While student loans may help you cover the costs of your medical education, repaying your loan can be a high order when starting your career. Average medical school debt The 2024 alumni were about $200,000 at graduation.
If you have debts Student loans from medical school What you struggle with repayment, medical school loan exemption programs can provide much-needed financial relief by making your debt more manageable.
10 Medical School Loan Forgiveness Programs for Physicians
Below is a list of 10 student loan forgiveness programs for doctors to consider whether they are considering reducing medical school debt.
Forgiveness of public service loans
Best for: Doctors who work for nonprofits and public health institutions for over 10 years
Forgiveness of public service loans (PSLF) is a federal student loan repayment plan available to many professionals working full-time for unqualified nonprofit organizations or government agencies. This often includes internships and residency with non-profit or public hospitals that are not eligible. only Federal Direct Loans This program is eligible.
PSLF received an expansion in 2022 to expand its eligibility criteria, including more borrowers. With these changes in effect, borrowers are permitted to:
- Recent, partial and lump sum credits, including tolerance and postponement for certain periods;
- If you make a 120-year qualifying payment of 20-25, you will receive loan emissions through an income-driven repayment plan (IDR).
State Student Loan Forgiveness Program
Best for: Doctors working in a state with a significant shortage of medical professionals
Many states provide student loan aid to physicians and other health professionals through the health department, other agencies, and even local private funders. You can consult AAMC Database Check if your state offers student loan forgiveness, repayment programs, or scholarships that could benefit you.
Requirements for state-specific medical school loan exemption programs may vary from state to state depending on the application process, service commitment, and maximum loan repayment amount. One requirement that most programs share is the services required in designated health professional shortages (HPSAs) within that state.
Here are some examples:
- Minnesota offers a $33,000 allowance per year (supports for a minimum of three years and up to four). Urban Physician Loan Waiver Program. The state also has a rural physician loan relentless program running in parallel, with forgiveness capped at $29,000 per year.
- Texas Medical Education Loan Repayment Program Award physicians who provide key outpatient care when increasing the level of awards over four service periods. The program’s maximum student loan repayments can be made up to $180,000.
- The Kansas Bridges Plan provides loan forgiveness to practitioners who commit to serving eligible rural Kansas County over a three-year commitment period. The state will donate $10,000 to pay off the loan, while the region is encouraged to donate to both community match and sign-on bonuses.
The National Health Service Corps also State Loan Repayment Program Allows you to offer your own student loan repayment programs to all 50 states and US territories.
National Health Loan Repayment Program (NIH LRPS)
Optimal: Doctors who want to conduct research and seek repayment assistance
For physicians doing NIH research, loan repayments of up to $50,000 may be available. NIH Loan Repayment Division It helps to manage programs to encourage research and counter the high costs of medical schools and the time commitment required for academic research. In spring and fall, there will be an application period in spring and fall, depending on the research on the LRP program being considered.
4National Health Bureau (NHSC) Program
Future healthcare professionals would be wise to consider the National Health Service Corps loan waiver program. A number of up to six people for short service requirements (2-3 years commitment) and forgiveness eligibility can offset the sudden costs of medical schools by serving the corps on designated HPSAs.
The 2025 application cycle, which was closed in the fall of 2024, requires medical students preparing for graduation and career development to monitor opening the 2026 application cycle. There are four distinctive programs, but students can only apply for one.
Indian Health Services (IHS) Loan Repayment Program
Best: Doctors interested in serving the American Indian or Alaska native community
Doctors who commit to working for at least two years in a medical facility designed to serve American Indians or native Alaska communities may be eligible to participate in the program. IHS Loan Repayment Program In exchange for your commitment, you will repay $50,000 in your eligible medical school student loan to up to $50,000.
You will need to sign on to your first two-year service agreement, but you may be able to extend your agreement until you have repaid all your qualifying student loan obligations.
Military Loan Repayment Program
Best for: Doctors and medical students interested in serving the military
Doctors working in the US military can receive financial assistance, such as scholarships and student loan repayments. Various branches of the military offer slightly different advantages. You can talk to recruiters for a specific division of the military that you are considering learning more about your options.
The Army, Navy, Coast Guard and National Guard all have student loan repayment incentives, but different parameters apply depending on the branch of the service. For example, the Air Force will provide a $45,000 annual grant during residency, plus a $2,000 monthly salary for living expenses. Once the residency program is complete, the physician must provide one year of service for each participation in the program.
The Navy Health Professional’s Student Loan Repayment Program is open to officers agreeing to the assigned active period, but you will still need to enroll in a qualified degree program to qualify for repayment. Once the program’s requirements are met, graduates can qualify for up to $40,000 per year on loan repayments.
Veteran Affairs Bureau (VA) Specialized Education Loan Repayment Program (SELRP)
Best for: Doctors interested in working with veterans
For residents willing to commit to at least 24 months of work at a designated VA facility, VA’s SELRP program residencies can be eased up to $160,000 on student loans. With a $40,000 annual loan repayment benefits and a high cap, program eligibility is limited to those registered and is consistent with the residency program with identified shortages.
Four alternative ways to pay back medical school debts
If you are not eligible for forgiveness for medical school loans or are only eligible for partial forgiveness, here are other strategies to facilitate repayment.
Apply for an income-driven repayment plan
Eligible borrowers may be able to lower through monthly student loan payments Income-driven repayment plans. This approach may keep you in debt for a longer period of time, but it can also reduce your monthly payments.
Three plans to actively accept applications include earning (PAYE), income-based repayment (IBR), and income-based repayment (ICR) salaries. All three programs calculate payments based on your discretionary income. What’s best for you will be determined by the type of loan you have and the desired repayment period.
Refinance your student loan
Another potential way to pay off your medical school debt faster is Refinance your student loan. If you have very good credit or excellent credit (or co-signers who fit this bill), you will Low interest rates With a new loan with a private lender.
If you are considering Refinance federal student loansbefore making a final decision, let them get the benefits they give up, such as access to income-driven repayment programs and forgive student loans.
Federal Government Loan Integration
Refinancing your loan personally may not be the best for everyone, but consolidating federal loans is another option to explore. Borrowers who choose this path can maintain federally funded perks and protections through the integration of the US government Direct Integrated Loan Program.
While consolidating the loan in this way allows for extended repayment terms, many doctors find monthly payments to be much easier to manage once they enter repayment. The Direct Loan Integration Program is still accepting applications, Continued litigation This could affect future availability.
Employer Repayment Program
Student loan repayments are increasing General benefits It is offered as part of many employee compensation packages. The tax-free portion of benefits is limited to $5,250 per employee per year, but employers may include funds that exceed that amount of wages to encourage employment or retention.
Conclusion
Finding the right student loan forgiveness program is a great strategy to reduce medical school debt. Evaluate your career goals before applying. If you are willing to move or work in a high-need area, you are more likely to qualify.
