Loan Forgiveness Programs
There are a number of loan forgiveness that currently exist for medical students.
- Washington Student Achievement Council offers conditional scholarships or loan repayment for licensed primary care health professionals who serve in Washington’s critical shortage areas.
- The Public Service Loan Forgiveness Program forgives the remaining balance on students’ Direct Loans after 120 qualifying monthly payments have been made under a qualifying repayment plan while working for a qualifying employer. A qualifying payment is made on time each month for the full amount shown on the bile while working for a qualified employer. A qualifying employer is a:
- Government organization at any level (federal, state, local, or tribal);
- Not-for-profit organization that are tax-exempt under Section 501©(3) of the Internal Revenue Code;
- Other types of not-for-profit organizations that provide certain types of qualifying public service,
- The National Institutes of Health will repay up to $35,000 annually of student debt for researchers, including extramural participants for individuals from disadvantaged backgrounds.
- The National Health Service Corps Loan Repayment Program offers primary care medical technicians up to $50,000 to repay their health profession student loans in exchange for a two-year commitment at an approved NHSC site in a high need, underserved area. This commitment can be extended for additional repayment assistance. There are a number of NHSC-approved sites in rural Washington.
- The National Health Service Corps Students to Service Loan Repayment Program provides up to $120,000 to medical students in their final year of school in return for a commitment to provide primary health care full-time for at least three years of half-time for at least six years at an approved NHSC site in a Health Professional Shortage Area of greatest need. There are numerous sites in rural Washington.