Student Loan Repayment Support for Health Care Professionals
Being a healthcare professional is rewarding in many ways, but one common cause of stress is the repayment of student loans. Many professionals in the medical field are motivated to serve their communities by providing much needed care, but they find themselves buried in student loan debt for years after finishing their educational programs. But did you know that The National Health Service Corps (NHSC) currently offers tax-free loan repayment assistance for qualified professionals who serve in areas in need?
NHSC’s repayment program encourages licensed health care providers to commit to two years of service in an underserved area. In exchange for this commitment, qualified professionals may earn as much as $50,000 toward the repayment of their student loans. There are many acceptable service categories for those who qualify to participate, including primary care, dental, and mental/behavioral health. There is even an option to extend the length of service and receive further loan repayment support.
Another excellent component of NHSC’s program is the Students to Service Loan Repayment Program (S2S LRP), which offers financial support for current medical and dental students. In their final year of school, participants who qualify may earn as much as $120,000. Students who commit to at least three years at an approved site with a shortage of health professionals may qualify.
NHSC’s program is entirely Federal income tax-free and is available at the start of the participant’s period of service, allowing students and professionals to decrease their student loans in a timely manner. Potential participants may also find it helpful to know that the greater the need in approved sites, the higher the loan repayment offerings will be.
NHSC’s programs offer a multitude of benefits to those who choose to participate. The most impactful takeaway, however, is that NHSC’s loan repayment program is patient-forward, rather than paycheck-driven, allowing connection and service to help participants reduce their debt and continue providing service to those in need.
For more information, visit http://nhsc.hrsa.gov/loanrepayment/
Please refer to the NHSC site for full program details and eligibility information.
Sounds great, but unfortunately, I don’t qualify and I still have student loans to pay off. Can you help?
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