In addition to managing your student loans via the various loan repayment plans that are available to you, you might also look into student loan forgiveness programs that can be utilized to eliminate all, or a portion of, your student loan indebtedness. These programs can be sensible approach to managing student loan debt, especially for those students confronted with the prospect of taking out larger loan amounts.
There is, however, a tradeoff to proceeding with a forgiveness program: fewer employment options. Most programs will require that a participant work in an area of high need or for a non-profit agency. This can, of course, impact your pay, specialty, location, and employer. Nevertheless, if you are willing to make these concessions, student loan forgiveness programs can lead to great financial relief over time. Some notable loan forgiveness programs that are available to graduates of medical school include:
- National Health Service Corp (NHSC)
- National Institutes of Health (NIH)
- Steven M. Thompson
- Indian Health Services Loan Repayment
- Public Service Loan Forgiveness (PSLF)
To access a searchable database that provides detailed information about many of the state and federal programs available to medical students, please visit the AAMC’s website.