If you don’t qualify for federal or national loan forgiveness programs, you s. You can do an internet search to see what loan repayment programs might be available in your specific state. Here are two examples:
Georgia Physician Loan Repayment
The Georgia Physician Loan Repayment Program is one of several programs offered by the Georgia Board of Health Care Workforce. This program offers $25,000 each year for an initial two-year contract to physicians practicing family medicine, internal medicine, pediatrics, OB/GYN, geriatrics, or psychiatry. To qualify, physicians must practice in a health professional shortage area in a rural Georgia community.
To learn more about physician loan repayment programs in Georgia or to apply, visit the Georgia Board of Health Care Workforce website.
Maryland Loan Assistance Repayment for Physicians
In exchange for a two-year service commitment to a health professional shortage area or medically underserved area, Maryland-licensed physicians may receive up to $50,000 per year toward their student loan debt. This program is available to physicians, physician assistants, and medical residents within their last year of residency.
Many education benefits are available to U.S. military members, including repayment programs for those choosing a career in medicine who wind up with student loan debt.
Air Force Health Professions Loan Repayment
The Air Force Health Professions Loan Repayment Program offers $40,000 per year for up to two years (for a total of $80,000) in exchange for a two-year, active-duty commitment. It’s available to service members in various health professions, and can be used toward loan payments, interest, and other education or living expenses.
Keep in mind that about 25% in federal income taxes will be taken out of the loan repayment funds before they’re disbursed.
Army Health Professions Student Loan Repayment
The Army Health Professions Student Loan Repayment Program is available to active-duty or reserve Army service members who work as a doctor, dentist, or other healthcare professional. If you qualify, you can receive up to $40,000 per year for as many as three years – for a total of $120,000 – toward your medical student loan debt.
National Guard Health Care Professional Loan Repayment
In exchange for a seven-year commitment to the National Guard, you can receive up to $250,000 toward your medical education debt. This is broken down as $40,000 per year for the first six years and $10,000 for the seventh year (with a lifetime cap of $250,000).
This program is offered to healthcare providers in the Medical and Dental Corps, but may also include physician assistants, social workers, and veterinarians, depending on the year.
Navy Health Professions Loan Repayment
The Navy Health Professions Loan Repayment Program is available to new recruits, as well as existing, active-duty Navy service members. It offers up to $40,000 per year toward student loan debt (minus 25% payday loans in Rhode Island for federal taxes, taken prior to disbursement).
To be eligible, you must be fully qualified, in your last year of residency, or enrolled full-time in your last year of study and working toward a medical, dental, or osteopathic degree. You must also be qualified for (or already hold) an appointment as a commissioned officer.
Consider refinancing your medical school loans
If you’ve considered all other options for repaying or forgiving your medical school debt, but you don’t qualify or don’t have federal loans, you have another option: refinancing.
Refinancing your student loan debt, regardless of the balance owed, can simplify the repayment process and potentially save you money along the way. This process involves taking out a new private loan, which you’ll then use to pay off one or more existing lenders. You’ll make payments on the new loan moving forward.