loan repayment

[SmallTownGuy]

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Hello everyone!

I am a fourth year medical student who will be starting IM next year. I have recently heard that there are some government and private programs out there that offer to pay part of your loans and give you a stipend during residency in exchange for years of service in an underserved community. Since this was my intention anyway, I am interested in this. Can anyone give me the names and contact info for a few specific programs. I plan to practice somewhere in Louisiana, if that is any help.

Thanks

 

[mosche]

Try googleing the National Health Service Corps and The Indian Health Service.

Acceptance into either program will depend on your specialty -- IM should be fine in either one. The Indian Health Service will pay $20,000./year, plus an additional 20% to the IRS for increased income due to participation in the program.

Hope that this helps.

 

[GoPistons]

try the airforce... they give you 40k per year during residency and a housing stipend... after that you work in the airforce for x years + 1, which unless we are in active war overseas, you will be working in an awesome outpatient facility with airforce vets and their families.

 

[mosche]

I would caution you to use extreme caution when entering into any type of loan repayment agreement. Many such agreements lure unsuspecting individuals in by promising to pay off said loans. After the individuals enter into their respective agreements, they often discover that their salaries (even including the loan reimbursements) fall short of the salaries that they would command in the private sector. Moreover, many of these agreements have HUGE financial penalties if you fail to fulfill the terms of the agreement.

Buyer Beware!

 

[Solideliquid]

I would caution you to use extreme caution when entering into any type of loan repayment agreement. Many such agreements lure unsuspecting individuals in by promising to pay off said loans. After the individuals enter into their respective agreements, they often discover that their salaries (even including the loan reimbursements) fall short of the salaries that they would command in the private sector. Moreover, many of these agreements have HUGE financial penalties if you fail to fulfill the terms of the agreement.

Buyer Beware!

Words of Wisdom.

 

[SmallTownGuy]

Thank you for the replies and words of warning! Please keep the info coming.

It has been my intention to enter private practice in a rural community. I was hoping that since I was doing this anyway, I could find a program that would pay off my loans for going there!!

For example, a resident that I was talking to did just this (in retrospect, I should have asked him more about it). He wanted to return to his hometown, a small community. He got some kind of deal where he got a stipend every month during residency, and then the hospital set up his practice. In addition, a huge chunk of his loans were paid off. In exchange, he has to work for 2 years in city X, where he planned to go anyway!!

This is the type of arrangement I am looking for. Do some of the hospitals in underserved areas provide this type of arrangement. If so, what is the best way to approach them.

 

[skypilot]

I would caution you to use extreme caution when entering into any type of loan repayment agreement. Many such agreements lure unsuspecting individuals in by promising to pay off said loans. After the individuals enter into their respective agreements, they often discover that their salaries (even including the loan reimbursements) fall short of the salaries that they would command in the private sector. Moreover, many of these agreements have HUGE financial penalties if you fail to fulfill the terms of the agreement.

Buyer Beware!

A typical arrangement might be a $90k salary with a $25k loan payoff per year. Well if you get a $130k salary without a committment, you can pay off the loan just as well with a little discipline on your part. Then you retain your flexibility to leave a bad situation if it develops.