Debt Repayment in Psych

[postbacpremed87]

Would you say that psychiatry is one of the specialties that makes life easier when it comes to repaying loans? Would you say that most psych jobs out there offer some kind of loan repayment option and or large signing bonus that could be used to repay college debt. Isn't moonlighting still a possibility at several residencies as well?

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[Shikima]

Loan repayment and signing bonuses are out there, and you have to negotiate strongly for them. I've heard that fewer places are offering these due to the current tax climate. I would evaluate the work environment first and foremost as job satisfaction IMO. Moonlighting can be had during residency depending on the program and when you can obtain a full license.

 

[notdeadyet]

Would you say that psychiatry is one of the specialties that makes life easier when it comes to repaying loans?

I'm not sure what this means. You can definitely repay loans with psychiatry. You can do this via paying them off by writing checks every month, working for private employers that offer loan repayment benefits, working for public organizations or those that serve underserved communities that offer public loan repayment, or use the fact that psychiatry typically requires very manageable hours and supplement with moonlighting.

Would you say that most psych jobs out there offer some kind of loan repayment option and or large signing bonus that could be used to repay college debt.

No. Many do, but I wouldn't say most. But if you're interested in jobs that offer this, you can definitely target your search to them. Paying off medical school loans is much more of a worry the earlier you are in the process.

Isn't moonlighting still a possibility at several residencies as well?

I would run from any residency that did not allow moonlighting. Every residency I've had contact with allows it.

In my locale, you can start to moonlight as a PGY-2 (after you get your license of course) but offerings are limited to in-house and a few places in the community. Once you are a PGY-3, there are LOTS of moonlighting opportunities out my way. If you are willing to work hard but not crazy, you can earn your residency salary again by moonlighting. But this varies by locale.

 

[digitlnoize]

Would you say that psychiatry is one of the specialties that makes life easier when it comes to repaying loans? Would you say that most psych jobs out there offer some kind of loan repayment option and or large signing bonus that could be used to repay college debt. Isn't moonlighting still a possibility at several residencies as well?

Repaying loans sucks, but isn't a huge issue for most. There are some opportunities available to psychiatrists that aren't available to the general public. For example, the VA hospital system offers a loan repayment bonus (I forget how much...30k or 60k??? I don't remember) specifically for psychiatrists, cause they're so hard up for docs.

Also, the health profession shortage areas are specialty based and more areas will qualify for psychiatry than many other fields, so this could add a bit to the pile.

It's also fairly easy to work for a non-profit or state/gov't entity (i.e. University health system, State Hospital, CMHC, or VA) and do the 10-year PSLF program. Yes, I know people are worried the program won't be around in 10 years, but there have been assurances from the Secretary of Education that any changes to the program would be based on future disbursement dates, as has been done in the past, so it'll likely be around for us. I'm fairly (but not 100%) confident on this...but it's not psych specific, although you could argue that it's more common for psychiatrists to find good jobs working for the state. For example, the Cali prison system pays pretty well and would qualify. Some VA jobs pay pretty well and would qualify. Etc.