considering or pursuing a loan forgiveness or repayment program, talk with a financial professional to determine which options can help you get the most value while also helping you reach your long-term financial goals. Schedule a talk with an advisor today. Work with advisors that know physicians. Get Financial Planning. About the Author Author: Betsy Rubendall. Step 1: Consider available loan forgiveness opportunities There are a wide variety of loan forgiveness programs available to physicians depending on their specialty, region, and professional goals: Public Service Loan Forgiveness PSLF Public Service Loan Forgiveness is a program created by the Federal Department of Education to incentivize physicians and other professionals to pursue careers in public service.
Qualifying specialties include: family medicine, internal medicine, pediatrics, OB-GYN, geriatrics, and psychiatry. Provide answers in your application that match your supporting documents. If they don't, we will reject your application. You must submit a legible , complete online application by the application deadline.
The following provides an overview of the application requirements. Refer to the application and program guidance for our complete set of requirements and instructions. The site s must complete the electronic EV before you can submit your application. It's your responsibility to ensure that the site point-of-contact completes the EV.
You can also download a copy of your application, supporting documents, and completed EVs. Once you submit the online application, you may make edits, upload new documents, etc.
You must make all final edits and resubmit your final, complete application by the application deadline. We use selection factors and funding priorities to evaluate you and determine who receives awards.
Note: You must respond by the deadline we provide in the Confirmation of Interest email. If you do not complete the Confirmation of Interest process by the deadline, we may withdraw your application from consideration.
If you still wish to participate in the program, you will need to submit a new application. You will receive final notification of an award, including your service obligation dates, no later than September Review the APG and your contract. Deadline Extended Apply now through February 3, , p. It has the information you need to apply. ET Can't attend a session? Which loan repayment program fits me best? Two year half-time clinical practice at an NHSC-approved site. Loan Repayment You will receive funds to repay your outstanding, qualifying, educational loans.
NHSC loan repayment funds are exempt from federal income and employment taxes. Complete Repayment of Qualifying Loans Once you complete the initial two-year service contract, you may be eligible to apply for additional loan repayment funds to pay any remaining educational loans through one-year continuation service contracts. There is no guarantee that you will receive a continuation contract. Application Launch Date: November 2, Application Submission Deadline: December 16, Employment Start Date: July 18, Scholars Service Obligation Date: July 31, Notification of Award: September 30, Contract Termination Deadline: 60 days from the effective date of the contract or at any time if the individual who has been awarded such contract has not received funds due under the contract.
Yes, you qualify if you are: A United States citizen U. Are military reservists eligible? Which disciplines and specialties are eligible? We will not: Accept requests after the deadline to update a submitted application or to submit additional materials.
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