Canceling Primary Care Scholarship???

[Propofol pusher]

Hi guys. Long-time lurker here. So I am considering canceling my primary care scholarship, that I have had the past 3 years (I'm an MS 3) as I am starting to have some reservations regarding if I want to go into primary care. Is it possible to take out a federal loan to pay back the scholarship so that I won't be accrueing the huge interest rates from canceling the scholarship (I think it's like an 18% interest rate). Any input is much appreciated.

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[PurpleHaze]

Wow... I think it all depends on what your scholarship is. Like if you have the MHSC scholarship... WOOOOO... paying that back is going to be a burden worse than just finishing out as a primary care physician and then just changing specialties later (the penalty is something astronomical). I'm not sure if you could take out a federal loan large enough to cover your entire scholarship for the past two years, but I guess u could always try.

Good luck to you.

 

[Diane L. Evans]

Check with thescholarship most will have to you pay back all the money plus interest within one year

 

[katiekate]

A couple of the Primary Care scholarship programs I looked at (in Illinois) had a penalty of 3 times the total loan amount to be paid within 5-10 yrs if the student did not finish the service obligation. The residencies for most primary care fields are only 3-4 years. Barring a dire situation where you had to move away from the area it would be ill advised to try "quit" the obligation. In the event of such a siutation that would cause one to move away from the initial area of obligation it would be worth checking with the scholarship agency if emergency terminations, suspensions, or forbearances are possible with more reasonable pay-back terms. I believe that federal loans are only available to enrolled students for the payment of tuition, fees, etc. within the academic year that the loans are executed.

 

[OSUdoc08]

Hi guys. Long-time lurker here. So I am considering canceling my primary care scholarship, that I have had the past 3 years (I'm an MS 3) as I am starting to have some reservations regarding if I want to go into primary care. Is it possible to take out a federal loan to pay back the scholarship so that I won't be accrueing the huge interest rates from canceling the scholarship (I think it's like an 18% interest rate). Any input is much appreciated.

What specialty do you want to go into?

You can always do IM and specialize later. It would be an extreme hardship on you to cancel this loan.