For those considering working in rural or underserved areas there is another loan repayment option called the NHSC Loan Repayment Program.  The program provides up to $50,000 of reimbursement tax free.  Both private and federal loans are eligible.  Eligible doctor disciplines are as follows:

• Family Medicine
• Obstetrics/Gynecology
• General Internal Medicine
• Geriatrics
• General Pediatrics
• General Psychiatry
• Dentistry (DDS,DMD)

If you’re going for PSLF then this is a complimentary strategy that you can use to make your monthly federal income driven repayment (IDR) plan payments.

One of my clients is an internal medicine physician who is utilizing this strategy. His monthly REPAYE payments are just shy of $2,000— allowing him to go payment free for 25 months.  Note, it gets more complicated if you are going to reapply for the program as you must show proof the funds have been exhausted before reapplying.

For those working in rural or underserved areas, definitely check this out.

See the link below to learn more from the government program’s site. You can determine your eligibility for the program and download the forms to start your application.

https://nhsc.hrsa.gov/loan-repayment/nhsc-loan-repayment-program.html

Have more questions about this or other aspects of your PSLF? Give me a shout.

WM

Weston is a Certified Public Accountant, Certified Financial Planner^TM, and holds the Chartered Financial Analyst designation. Weston earned his master’s degree in accountancy from the University of Missouri – Columbia. Weston is active in the St. Louis community and board member of the Anti-Defamation League.

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