Thoughts about the future

[tatabox80]

Hello all,
I have recently been hearing quite a bit about National Health Service Physician Loan repayment (not scholarship) from some of my classmates. I see that there is a 2 year commitment and they pay up to 25,000 per year of loan repayment. Have any of you that are currently attendings or graduating residents considered this? Do you find any advantages to this over taking a job that offers no loan repayment? I'm just going to be starting fm residency in july so it's a couple years away before I have to think about this stuff, but just wondered if anyone has an first hand experience with it.

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[Melanie]

Just a note about the NHSC scholarship...I'm not really sure what you have to do to get it. There were two people in my med school class, both who want to do rural FP. They both grew up in very medically underserved areas and have done a ton of work in rural medicine, both in medical school and even before. Neither of them either got wait-listed for the scholarship. I also applied for the scholarship before my first year of med school, since I'm also interested in rural medicine. I know that there are a few people though on SDN who got it, so maybe they can let you know what you need to do, otherwise it's a waste of day and a trip to whereever you have to interview. It's kind of a pain anyway, they are never nice when you call with questions, and one of my friends had an interviewer actually fall asleep while doing her interview.

Probably not the information that you were looking for, but I just thought I'd throw this out there.

Good luck!
Melanie

Sorry, I just re-read your post and realized that you were talking about the loan repayment program. I haven't heard anything about people applying for that. Again, sorry!

 

[McDoctor]

Hello all,
I have recently been hearing quite a bit about National Health Service Physician Loan repayment (not scholarship) from some of my classmates. I see that there is a 2 year commitment and they pay up to 25,000 per year of loan repayment. Have any of you that are currently attendings or graduating residents considered this? Do you find any advantages to this over taking a job that offers no loan repayment? I'm just going to be starting fm residency in july so it's a couple years away before I have to think about this stuff, but just wondered if anyone has an first hand experience with it.

You would want to know if that $25,000 is tax exempt. If you are paying taxes on that, then depending on your salary, it could put you in a higher tax bracket and perhaps be more of a strain than its worth. I am a 3rd year resident and currently negiotating a contract, and personally I'd rather have that money for myself and invest it as I see fit (my loans were consolidated at a very low interest rate compared to what people can get nowadays) than have it given to me in form of loan repayment. If it is tax emept, then thats a different story.

Regardless of the financial advantages, I would not make a commitment to practice 2 years in a location of the NHSC choosing. When you are a third year resident, you will be in a better position to know what kind of practice you want to be in and where you want to live. You may be presented with an opportunity too good to pass up. I wouldn't do anything now that limits your options in the future. Just my two cents.

 

[iatrosB]

You would want to know if that $25,000 is tax exempt. If you are paying taxes on that, then depending on your salary, it could put you in a higher tax bracket and perhaps be more of a strain than its worth. I am a 3rd year resident and currently negiotating a contract, and personally I'd rather have that money for myself and invest it as I see fit (my loans were consolidated at a very low interest rate compared to what people can get nowadays) than have it given to me in form of loan repayment. If it is tax emept, then thats a different story.

Regardless of the financial advantages, I would not make a commitment to practice 2 years in a location of the NHSC choosing. When you are a third year resident, you will be in a better position to know what kind of practice you want to be in and where you want to live. You may be presented with an opportunity too good to pass up. I wouldn't do anything now that limits your options in the future. Just my two cents.

Not to de-rail the thread, but how is the contract looking? How is the market for FM's right now?

 

[ajce9]

Not to de-rail the thread, but how is the contract looking? How is the market for FM's right now?

You just did. So, I will put it back on track.

 

[ajce9]

Hello all,
I have recently been hearing quite a bit about National Health Service Physician Loan repayment (not scholarship) from some of my classmates. I see that there is a 2 year commitment and they pay up to 25,000 per year of loan repayment. Have any of you that are currently attendings or graduating residents considered this? Do you find any advantages to this over taking a job that offers no loan repayment? I'm just going to be starting fm residency in july so it's a couple years away before I have to think about this stuff, but just wondered if anyone has an first hand experience with it.

Most of the jobs that have loan payback are in underserverd areas.

You want to make sure that it is specified in your contract about how much and for how long. You also want to have it in writing about how long you have to give them.

since you are just starting your residency, I would strongly suggest that in your free time (and you will have some) you start to research this topic. Call some of the medical recruiters and ask them about it. Be specific. You have nothing to lose. they will be glad to answer your questions because they need you.

It is never too soon to start. The more information you have about salaries, loan payback, the job market and where you want to live and how you want to live, the better your chances of being happy.

Rural positions as a rule tend to pay more and offer more because few people want to go there. However, you will work harder if you go rural. It also depends on how rural you go.

If your residency if more centered around outpatient medicine and your inpatient work is weak, I would suggest staying away from rural or getting more inpatient training.

Good Luck.

 

[ramonaquimby]

i know a couple grads that have done waht you're talking about. they sign up for a two year contract adn get a "free" $25K tax-free each year for loan repayment in addition to their salary. the thing is, their salary isn't all that wonderful ($90K i think), but add the $25K and it's pretty reasonable.