Loan forgiveness question

[Makati2008]

Currently where I am working, the Hospital has offered to loan me up to 200k to go to and start my medical school training. We are currently in the final part of negations of the contract and the amount forgiven will be based on the NHSC loan repayment rates-50k for years 1+2, 25k year 3 etc....

The hospital has been flexible about residency options as long as its nothing super specialized such as Neurosurgery. Also since I am a PA, they will allow me to have the loan forgiven as a PA in the case that I do not finish medical school for some unseen reason.

The hospital has been overall the best place I ever worked as well as the highest paying as a P.A. so I have no qualms about going back.

Are there any things you guys suggest I look for in the contract or be wary off?
PS-The contract also goes "poof" if I become disabled and/or die. Also the rate I calculated them paying my debt off would be 8 years if I borrowed the whole 200k. I am looking at borrowing around the 160k at most.

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[edmadison]

Currently where I am working, the Hospital has offered to loan me up to 200k to go to and start my medical school training. We are currently in the final part of negations of the contract and the amount forgiven will be based on the NHSC loan repayment rates-50k for years 1+2, 25k year 3 etc....

The hospital has been flexible about residency options as long as its nothing super specialized such as Neurosurgery. Also since I am a PA, they will allow me to have the loan forgiven as a PA in the case that I do not finish medical school for some unseen reason.

The hospital has been overall the best place I ever worked as well as the highest paying as a P.A. so I have no qualms about going back.

Are there any things you guys suggest I look for in the contract or be wary off?
PS-The contract also goes "poof" if I become disabled and/or die. Also the rate I calculated them paying my debt off would be 8 years if I borrowed the whole 200k. I am looking at borrowing around the 160k at most.

I think it's awesome that you have found a way to pay for medical school. Given the amount involved, I'd pay a few hundred to have an attorney who specializes in the business of medicine review the contract. It would probably run you a few hundred bucks -- money well spent. Just remeber, the hospital had (or will have) an attorney draft the document.

Ed


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