What are Loan Repayment Programs?
Loan repayment for service programs are state or federally funded programs designed to increase the number of health professionals in MUAs and/or HSPAs. These programs generally will pay off a certain amount of loans post-graduation in return for work in such an area. Either way, the physician usually still makes the salary for their job in addition to loan repayments.In many cases, the amount of loans paid off is equivalent to tuition at the state university. Many universities also offer scholarships, usually paying for a year of medical school for every year of service promised. The mean debt for a medical school graduate is $169,901. This can take 10-30 years to pay off. It is said that there is a " 1 million dollar price" for becoming a doctor. This number includes years of lost income throughout medical school and residency, application costs, and loan repayment costs. Participating in a loan repayment program can significantly lower this "price".
Why should you consider a financial incentive program?
It is true that there may be some challenges that accompany serving in MUAs. For example, the hospitals are often short staffed or under resourced. However, facing this challenge and choosing to serve those who have the greatest need provides medical students with more than just financial benefits. Medical students serving in these areas build their practical skills and their character.
Practical Benefits of Serving the Underserved:
Personal Growth Benefits:
Financial Benefits:
Practical Benefits of Serving the Underserved:
- Learn to be resource efficient (ie: only ordering needed tests)
- Problem solving skills, when certain resources are not available
- Use less technology and more knowledge and skill
- Stretched in knowledge base because there will be less specialized doctors
- Learn to really listen to patients, build relationships
- Develop an ability to work with a diverse group of individuals
- Learn about the medical needs of the poor (often those with the most medical meeds)
Personal Growth Benefits:
- Serving builds invaluable character
- Reminder that helping others is what is truly important in the midst of grades, graduation, and medical school applications
- Learn what it means to "serve the least of these" as we are called to do
- Eye opening experience to the great disparities in healthcare access across the U.S.
- community grows and prospers due to your essential leadership and aid
Financial Benefits:
- Loan repayment while still earning a salary
- Salary of residents in MUAs is virtually equal to residents in other areas (salaries vary by specialties)
- Less debt to pay off later (less interest, lower percentage of loan to pay off, etc.)
- Save money
- Spend less years in debt