VA Loan Repayment, who has done it?

[psychfi]

Has anyone successfully received money from the VA to pay student loans? How does that process work? And what type of loans did they pay for? The fine print indicates only qualified loans, does that mean a specific loan type?

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[deleted106747]

Has anyone successfully received money from the VA to pay student loans? How does that process work? And what type of loans did they pay for? The fine print indicates only qualified loans, does that mean a specific loan type?

Yes. The process is reimbursement based and occurs over five years. They divide your qualifying loans plus interest by five, then by twelve for each month of the year. For the first year, you front that amount monthly. Then they reimburse you, and you take that reimbursement money and apply it to the next year. The final year, since you don’t have to pay the money into the loan, you can keep the reimbursement.

All of my loans qualified because I only had them for grad school. I think they will count undergrad if it led to the graduate degree, but won’t count other degrees such as MA degrees in other fields.

 

[Seven_Costanza]

Yes. The process is reimbursement based and occurs over five years. They divide your qualifying loans plus interest by five, then by twelve for each month of the year. For the first year, you front that amount monthly. Then they reimburse you, and you take that reimbursement money and apply it to the next year. The final year, since you don’t have to pay the money into the loan, you can keep the reimbursement.

All of my loans qualified because I only had them for grad school. I think they will count undergrad if it led to the graduate degree, but won’t count other degrees such as MA degrees in other fields.

Does anyone know how to get this? Is it something that can be negotiated? Or do they only offer it in less desirable areas to try to entice people to their site?

 

[deleted106747]

Does anyone know how to get this? Is it something that can be negotiated? Or do they only offer it in less desirable areas to try to entice people to their site?

In my case it was a less desirable location thing. It was offered in the job ad, which I'm pretty sure it needs to be - I doubt it can be negotiated for but it's worth a shot. Certainly saved my financial life.

 

[Seven_Costanza]

In my case it was a less desirable location thing. It was offered in the job ad, which I'm pretty sure it needs to be - I doubt it can be negotiated for but it's worth a shot. Certainly saved my financial life.

Thanks, Psycycle!

 

[AcronymAllergy]

It's generally something that's used for hard-to-fill positions. Many, perhaps most, psychologist jobs won't qualify for that. However, in some areas, and/or in some specialties, you may have a shot. It can be added after that fact, but requires (to my knowledge) some administrative/HR machinations.

 

[Seven_Costanza]

It's generally something that's used for hard-to-fill positions. Many, perhaps most, psychologist jobs won't qualify for that. However, in some areas, and/or in some specialties, you may have a shot. It can be added after that fact, but requires (to my knowledge) some administrative/HR machinations.

Thanks so much, AcronymAllergy. If I may follow up, do you know if behavioral health and PCMHI are specialty areas that could possibly qualify? What are some of the other specialties that would be in demand?

 

[AcronymAllergy]

Behavioral health doesn't really count as a specialty. PCMHI maybe, but I don't think they have much trouble recruiting for it for therapists, unless they're specifically looking for a psychologist. It and BH generally seem to be in the same boat RE: recruitment. I could see PTSD in some places being a bit tougher to recruit. Same with neuropsych. A lot will depend on the geographic region, though.

 

[Seven_Costanza]

Behavioral health doesn't really count as a specialty. PCMHI maybe, but I don't think they have much trouble recruiting for it for therapists, unless they're specifically looking for a psychologist. It and BH generally seem to be in the same boat RE: recruitment. I could see PTSD in some places being a bit tougher to recruit. Same with neuropsych. A lot will depend on the geographic region, though.

Thanks so much for sharing your insight with me. Much appreciated!

 

[erg923]

I think its about location, not the actual job/specialty.

 

[Seven_Costanza]

I think its about location, not the actual job/specialty.

I’m sure this is very rare, but I did learn of a Psychologist job posting in a very desirable area on the west coast that offered a school loan repayment plan. It was posted within the last year. I’ll see if I can find out what the specialty was.

 

[deleted106747]

Thanks so much, AcronymAllergy. If I may follow up, do you know if behavioral health and PCMHI are specialty areas that could possibly qualify? What are some of the other specialties that would be in demand?

Did you mean like a health behavior coordinator in the VA? Behavioral medicine?

I do think it's most often more location than specialty.

 

[SmithPsy24]

Definitely more about location than specialty. It pops up more often for rural positions that can be tough to fill, but does occasionally show up in other places if they're having a hard time filling a position.

 

[OneNeuroDoctor]

VA is expanding now and there are shortages. They have locations with severe shortages. Some recent information that APA accredited program completion may not be required for Psychologist and they will hire contractors and part-time staff. Seems that with retirements and recent changes with mandated expansions, VA is actively recruiting for staff.