Loan Repayment Programs
Loan Repayment Options
The Family Medicine specialty is in high demand throughout the country. Communities, hospitals, managed care organizations and physician groups are all actively recruiting graduates of Family Medicine residency programs. Recognizing the demand for primary care physicians, there are several loan repayment programs that offer incentives for physicians who choose to practice in underserved areas.
Programs are in place to help you pay back your medical school loans. In exchange for significant repayment help most of the programs require the recipient to agree to a two-year minimum of providing primary care services in federally designated Health Professional Shortage Areas (HPSA).
There are options at the National and State level, these are a few:
Louisiana Physician Loan Repayment Program |
Louisiana State Loan Repayment Program (SLRP) |
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| Physicians can receive up to $30,000 annually for a five-year commitment. Participants who complete their original five-year commitment in compliance, remain in an eligible site in a HPSA, and still have educational loans to repay may be able to extend their commitment with a two-year renewal to receive $15,000 annually. This program is separate from the State Loan Repayment Program and is only for physicians in General Practice, Family Medicine, Obstetrics/Gynecology, Internal Medicine, Pediatrics, Emergency Medicine and General Psychiatry. | Healthcare professionals serving in health professional shortage areas (HPSA) across the state may be eligible for Louisiana’s State Loan Repayment Program. This program repays governmental or commercial educational loans in exchange for serving in rural and underserved facilities. Physicians, psychiatrists and dentists can receive up to $30,000 annually for a three-year initial commitment. Other healthcare professionals can receive up to $20,000 annually for a three-year initial commitment. Participants who complete their original three-year commitment in compliance, remain in an eligible site in a HPSA, and still have educational loans to repay may be able to extend their commitment with a two-year renewal to receive $15,000 annually. | |
National Health Service Corps Scholarship and Loan Repayment Program |
Faculty Loan Repayment Program (FLRP) |
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| The National Health Service Corps (NHSC) is a federal program housed in the Bureau of Health Professions in the U.S. Department of Health and Human Services. NHSC has both a scholarship and loan repayment program for eligible health professionals in exchange for healthcare in designated underserved areas. More information can be found on the NHSC Web site or by calling NHSC's toll-free number 800.221.9393, 9 a.m. to 5:30 p.m. EST. | This program provides a financial incentive for degree-trained health professionals from disadvantaged background to pursue academic careers. The Federal government agrees to pay, for each year of faculty service, up to $20,000 of the outstanding principal and interest on the participant’s educational loans. For more information, visit the U.S. Department of Health & Human Services’ Health Resources and Services Administration’s website. |
Important: When considering student loan consolidation, explore the many different options and financial arrangements. Many people make the mistake of jumping on the first loan consolidation program they see. By law, you may only consolidate your loans ONCE. It is crucial for you to investigate the different options available to you. The more investigative work you do, the better your financial decision with be in the end.