Photograph51 Posted October 22, 2018 Share Posted October 22, 2018 I am a new PA, recently graduate with $60,000 in student loans. An older couple who I have known for many years and are like parents to me recently offered to loan me the $60,000 interest free and I could pay them back as I can. They know that I am extremely frugal and great with money, so they trust me to pay the money back and they have the resources that this would not be a hardship for them. I realize that this is a great deal, but I'm wondering if there could be reasons not to take this offer. I am about to start a job in addiction medicine and Congress has just passed a bill that has a loan repayment provision for providers (including PA's) who are working in addiction medicine. I don't want to render myself ineligible for this opportunity (the bill is just awaiting the president's signature, and that is expected to happen.) I also want to have the opportunity to apply for other loan forgiveness opportunities, and I wouldn't be able to do this if my debt is a personal loan rather than a student loan (right now all of my loans are federal direct unsubsidized loans.) I would appreciate any perspectives that you all have. Thanks. Quote Link to comment Share on other sites More sharing options...
Boatswain2PA Posted February 3, 2019 Share Posted February 3, 2019 Unless your loan rates are outrageous I would decline the offer, live frugally, pick up per diem shifts at an UC, and pay the loans off within 1.5-2 years. Quote Link to comment Share on other sites More sharing options...
Colorado Posted April 13, 2019 Share Posted April 13, 2019 Go for that Addiction Med repayment. If you are also in primary care doing MAT/Suboxone, you CAN double dip into the primary care loan repayment program too. This is the only time they allow you to be in both at once. Thats a lot of money. Not alot of people are probably applying for the MAT program so maybe youll have a higher chance. Just make sure your DATA 2000 is good to go and that your employer qualifies and has filed the correct paperwork. I believe there is an extra form they have to submit on top of the regular forms for the primary care site qualification registration. If I'm wrong about the double dipping please correct me, thats just what I interpreted from the website. Great incentives. 1 Quote Link to comment Share on other sites More sharing options...
RedTailedHawk Posted April 15, 2020 Share Posted April 15, 2020 Photograph51, best of luck to you! I am also looking into working in addiction medicine after I graduate. I am curious, how is your addiction medicine job going? Did you have any experience in addiction medicine prior to starting? Are you working in a designated health provider shortage area? Was is difficult to apply for the federal loan repayment program for addiction medicine that was passed in 2018? How many hours of MAT training did you complete upon your graduation? I had one rotation in addiction medicine, and I will have a total of four rotations in psychiatry upon graduation. My program offers 3 electives plus one core rotation in psychiatry. Sorry for all these questions! Any information is appreciated and helps me on my journey to working in behavioral health. Quote Link to comment Share on other sites More sharing options...
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