Physician loan repayment programs

[Pathoguru]

Hey guys,

Are there any loan consolidation firms that you would recommend to tackle post medical school loans? I have about 225K in loans from a private medical school. Any other tips/tricks in tackling loans?

My second question is: I know there are loan "forgiveness" plans out there that allow primary care physicians to practice in medically underserved areas for relief of a certain percentage of their loans. Anything out there for residents or pathologists? Thanks,

Pathoguru

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[BU Pathology]

Hey guys,

Are there any loan consolidation firms that you would recommend to tackle post medical school loans? I have about 225K in loans from a private medical school. Any other tips/tricks in tackling loans?

My second question is: I know there are loan "forgiveness" plans out there that allow primary care physicians to practice in medically underserved areas for relief of a certain percentage of their loans. Anything out there for residents or pathologists? Thanks,

Pathoguru

Just Google NIH loan repayment program, the link is here.

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

One attractive feature of this program is that they repay $35,000 of your loan, AND pay the taxes on this loan repayment (since it counts as income). The details are on the website including what types of research qualifies for the program. I talk about this with many physicians, since one of my goals is to increase the number of pathologists who are physician scientists.

 

[Pathoguru]

I couldn't really tell from the website, but does the research have to be clinical? Can pathology residents do this? Thanks,

 

[barasch]

If you consolidate your stafford loans with the Government, and you work for a 501C3 organization (most residents likely do), you may qualify for the income based repayment program.

It's something you should consider if your hospital is 501C3.

 

[Atomic]

Definitely check into public service repayment loans in addition to income based repayment (IPR). Ten years of monthly payments, then the rest is forgiven.

They are applicable if you work in academia, government...i.e., non-for profit places.

You must consolidate with the department of education first. I'm just upset that I'm just now learning about this as a fourth year (this program was started in 2007). Yes, your 4 years of residency (plus whatever fellowships) are counted towards the 10 years of repayment.

There are some helpful threads in the financial aid forum regarding this and income based repayment.

Good luck!