Loan repayment program physician assistant

As you can see, there is a lot to be excited about regarding the future of our profession. However, what some of you new graduates may have found, sometimes employers will want to hire physician assistants who have experience as opposed to new graduates. Then, before you know it, the student loan companies come knocking to start collecting payments…. Becoming a physician assistant as you have found out by now can be a bit of a double-edged sword.

This holds true for most healthcare professionals. The total cost of physician assistant school varies depending on the location and which school or program you attend. The survey found that Around Therefore, when coming out of the gates with a proverbial dump truck load of debt, it is essential to weigh out all of the options for physician assistant loan repayment, and see which might work best for you!

There is a myriad of different national or federal programs that can help physician assistants relieve their student loan debt faster, instead of simply making your monthly payments on your own.

It is well worth your time to investigate these options as you enter practice to see if or which of the many options that you may qualify for. AmeriCorps is a government ran organization to aid students in repaying their student loans. This option provides several ways to work in the field of medicine and earn physician assistant loan repayment assistance.

The Indian Health Service has a loan repayment program that health professionals can receive if they commit to a two-year commitment to serve in American Indian or Alaska Native communities. Additionally, the contract can be renewed until your debt is paid off completely!

The Commissioned Corps of the U. Health Service loan repayment may be available if you are a member of the Commissioned Corp. For those who are serving in the military, you may have the opportunity to use the physician assistant loan repayment through The Health Professions Loan Repayment Program. This program is available for physician assistants who are members of the Army, Navy, and National Guard.

If your student loans are federal student loans, and you have difficulty being able to afford and pay your payments, you can consider an income-based repayment plan.

With all of these plans, you will not be getting out of your student loan debt at a faster rate; however, they will work to lower your monthly payments to a percentage of your income. Once you have paid into your loan for 20 or 25 years depending on your plan, you can apply to have the remaining portion of your debt forgiven.

It is important to remember with these plans that you will have to reapply annually. This means that if you have an increase in your income, then your payments are likely to increase somewhat as well. The Public Service Loan Forgiveness PSLF provides student loan forgiveness to providers who work in not-for-profits, governmental organizations, and other public service organizations. To qualify you first must consolidate your student loans into a Direct Consolidation Loan.

After this, you will make payments, and once these payments are completed, one can apply for forgiveness at this point. There will be more to come regarding PSLF in the future, but as for now, this is still a viable option that could work well for clinicians looking to have a chunk of their loans forgiven.

Just as with the Indian Health Service, you can work another two-year contract and continue doing so until you have paid off all of your student loans if desired. Two additional ways to alter your student loans are to use private loan refinancing or consolidation. When you refinance your student loan, what happens is a private loan company pays your balance to the federal government, and in return you likely benefit from a lower interest rate with your new loan from the private company.

Consolidation is available if you have federal loans and allows you to combine all of your loans into one loan with a single monthly payment with a weighted interest rate. The two benefits of refinancing are that a lower interest rate can help you pay off the debt faster than originally, and additionally save money if you have a shorter repayment term with the new company. The second benefit is that if you would choose a longer payment term, which can lower your monthly payments, creating less of a burden, but in the long run will likely not save you much money.

It is also important to look at the negatives as well with refinancing. Provide answers in your application that match your supporting documents. If they don't, we will reject your application. You must submit a legible , complete online application by the application deadline. The following provides an overview of the application requirements. Refer to the application and program guidance for our complete set of requirements and instructions.

The site s must complete the electronic EV before you can submit your application. It's your responsibility to ensure that the site point-of-contact completes the EV. You can also download a copy of your application, supporting documents, and completed EVs. Once you submit the online application, you may make edits, upload new documents, etc.

You must make all final edits and resubmit your final, complete application by the application deadline. We use selection factors and funding priorities to evaluate you and determine who receives awards. Note: You must respond by the deadline we provide in the Confirmation of Interest email. If you do not complete the Confirmation of Interest process by the deadline, we may withdraw your application from consideration.

If you still wish to participate in the program, you will need to submit a new application. You will receive final notification of an award, including your service obligation dates, no later than September Review the APG and your contract. Deadline Extended Apply now through February 3, , p. It has the information you need to apply.

ET Can't attend a session? Which loan repayment program fits me best? Two year half-time clinical practice at an NHSC-approved site. Loan Repayment You will receive funds to repay your outstanding, qualifying, educational loans.

NHSC loan repayment funds are exempt from federal income and employment taxes. Complete Repayment of Qualifying Loans Once you complete the initial two-year service contract, you may be eligible to apply for additional loan repayment funds to pay any remaining educational loans through one-year continuation service contracts.

There is no guarantee that you will receive a continuation contract. Application Launch Date: November 2, Application Submission Deadline: December 16, Employment Start Date: July 18, Scholars Service Obligation Date: July 31, Notification of Award: September 30, Contract Termination Deadline: 60 days from the effective date of the contract or at any time if the individual who has been awarded such contract has not received funds due under the contract.

Yes, you qualify if you are: A United States citizen U. Are military reservists eligible? Which disciplines and specialties are eligible? We will not: Accept requests after the deadline to update a submitted application or to submit additional materials. Fill in any missing information. Contact you regarding missing information.

What makes an application complete? You must include: Online application; Required supporting documents; and Additional supplemental documentation if applicable. Application Requirements The following provides an overview of the application requirements. Online Application Sections Complete each of the sections below to submit your application. Eligibility If you do not pass this initial screening portion of the application, you cannot continue with the application.

General Information Provide contact information such as your name, social security number, mailing and email addresses, as well as information about individual and family background. Employment You will search for, and select the NHSC-approved site s , where you currently provide or will provide patient care. We will notify the point s -of-contact at the NHSC-approved service site where you work or plan to work , about your request.

We'll notify you once the site s point s of contact completes it. Loan Information Provide information on each qualifying educational loan for which you seek repayment. Loan account number. Original amount disbursed. Original date of the loan.