Medical Student Loan Assistance
How to Get Federal Medical Student Loan Assistance
Scouring through physician job openings is an activity that many undertake even before graduating, not because they are passionate about getting to work, but because they know they’ll need medical student loan assistance and know not where to find it. They hope to get employed before exiting school because they see it will take many years to pay off the debt.
What they don’t know is that the solution may be found simply by working at a health center in an underserved area. There is a federal loan assistance program that will help eradicate your educational debt in exchange for you getting a job that uses your newfound medical skills to serve those with the greatest need.
Getting deep in debt is one of the unfortunate-but-common side effects of becoming a physician. It is all too easy for a student in this program to accumulate more than $200K in loan debt. Considering the amount of any interest that will be continually tacked on to the principle, the result is one very large monthly bill that must be paid for years to come - mismanagement of repayment can undermine any dreams of you enjoying notable wealth as a doctor.
“How Long Will Take to Pay Off Your Student Loans?“
If you go for one of the highest paying physician job openings and get the job, then paying off the debt might not take you as long. Enjoying the perks of medical student loan assistance, however, may become no longer be an option for you.
Why You Should Consider Working at a Community Health Center
One simple way to either reduce or erase your student loan debt is to work at a community health center. Those who do opt in to the job get to reap a generous reward from the federal government; they become eligible for a medical school loan repayment program that pays off up to $120,000 of their student loan debt. There are, however, a few other requirements that applicants must meet.
Community health centers exist to provide those living in underserved areas with the health care services they might not otherwise have access to. These organizations offer a comprehensive range of medical services and yet patients are charged fees according to an income-based sliding scale. Working at one of these places grants you the opportunity to do something good for yourself while at the same time being a benefit to those with the most need.
Reduce Your Debt Through a Federal Medical Student Loan Assistance Program
With the medical Stafford loan lifetime limit being $224,000, it can easily take 30 years to repay the debt. Repaying this much student loan debt is akin to making mortgage payments, placing a heavy financial burden on recent graduates.
If you work full time at a community health center, thereby qualifying for the federal medical loan assistance program, then almost half of that lifetime limit can be repaid in as little as 3 years - it takes 6 years if you work there only part-time. Faster repayment equates to having to pay less in interest, which is another benefit that helps you get out of debt sooner.
The Wise Way to Pay Off Your Medical School Loans
Whether you choose to pursue one of the physician job openings at a community health center or some other medical facility, your medical student loans will have to be repaid. The medical student loan assistance the federal government offers, however, only kicks in if you choose to help serve the underserved at one of the centers. The other option does get you a salary which can be used to make loan payments, but unless you plan on making large out-of-pocket payments, complete repayment could take a very long time.