Loan repayment options after medical school
Any physician that has graduated from an accredited four year allopathic or osteopathic medical school in the U.S. can apply for an Underserved Community Program for repayment of their medical school loans. Some states may also accept other types of medical programs. There is also usually a provision that states the doctor cannot have practiced for more than one year before they apply for the program. This time period also may vary by state.
Every board at the State Health Council has certain physician selection criteria that they follow when looking at applicants. The main criteria are usually: the extent that a physician’s medical specialty is needed in a the selected area, the doctor’s personal commitment to serve, the ability to find a financial match with a selected community, the time frame that the physician will be able to start providing services and his or her professional competence and conduct. Preference is sometimes given to medical school graduates from the same state that is offering the program.
Communities are eligible for the Underserved Community Program based on the following criteria: the doctor to population ratio, the access that community residents have to proper medical care, the combination of physician specialties in the area and the indicators of community support for a physician. Communities that have less than 15,000 people are given priority.
Physicians who enter these programs cannot receive more than the sum amount of their student loans from the state and community. The payments are usually made in two installments: six months after the doctor has begun his or her full time practice and at the end of the agreed upon term of service.
