Loan repayment as part of salary

[Happyducks56]

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I know that loan repayment packages are available as part of salaries after residency and I was wondering if that was only offered if you had loans. Do they ever check or is it just given like a sign-on bonus?

My husband is a PGY2 and through frugal living and careful planning, we have gotten his loans just out of the six figure range (all federal) which seems like it can be wiped out with a job offer in a few years. Ideally we would continue our frugal path and finish residency debt free, but we just had a baby and our financial “wish” list has exploded.

 

[nexus73]

It will probably depend. If he's joining a for-profit group or hospital, I think it is more likely they can work something out, shifting the money that would have gone to loans into something like a sign on bonus, or retention bonus. Non-profits sometimes have more restrictions...where they have specific incentives they can offer new employees, like loan repayment, but it has to be loan repayment and can't just be money given to the doctor. It never hurts to ask. You should always ask for loan repayment, sign on bonus, retention bonus, relocation expenses reimbursed, CME money and time, and paid vacation (depending on how you're getting paid).

 

[NITRAS]

My wife and I paid off my student loans while in residency. I felt it gave me more freedom to chose a job that paid less, but had a bit better lifestyle.

Compensation packages at many places are not negotiable, but others are. I currently work at a big hospital, and I was either ok with it, or I didn't chose the job. Other places, you could negotiate a sign on bonus in lieu of loan repayment. Often, those loan repayments are paid directly to the loan provider. I feel like you have more freedom with less debt, and ultimately will make more money in a more organic fashion, usually.