Hospital Sponsored Tuition

[Freezer]

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I have been hearing that because of the high demand for physicians, many hospitals in the mid west are starting to offer full tuition reimbursement if you sign on with them after your residency... I have even been hearing that some hospitals will start sponsoring you even in medical school if you sign a contract stating you will sign on with them for a set period of time following your residency... does anyone know if these rumors can be substantiated?

sorry if this has already been posted... i did a quick scan of the forums and it doesnt look like anything was posted recently... but then again, it was just a quick scan...

 

[dragonfly99]

There are definitely tuition repayment programs around that are sponsored by individual hospitals and/or health systems. However, you need to read the fine print on anything you sign up for...just like NHSC, etc., once you sign on the dotted line you have to live up to your end of the contract. If you are SURE that is where you want to live and practice, it could be a good deal, but you're pretty much locked in. I personally haven't heard of any deals where everything is paid for, but maybe there are still places that will pay full tuition for a med student. Personally, I'd want full tuition plus a stipend for living expenses, if you are going to commit to "x" number of years practicing there.

 

[menotyou7]

How do you find out about these programs as a student? I'm in the midwest and would love to stay here.

 

[CuriousKat]

I have been hearing that because of the high demand for physicians, many hospitals in the mid west are starting to offer full tuition reimbursement if you sign on with them after your residency... I have even been hearing that some hospitals will start sponsoring you even in medical school if you sign a contract stating you will sign on with them for a set period of time following your residency... does anyone know if these rumors can be substantiated?

sorry if this has already been posted... i did a quick scan of the forums and it doesnt look like anything was posted recently... but then again, it was just a quick scan...

There is no free lunch. The "full tuition reimbursement" sponsored by hospitals is usually cost shifting. Instead of paying you 200K, they pay you 150K and pay 50K/year for your loans over 4 years. AND you are required to stay in the area for 5+ years or face a stiff penalty. Just take the 200K and enjoy the ability to leave...it may be worth MORE than 200K in terms of your negotiating power.

200-300K is a scary amount of debt, I know. But don't sell your freedom even if you think you know exactly the kind of practice you want in 5-10 years.

My .02

 

[Law2Doc]

...The "full tuition reimbursement" sponsored by hospitals is usually cost shifting. Instead of paying you 200K, they pay you 150K and pay 50K/year for your loans over 4 years. ...

That's unlikely to be the math, because getting $50k today is worth a lot more than $50 k x years from now. So no way it's the same amount shifted earlier -- money shifted earlier is worth more.

And you seem to be ignoring the 3+ years of residency necessary, during which nobody is going to be making $150k or $200k -- more like 40.


I do agree that to the extent hospitals or organizations offer "debt forgiveness" or the like, they are always bargaining for something, and you will be committing yourself to working for a period of time, in a particular field. Most popular are the state governments that offer debt forgiveness for folks willing to work in primary care in areas populated by the underserved. But when you agree to this kind of term, you are closing a lot of doors for yourself. And until your third year rotations, you probably don't have enough info to know what kind of doctor you want to be (most people change their minds at least once during med school). The wise move, unfortunately, is to simply borrow money, and keep your doors open. You have decades to pay it back.

 

[NonTradMed]

I know some family medicine residents who've signed on to contracts that offers complete debt erasure.

These offers are located in small, rural hospitals and it is hospitalist position (these are all FM residents). For those that are interested in practicing in small towns, this may be a good idea, but if you want to stay near a metropolitan area, primary care scholarships may be better. At least in my state, the primary care scholarship states that you can serve in any underserved area, including the inner cities, and they will reimburse you for tuition. I would do it except I'm borrowing some of my tuition from the parents so I'm not sure it would make sense for me to sign on since I owe Uncle Sam far less than others in my class.

 

[nabeel76]

I know a couple of people that work for the Bureau of Indian Affairs and they have mentioned that if your willing to work on an Indian Reservation, for I believe it was 3 years (I can double check if anybody is interested), then they will pay for your medical education.