Career and Life Planning Guidebook for Medical Residents

National Health Service Corps Loan Repayment Program In addition to the state programs, there are various other granting national programs and opportunities. For example, the NHSC loan repayment program provides loan repayment assistance to licensed medical providers who serve in communities with limited access to health care. There are both full-time and half-time options for service commitment. The dollar amount of assistance and length of service depends on the number of hours worked and on the designated site-specific HPSA score of the site. Essentially, the HPSA program provides a monetary incentive to provide medical care in “underserved” areas across the country. If you have one right in your area, this could be your ticket! You can learn more about this program by going here: https://nhsc.hrsa.gov/loan-repayment/index.html Who? Selection is based on the staffing needs of the NHSC. For physicians, priority for selection will be given to those who have completed residencies in the following: family medicine, obstetrics/ gynecology, pediatrics, psychiatry, geriatrics, or internal medicine. Requirements. In exchange for loan repayment, participants are obligated to serve a minimum of two years at a designated NHSC-LRP site of their choice. US Citizenship required. The Nitty Gritty Payment Details. Physicians may receive repayment of up to $50,000 in health professions educational loans (depending on site). For example, primary care providers working full- time at an NHSC-approved site with a HPSA score of 14 or above can receive up to $50,000 in loan repayment for committing to serve at site for at least two years. Primary care providers working full- time at an NHSC-approved site with a HPSA score of 13 or below can receive up to $30,000 in loan repayment for committing to serve at the site for at least two years. Tax Consequences. The loan repayments are exempt from gross income and employment taxes. These funds are not included as wages when determining benefits under the Social Security Act Time Commitment. A minimum of two years is required, but the physician could choose to stay longer. At the end of two years, Corps members can apply to continue their service and receive additional loan repayment. With continued service, providers may be able to pay off all their student loans! Recommended Tool Medical School Loan Calculator-Pay Off Debt or Invest When you borrowmoney for college andmedical school youmight not be thinking about your ability to repay the loan once you graduate. Outstanding student loan balances may infringe upon your ability to qualify for home, auto, and other personal loans. Use this tool to help gauge the feasibility of your student loan repayment with your anticipated future income. http://md.careers/C-05 SECTION III: T MINUS ONE YEAR CAREER AND LIFE PLANNING GUIDEBOOK FOR MEDICAL RESIDENTS 376