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Im trying to track down information about how loan forgiveness works. Does anyone have any resources on how this works? Which agencies do this ? How do you find out if a site qualifies ? The information on the web doesn't seem clear

 

Thanks

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It's called NHSC- National Health Scholarship Corp. Loan Repayment Program. You basically go to the website and search for a position and apply for the job. Your benefits are independent of the loan repayment and must be negotiated by the employer. For 2 years of service, you will receive 60,000 dollars to pay off loans... And can continue to work there until all are payed off. I worked at a site for 5 years (3 were under the program). When you get the job and then get accepted to the program, you literally get a check in the bank for 60 grand that you then deposit to loan account. Some NHSC sites you are generally in the trenches. Mine was just in an underserved area and we saw a certain amount of Medicaid....but also had a higher clientele with commercial insurance. You must work in primary care or mental health to get this.

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hi

so it's the salary from the job usually lower than national average since they know you got the NHSC repayment program?

thank you

 

 

It's called NHSC- National Health Scholarship Corp. Loan Repayment Program. You basically go to the website and search for a position and apply for the job. Your benefits are independent of the loan repayment and must be negotiated by the employer. For 2 years of service, you will receive 60,000 dollars to pay off loans... And can continue to work there until all are payed off. I worked at a site for 5 years (3 were under the program). When you get the job and then get accepted to the program, you literally get a check in the bank for 60 grand that you then deposit to loan account. Some NHSC sites you are generally in the trenches. Mine was just in an underserved area and we saw a certain amount of Medicaid....but also had a higher clientele with commercial insurance. You must work in primary care or mental health to get this.
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National Health Service Corps is the most obvious (http://nhsc.hrsa.gov/loanrepayment/), but I think they only go up to $60,000 and most people I know graduate with more debt than that, and it comes with a service requirement.

 

You can also do the Public Service Student Loan Forgiveness (http://studentaid.ed.gov/sites/default/files/public-service-loan-forgiveness.pdf). As long as you work at a "nonprofit" or government agency, it qualifies. Many major hospitals are technically non-profits because they give out a certain percentage of charity care. You make 120 income-based repayments and then it's forgiven. An income-based repayment is usually substantially lower than the minimum payment of a ten-year loan term, depending on the size of your loan.

 

Also if you don't work at a non-profit, there is a federal income-based repayment option, but there is no point after which it is all forgiven (Income Based Repayment

http://www.whitehouse.gov/blog/2012/06/07/income-based-repayment-everything-you-need-know)

 

Hope that helps!

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For the Loan Forgiveness, do you happen to know if the 120 payments have to made while working at the "non-profit" agency? I ask because I have been out of PA school for about 6 yrs now, meaning I have definitely made over 120 payments to my loans. However, I have only been working at my current job which would be considered a "non-profit" agency for the past year.

 

National Health Service Corps is the most obvious (http://nhsc.hrsa.gov/loanrepayment/), but I think they only go up to $60,000 and most people I know graduate with more debt than that, and it comes with a service requirement.

 

You can also do the Public Service Student Loan Forgiveness (http://studentaid.ed.gov/sites/default/files/public-service-loan-forgiveness.pdf). As long as you work at a "nonprofit" or government agency, it qualifies. Many major hospitals are technically non-profits because they give out a certain percentage of charity care. You make 120 income-based repayments and then it's forgiven. An income-based repayment is usually substantially lower than the minimum payment of a ten-year loan term, depending on the size of your loan.

 

Also if you don't work at a non-profit, there is a federal income-based repayment option, but there is no point after which it is all forgiven (Income Based Repayment

http://www.whitehouse.gov/blog/2012/06/07/income-based-repayment-everything-you-need-know)

 

Hope that helps!

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For the Loan Forgiveness, do you happen to know if the 120 payments have to made while working at the "non-profit" agency? I ask because I have been out of PA school for about 6 yrs now, meaning I have definitely made over 120 payments to my loans. However, I have only been working at my current job which would be considered a "non-profit" agency for the past year.

 

I am afraid I don't know the answer to that. I would call a representative from a program to get the facts, then call your lending company.

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For the Loan Forgiveness, do you happen to know if the 120 payments have to made while working at the "non-profit" agency? I ask because I have been out of PA school for about 6 yrs now, meaning I have definitely made over 120 payments to my loans.
Unless you are making more than one payment a month, you have a ways to go. 120 payments = 10 years if you make one payment per month.
However, I have only been working at my current job which would be considered a "non-profit" agency for the past year.
You have to be at a qualified government or non-profit for the full 120 payments (10 years).
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With a 6 year commitment, the Army National Guard pays $75k in loan repayment (paid over 3 years) and then gives $20k a year for three years. Several of our PAs went this route.

Then if you work for the VA or a non-profit, you can double up on repayment benefits or forgiveness programs.

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