Incentives

[Futuredoctr]

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Hi, I am going to be an MS1 in the fall and I'm currently evaluating how I am going to pay for my eduation. I asked this in family med forum, and I am also really interested in EM so I pose it to you too. I was curious if you have heard of offers to pay for your loans if you go and practice in xyz when your done with residency? Thanks for you input.

 

[beyond all hope]

That I'm aware of.

Simple reason is EM docs make a pretty decent salary. Right now I'm chewing away at my loans at 4-5G/month, and I'm an academic so my salary is lower than the community guys.

You come out making 200-400K so don't worry too much about loan forgiveness. Forgive thyself!

Beyond

 

[GeneralVeers]

Don't worry about paying off your loan. After consolidation my rate of interest is 2.85% for a 30 year loan. That rate is almost like free money as it is barely above inflation. After residency you should pay off your high interest debts like credit cards, automobile loans and mortgages first. I intend to make only the minimum payments on my loan initially.

 

[Dr.Evil1]

As stated before you don't have to worry about a government program to pay off your loans because you will be making great money.

I know for family medicine that you can get some loan payoffs if you go to work in a rural underserved area. If you know you want to go into EM and eventually work in a rural underserved area then you will be set anyway since those are the places you would make the higher end of the pay scale and suddenly 150K in loans isn't such a big deal.

 

[DrQuinn]

One of my fellow residents did get $25k to use towards his school loans, along with a $30k signing bonus at his new job. *sigh*

Q

 

[EctopicFetus]

Damn... i could use that.

 

[Notzfall]

Same as the thread-maker....

10-year medic w/ wife and 3 kids, and I'm starting in '07. Mercer gives additional loans to students that will commit to specialites like EM because they're mission compliant. If you decide on something different, the interest rate on the loan doubles (roughly). This isn't so much a 'post-grad' incentive.

Maybe this should be reserved for another thread, but....
From my perspective, getting loans isn't a problem; plenty of loan opportunities and you're cut-off on getting loans anyway once you reach the schools student budget (based on a single student in a one bed/bath apartment). I can live on a nickel, but my family can't. If my wife doesn't work (and, no, neither will the kids), is there a way to get more $$$ while in school? I thought about continuing to work in EMS part-time, but that might be too daring....or illegal.

 

[The White Coat Investor]

]

 

[crewmaster1]

Same as the thread-maker....

10-year medic w/ wife and 3 kids, and I'm starting in '07. Mercer gives additional loans to students that will commit to specialites like EM because they're mission compliant. If you decide on something different, the interest rate on the loan doubles (roughly). This isn't so much a 'post-grad' incentive.

Maybe this should be reserved for another thread, but....
From my perspective, getting loans isn't a problem; plenty of loan opportunities and you're cut-off on getting loans anyway once you reach the schools student budget (based on a single student in a one bed/bath apartment). I can live on a nickel, but my family can't. If my wife doesn't work (and, no, neither will the kids), is there a way to get more $$$ while in school? I thought about continuing to work in EMS part-time, but that might be too daring....or illegal.

I hope it isn't illegal because I have worked part time in EMS all through medical school. It just depends how much time you need for studying. I'm making almost 10K a year while in school. My company requires us to work 72 hours every 3 months to keep my parttime job. We still get holiday pay and you are off most holidays in med school (all 4 years), so if you don't mind working on MLK day, or president's day you can work a 24 and rake in about 600 in my case. People also love that I'm still working in EMS during my interviews. Just make sure you balance your life and don't cut off friend/family activities because you're always working or studying. Good luck.

 

[deleted77919]

Don't worry about paying off your loan. After consolidation my rate of interest is 2.85% for a 30 year loan.

At the moment Staffords are 6.8% fixed (and legislation to lower interest rates appears targeted at undergrad, not grad loans). So the low interest rates of yesteryear are unlikely to return in the immediate future.

 

[Mary Jane Watson]

Depends on where you want to work, but a practice I'm considering joining is offering me a $1,500-$2,000 per month stipend while in residency if I sign up for 3 years. I've heard of other similar deals in more rural areas as well. If you want to work in New England, Florida or Cali, forget it. They are out there, you just have to look.

 

[iatrosB]

Same as the thread-maker....

10-year medic w/ wife and 3 kids, and I'm starting in '07. Mercer gives additional loans to students that will commit to specialites like EM because they're mission compliant. If you decide on something different, the interest rate on the loan doubles (roughly). This isn't so much a 'post-grad' incentive.

Maybe this should be reserved for another thread, but....
From my perspective, getting loans isn't a problem; plenty of loan opportunities and you're cut-off on getting loans anyway once you reach the schools student budget (based on a single student in a one bed/bath apartment). I can live on a nickel, but my family can't. If my wife doesn't work (and, no, neither will the kids), is there a way to get more $$$ while in school? I thought about continuing to work in EMS part-time, but that might be too daring....or illegal.

Private loans are always an option. Many don't even require FAFSA, so your school can't complain about exceeding budget.

 

[Notzfall]

Private loans are always an option. Many don't even require FAFSA, so your school can't complain about exceeding budget.

My school requires FAFSA, but I'm certainly looking at the private loans. The interest rates aren't as appealing, but....do what you gotta do, right?

I hope it isn't illegal because I have worked part time in EMS all through medical school. It just depends how much time you need for studying. I'm making almost 10K a year while in school. My company requires us to work 72 hours every 3 months to keep my parttime job. We still get holiday pay and you are off most holidays in med school (all 4 years), so if you don't mind working on MLK day, or president's day you can work a 24 and rake in about 600 in my case. People also love that I'm still working in EMS during my interviews. Just make sure you balance your life and don't cut off friend/family activities because you're always working or studying. Good luck.

That's a relief. I heard an urban myth that schools make you sign something saying you won't work during school. I'll leave my research job, but hang on to my Part-time EMS work and maybe pickup something locally where I can teach ACLS/PALS/PPC, etc... I've been writing to EMS journals too...some of them pay 200-400 for feature articles. Writing won't be consistent, but it'll help cover braces and insuranceco-pays for the kids.

Thanks for the assurance; it's good to know that other former EMS are working through school.

 

[deleted77919]

Hey, anyone want to go to Bethel, AK?

http://jobs-ykhc.icims.com/ykhc_jobs/jobs/candidate/job.jsp?jobid=1202&mode=view

You can apply for loan repayment (no guarantee) through Indian Health Services. Up to $20,000/yr but you are responsible for 80% of the tax on this amount, IHS covers 20% of the tax (loan repayments are counted as taxable income by the IRS, except for an exception made for NHSC).

Although IHS doesn't specifically list EM as an eligibile specialty. Maybe they tweak your title to include public health duties, which is covered.

 

[EctopicFetus]

Alaska is not somewhere I wanna go but... a few things that stood out..

Minimum Salary: 206,720.16
Maximum Salary: 258,400.19

signing Bonus $15000 after 90 Day Probationary Period, 5% retention bonus on anniversary and every year thereafter

Nearest tertiary centers 400 miles in Anchorage, AK

Benefits Package for full-time employees includes:
PTO (paid time off) of 4.5 weeks per year for the 1st three years, 5.5 weeks for the next three years and 7.5 weeks after 6 years of continuous employment. $5,000.00 and 10 days are available for CME/CE. Tort Claims (no tail) malpractice coverage and 10 Holidays per year

Eligibility for Loan Repayment through IHS and NHSC.

Oh and while they mention they do 12 hour shifts they dont mention how many shifts or hours you are expected to work..

Decent deal IMO.