Student Loan Forgiveness for Doctors
A medical school education equips students with the ability to serve others and save lives. But for many, graduating and entering the workforce can feel more like a burden than an achievement. With the massive student loan debt that accompanies a medical degree, it’s easy to feel overwhelmed. In fact, 23% of current medical school graduates at private schools have over $300,000 in student loans, while the average medical school student owes $200,000 in debt.
Repaying your student loans can be challenging, especially at the beginning of your medical career. Fortunately, medical school loan forgiveness may be available to doctors who work in the public sector or practice in underserved areas. If you’re a doctor with student loan debt, you may qualify for certain medical school repayment plans. Here’s what you need to know.
What Types of Student Loan Forgiveness Programs Are Available for Doctors?
If you’re a doctor struggling under a mountain of student loan debt, there are a few programs you may consider, including the following:
- Public Service Loan Forgiveness: This program is available to all professionals who work for a qualifying nonprofit organization or government agency. The federal government may forgive your remaining debt if you make 120 payments while carrying out PSLF-qualified work.
- State loan repayment programs: Most states have loan forgiveness programs that reimburse your student loans if you have worked as a doctor in a rural or underserved area for at least two years.
- National Health Service Corps Loan Repayment Program: You may be provided with up to $50,000 in tax-free student loan repayment if you’re a primary care physician with at least two years of experience in a Health Professional Shortage Area.
- National Institutes of Health Loan Repayment Programs: The NIH Loan Repayment Programs are designed to recruit doctors into areas of medical research. A qualified researcher may receive up to $50,000 of loan forgiveness annually.
- Indian Health Service Loan Repayment Program: This program provides up to $40,000 for repayment of student loans if you work for at least two years in health facilities serving American Indian and Alaska Native communities.
- National Health Service Corps Loan Repayment Program: This plan provides medical professionals with up to $50,000 in debt relief in exchange for a two-year service commitment at an approved site.
It’s important to note that these programs only apply to graduates with federal student loans. If you have private student loans, look no further for debt relief than the student loan settlement lawyers at McCarthy Law. We focus on student loan debt negotiation for privately issued student loans and may be able to help you explore the most strategic options for getting on top of your finances.
How Do You Know Whether You Have a Federal or Private Loan?
In order to understand your options, you must first consider whether you have federal or private loans. A private student loan will come from a bank, credit union, state loan agency, or some other kind of financial institution. Federal student loans, on the other hand, are financed by the U.S. Department of Education for borrowers to put toward college or career school.
If you’re unsure whether you have a federal or private loan, research whether your loan is issued or guaranteed by the federal government. If it isn’t, your loan is more than likely a private loan. For a rundown of all federal student loans, head to the National Student Loan Data Services website maintained by the U.S. Department of Education. If a particular student loan isn’t listed on this site, it’s most likely a private student loan.
If You’re Seeking Relief for Your Private Loans, McCarthy Law Can Help
Under our student loan debt settlement program at McCarthy Law, an attorney contacts your student loan lenders and begins a negotiation process to significantly reduce the balance of your private loans. At the end of a successful student loan settlement, the borrower ends up paying only a fraction of the original balance claimed by the lender. The rest of the debt is forgiven by the lender and the settlement is a full and final settlement of the debt, leaving the borrower without the burden of student loan debt going forward.
Start by giving our offices a call and telling us about your unique situation during a free phone consultation. We’ll then outline your options and provide you with a concrete and strategic plan of action.
Contact a Skilled Student Loan Lawyer at McCarthy Law
For many new doctors, the joy of graduating is overshadowed by the crushing debt that accompanies their diploma. With so much money to pay back, it’s important to consider the student loan forgiveness programs available for doctors. That’s where the attorneys at McCarthy Law come in. If you’re a doctor who’s overwhelmed with student loan payments, consider reaching out to our attorneys who can help you explore the best options for getting on top of your finances.
The lawyers at McCarthy Law intimately understand the stress of student debt, especially for doctors struggling with private loans. A skilled student debt lawyer may be able to provide you with practical legal advice after fully analyzing your situation and determining the most strategic method that will have you feeling financially reassured. To schedule a free consultation with a knowledgeable and experienced debt settlement professional, call our office at (855) 976-5777 or complete our contact form today.