Can physicians have their student loans forgiven?

Yes, but with important caveats. Physicians who are employed full-time by non-profit health organizations qualify for Public Service Loan Forgiveness (PSLF). After 10 years of on-time repayment while working in the non-profit sector, physicians can have their remaining federal student loan balance forgiven. 

Qualifying employers, such as the VA and other government organizations, as well as tribal, indigenous and First Nation facilities—including Oklahoma’s Cherokee Nation (Cherokee Nation Profile at PracticeLink)—have great job opportunities on PracticeLink.com.  

Many non-profit employers, like Adventist Health, Baptist Health System and Centra Medical Group, are easily spotted in PracticeLink Magazine.

Additionally, on our website, PracticeLink hosts tens of thousands of academic, clinical and administrative job listings for physicians, APPs and behavioral health specialists. Simply visit PracticeLink.com and do a keyword search for nonprofit or not for profit.

Are there any organizations that can help me manage my student loans?

PracticeLink partners with Navigate Student Loans, which specializes in personalized student loan repayment strategies for physicians and healthcare practitioners. They work both with individual physicians and partner with healthcare systems to help healthcare professionals eliminate their student debt.  

It’s great to consider working with consultants rather than doing it alone. Navigating the labyrinthine world of student loan repayment can feel like an insurmountable task. Even with the plethora of government information, attempting to manage your student loans independently can lead to missed opportunities and costly mistakes. This is precisely where a reliable student loan consultant proves invaluable, offering expertise and personalized guidance.

Consultants at Navigate possess a deep understanding of the ever-evolving federal and private loan landscapes. They are intimately familiar with various income-driven repayment plans, forgiveness programs, consolidation options and deferment/forbearance rules – knowledge that most borrowers simply don’t have. Trying to decipher these complex regulations on your own can lead to choosing a sub-optimal plan, missing deadlines for crucial applications or even inadvertently disqualifying yourself from future benefits. 

Can monetary hiring incentives affect my student loans? 

Yes. Monetary incentives are reported as income, so when accepting them, you will not only have to pay tax on them, but as a federal student loan borrower, incentives could affect your monthly loan payments. Physicians with federal student loans on an Income-Driven Repayment (IDR) plan should compare the potential added tax and student loan costs before accepting monetary incentives.