Have Your Student Loans Paid for You
You’re thinking about graduate school but recently read our post on the cost of PA school and that seems like a lot of money. You might be close to graduation or looking for your first job and you can see those impending monthly student loan payments starting soon. You can try strategies to save as much as you can or have your loans forgiven but those options might not be a fit for you. Don’t worry, there are a few options for having someone else pay for your schooling. I’ve been told that “nothing is free” and although you might be able to have your school paid for there are typically some caveats that come with it.
1. Military Service
If you choose to join a branch of the military you may be able to have some of your student loans paid for. For PAs who join the army as active duty you can have up to $120,000 to pay down on your student loans for 3 years of service. For reserve duty the amount is less. Each branch of the military has different offerings for student loan repayment depending on their need for recruitment. It is best to speak with a recruiter in the branch that you are interested in for current offerings.
If you have not yet completed your PA program or are still in the process of applying there are sometimes extra benefits in serving while you’re in school, like help with living expenses and it is worth checking out:
Army – https://www.goarmy.com/benefits/education-benefits/go-to-college-now/army-reserve-financial-aid-benefits.html
Navy – https://navypa.com/navy-pa-info/student-info-and-pa-programs#navy-health-services-collegiate-program-hscp
Airforce – https://www.airforce.com/careers/specialty-careers/jag/benefits/education-benefits
2. Commissioned Corps of the U.S. Public Health Service
A lesser known uniformed service is the Commissioned Corps of the U.S. Public Health Service. Their mission is to “protect, promote, and advance the health and safety of our Nation”. Loan repayment may be offered when joining the Commissioned Corps however it usually depends on need and it is best to speak with a recruiter for the current offerings. For more on the Commissioned Corps visit: https://www.usphs.gov/profession/healthservices/clinicalcare/
3. National Health Service Corps
The National Health Service Corps will pay up to $50,000 of your student loans if you work in a qualified undeserved area for 2 years. The program is designed to help get health care providers in areas that normally do not have a lot of coverage which means you might have to go somewhere that is not the ideal location for you. The nice thing about the repayment is that it is free from Federal income tax, also after you serve your commitment term you can apply to extend your service and have additional loan repayments. For information on how to apply and qualifying locations visit: https://nhsc.hrsa.gov/loanrepayment/loanrepaymentprogram.html.
4. Indian Health Service
The Indian Health Service Loan Repayment Program is a program that is under the Commissioned Corps. The program will repay up to $20,000/year in health profession education loans for an initial two year commitment. After your two years of service you can choose to extend your contract annually until your qualified student loans are paid. Opportunities are based on staffing needs. For more information visit: https://www.ihs.gov/loanrepayment/
5. Federal Student Loan Forgiveness
If you have Federal Student Loans there are options to decrease your monthly loan payments through income driven repayment plans. If you qualify for these programs you can have some of your student loans forgiven. If you work for a qualifying employer you may be able to have your loans forgiven after 10 years otherwise you’d have to wait 20 – 25 years.
If you’re worried about the cost of education, these are some of the options you have to help decrease the expense of school. Each has its benefits but also have their drawbacks. Another thing to keep in mind is the salary and bonus they are giving compared to other places. Although they might repay your loans your salary might be lower than what you could get elsewhere. If you’re willing to be flexible with where you work and want someone else to pay off your student loans, one of these may be a great option for you.
hi here
hello