roflmaoxqz

5+ Year Member
Jan 12, 2012
123
4
Status
Are there loan forgiveness programs, and are they easy to obtain? Does your hospital/clinic/private practice have any help?

Really want to do FM but am concerned about my $200k+ debt. Would love to do rural/countryside if that helps
 

cabinbuilder

Urgent Care Physician
10+ Year Member
Nov 21, 2005
4,540
2,363
Texas
Status
Attending Physician
One month at a time. My 3 student loans totalled 220K. My payments are 640 + 60 + 125. I pay over that a total of $1200/month. It's one day's pay.
I have never been successful in getting student loan help and stopped trying after 4 failed attempts and quitting 4 hateful jobs in locations that "would likely pay".
 

Ericslv

5+ Year Member
Mar 10, 2014
522
259
Status
Attending Physician
Lets say you make 200K after residency.

Lets say you put 20% of that right into investments. 401, max out roth and then taxable accounts.

That should leave you around 110K ( i didn't do the exact math but its in the ballpark) net. So 50K goes to the loans over 4 years and you live on 50 to 60K per year.

Loans payed off in 4 years.

Now you are free. Just don't grow to much into your income. The more you save upfront the earlier you will retire.

And you might want to go to www.whitecoatinvestor.com
 

mark v

Junior Member
10+ Year Member
Dec 14, 2004
289
316
How difficult is it to get approved for the NHSC loan repayment program? I'm in this same boat now as well.
 

styphon

Senior Member
10+ Year Member
15+ Year Member
Jun 25, 2001
713
275
New york
Status
Attending Physician
How difficult is it to get approved for the NHSC loan repayment program? I'm in this same boat now as well.
There is a NHSC forum on this website. NHSC loan repayments are given out by the need of the area, which is determined by a set score. These scores are available at the NHSC website.

I am 2 years out of residency, and I use NHSC - I was given 50k (nontaxed) for 2 years of commitment. Other than that I have just paid off interest. I plan on applying for an 'extension' of the NHSC, which they do year by year after the initial 2 year commitment.
 

qqw

Feb 13, 2015
96
22
Status
Medical Student
If we want to do the NHSC, is it better to wait until out of residency? during residency? while a med student?
im currently a 3rd year considering it
 

styphon

Senior Member
10+ Year Member
15+ Year Member
Jun 25, 2001
713
275
New york
Status
Attending Physician
If we want to do the NHSC, is it better to wait until out of residency? during residency? while a med student?
im currently a 3rd year considering it
You cannot apply to NHSC loan repayment using your residency spot in an attempt to make requirement. You could apply your final year of residency, if you have an employment spot secured.
 

styphon

Senior Member
10+ Year Member
15+ Year Member
Jun 25, 2001
713
275
New york
Status
Attending Physician
Look into NHSC Students to Service LRP. $120,000 over 4 yr starting PGY1 with 3 yr payback at NHSC -approved site. Less competitive than some of the other programs and it's working out well for me.

Sent from my SAMSUNG-SM-N910A using Tapatalk
This is much better than the NHSC Loan Repayment program, which I am in. It is 50k for 2 year commitment to NHSC approved site with the ability to reup (but on 1 year basis, and the repayment being 20k per year for 2 years, then 10k per year for 2 years - then no more reups).

Apparently you need to apply to the NHSC students to service as a 4th year medical student.
 
  • Like
Reactions: primadonna22274

primadonna22274

Senior Member
10+ Year Member
Jun 6, 2005
2,296
346
45
The Sunny South but homesick for the Best Coast
Status
Resident [Any Field]
Yes, exactly. It was new when I was applying to residency. I thought what the heck and applied. Very pleased to be selected. It may be more competitive now that it's better known (I was funded in the 2nd cycle 2014) but still not as well known as the other NHSC programs. It is ONLY available to physicians for now so you're not competing against all the other disciplines for funding. It also is attractive to job sites with suitable HPSA scores because you're already funded --they don't have to find funding for you.

Sent from my SAMSUNG-SM-N910A using Tapatalk
 
Oct 12, 2013
17
0
Status
So securing loan repayment in a job contract isn't common?

Is it better to be aggressive in paying down loans early rather than hoping for a loan repayment option?
 

JustPlainBill

Attending
10+ Year Member
Jan 5, 2007
2,568
2,933
Status
Attending Physician
Just like everyone else --- $1.00 at a time -- I'm about to start mine next year -- plus start my oldest in college....fun times....
 

cabinbuilder

Urgent Care Physician
10+ Year Member
Nov 21, 2005
4,540
2,363
Texas
Status
Attending Physician
So securing loan repayment in a job contract isn't common?

Is it better to be aggressive in paying down loans early rather than hoping for a loan repayment option?
Not that I have seen. Most are in locations that nobody wants to work (I know cuz I have worked there as locums) OR its a false promise (that has happened to me 3 times). I guess it comes down to what debt do you have and what has the highest interest rates? My student loans are at 3% and I have other debt that is so much higher than that so I pay more than the minimum to give a nice rounded number ($1000/mo) and leave it at that and that has kept me paid ahead about 8 months.
 

mabinante

10+ Year Member
7+ Year Member
Mar 24, 2009
111
54
www.facebook.com
Status
Attending Physician
The real question here is why we can't get a tax deduction for the entirety of our Medical school loan payments?!??!???