Loan Repayment

[AryaStark]

Hey guys,
Just wanted to let people know something (in case you didn't-- i didn't know this)...

One of my current professors is a former APA president. After asking for some advice on grad school he just sent me this:

"One bit of good news: NIH has loan forgiveness programs for people who go to work (or into funded research) with certain critical populations including kids, health care disparities, under served populations, etc."

He said another one of my professors doing his post doc at a local hospital got close to $70k in loan forgiveness while doing his post doc. Just thought some of you guys might want to keep this in mind and look into it.

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[thewesternsky]

Here's a link for those interested.

http://www.lrp.nih.gov/

Note that these are somewhat competitive; less than half of applicants for the research loan repayment programs actually got the award last year. Still, definitely worth looking into if you're interested in working for the NIH or on relevant research.

 

[Tyness]

Were they doing treatment in this hospital? It appears to me from the website that NIH only give repayment for researchers...?

 

[starsinnight]

I tried doing this once before with another website since it mentioned loan forgiveness if doing research in low-income at risk families and that seemed to qualify, however, whenever I called their phone numbers - no one knew what I was talking about!! I dont remember but I dont think it was the NIH so I'd love to try and figure this out again and call these numbers, has anyone on here actually done this??

 

[AryaStark]

He was doing post-doc research at Joslin Diabetes Center.

Were they doing treatment in this hospital? It appears to me from the website that NIH only give repayment for researchers...?

 

[busi26]

The NIH loan repayment program is great. If you qualify (must have completed your Ph.D. and be in a job that is at least 50% research) you can get up to 35,000 per year in student loan repayment. The first application is for 2 years. Each of those years NIH will pay 25% of your outstanding student loans. You can apply for a 3rd, 4th, 5th year and NIH will pay 50% of the remaining loan balance each year.

Example: If you owe 100,000 after completing graduate school and receive NIH loan repayment, you will get 25,000 for each of the first 2 years in the program. If you qualify for the third year your loans will be paid down an additional 25,000. In the fourth year NIH will pay 12,500, 6th year = 6,250, and so on.

 

[neurocenni]

Wow! That sounds like a great opportunity. Is it super competitive??....never mind i am sure it is.


quote=busi26;8013543]The NIH loan repayment program is great. If you qualify (must have completed your Ph.D. and be in a job that is at least 50% research) you can get up to 35,000 per year in student loan repayment. The first application is for 2 years. Each of those years NIH will pay 25% of your outstanding student loans. You can apply for a 3rd, 4th, 5th year and NIH will pay 50% of the remaining loan balance each year.

Example: If you owe 100,000 after completing graduate school and receive NIH loan repayment, you will get 25,000 for each of the first 2 years in the program. If you qualify for the third year your loans will be paid down an additional 25,000. In the fourth year NIH will pay 12,500, 6th year = 6,250, and so on.[/quote]

 

[ladysky61]

Anything like that for PsyD-level clinicians treating in under served areas? I know I'm a few years away, but it would be great to have that as an option

 

[deleted176373]

Wow! That sounds like a great opportunity. Is it super competitive??....never mind i am sure it is.

You'll be plenty competitive.

Mark

 

[Prsstnt]

Anything like that for PsyD-level clinicians treating in under served areas? I know I'm a few years away, but it would be great to have that as an option

Got this information from the Insider's guide. It is a program by the National Health Services Corps for working in underserved areas - loan forgiveness + competitive salary (not sure how much that translates to)
http://nhsc.hrsa.gov/join_us/lrp.asp

Has anyone tried this?