Medical Is this "scholarship" worth it?

[Mr.Smile12]

I got accepted into Geisinger and was offered their Abigail's Scholarship which includes full-tuition and fees with a $2,000/month stipend if I commit to practicing (in primary care) in Geisinger for 2 years upon completion of my residency. Through further reading, I realized that this is a loan repayment program. From my understanding, they front the cost of the loan and the school will repay the loan amounts once I begin working for them. The caveat is that the loan repayments are considered taxable wages by the IRS so I would have to pay a boatload of taxes. This isn't a true scholarship though I'd graduate debt-free. I have another acceptance at my state school that is ~$27,000/yr and I have not received a financial aid package from them as of yet. Is this "scholarship" worth it?

Did you talk to other recipients of the scholarship about the terms? It is hard to discuss financial aid as I am not that expert on the topic. I understand those concerns on your taxes, and I don't know if an accountant can help.

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[TheBoneDoctah]

Run the numbers and figure out how much you would have to pay. Compare that number to the scholarship package of the other schools. Do you want to practice in Geisinger?

 

[TheBoneDoctah]

I'm trying to figure out the numbers now and am still waiting for my package from the other school. I wouldn't mind practicing in Geisinger but my fiancee is also interested in medicine and will likely be in residency by the time I start practicing (they're applying to medical school a year after me). We also plan on having children so it worries me that we would have to be apart for years if I am committing to Geisinger.

Yeah, that is for sure is a huge decision. What year would they be in medical school?

 

[TheBoneDoctah]

They plan on applying this next cycle so Fall 2022.

So ya. Big decision. Make sure to talk this out with your partner.

 

[AlteredScale]

So Geisinger hospital is in Danville, PA. You have to enjoy the small town vibe and honestly with planning for family it wouldn't be a bad area since housing costs aren't terrible there. You are about 1 hour away from bigger places like Philly. I think if your SO ends up doing residency at Geisinger AND you are okay doing primary care then that would work out tbh.