Health Care Providers who are be struggling with repaying their loans or may even be looking for work to support themselves and their families have additional resources available through the National Health Service Corps (NHSC). The four programs are the NHSC Loan Repayment Program – Full Time, the NHSC Loan Repayment Program – Part Time, the State Loan Repayment Program and the Students to Service Program.
The NHSC Loan Repayment Program – Full Time is open to licensed primary care medical and dental providers as well as behavioral and mental health care providers. They must be employed or have accepted an employment offer at an NHSC-approved site. Those health care providers who are accepted can receive up to $50,000 of loan repayment in exchange for two-years of service if they work full time in a Tier 1 Health Professional Shortage Area (HPSA). Health care providers who work full time in a Tier 2 HSPA can receive up to $30,000 of loan repayment in exchange for two-years of service. At the end of the two-year period of service, health care providers in the program can continue their service and receive additional help with their loans up to paying off their loans completely.
Full Time service is defined as a minimum of 40 hours per week with at least 45 weeks worked out of each year of service. 32 of the 40 hours worked must be spent either providing direct patient care or teaching in an outpatient ambulatory care clinic in the HSPA. No one can work less than 4 days each week and no more than 12 hours in a 24 hour period. Further details can be viewed in the Program Guide at the NHSC website.
The NHSC Loan Repayment Program – Part Time is open to licensed primary care medical and dental providers as well as behavioral and mental health care providers. They must be employed or have accepted employment at an NHSC-approved site, just like those in the full time program. Health care providers at a Tier 1 HPSA can receive up to $25,000 of loan repayment in exchange for two-years of service. Providers at a Tier 2 HPSA can receive up to $15,000 of loan repayment in exchange for two-years of service.
Part Time service is defined as a minimum of 20 hours per week, not to exceed 39 hours for 45 weeks of each service year. 16 of those hours must be in direct patient care or teaching in the outpatient ambulatory care clinic in the HSPA. Providers must work no less than 2 days each week and no more than 12 hours in a 24 hour period.
Health care providers who choose the Part Time program must complete their entire two-years in the program. Once this initial service is complete, they can choose to continue with the Part Time program or apply for the Full Time Program to continue receiving loan repayment assistance. Further details can be viewed in the Program Guide at the NHSC website.
In FY2013, 2,106 new and 2,399 continuation NHSC awards were made totaling $169.7 million. Both NHSC programs open at the start of each calendar year and applicants can apply as long as they will begin working at an NHSC-approved clinic by July 15 of that year.
The State Loan Repayment Program provides cost-sharing grants to over 30 states for operating their own repayment programs. Applicants apply to the state program where they intend to start their medical career, not the NHSC. Active programs and contact information can be found at the Health Resources and Services Administration website. Repayment programs are different for each state, but there is a two-year service commitment required by the Department of Education in order for their programs to qualify for matching Federal funds.
The Students to Service Program is open to medical students in their final year at an accredited medical school. Applicants must be pursuing a residency and career in family medicine, general pediatrics, geriatrics, internal medicine, OB-GYN or psychiatry.
In exchange for tuition and loan repayment assistance worth up to $120,000, they agree to serve three years in HSPAs that the NHSC has determined to have the greatest need of primary care providers. The first payment is given the summer after graduation from medical school and will continue each summer until residency is completed (three years).
Applicants have a choice of either Full Time or Part Time Practice:
- Full Time Practice is defined as a minimum of 40 hours per week with a minimum of 45 weeks worked each of the three service years at an approved HSPA.
- Part Time Practice is defined as a minimum of 20 hours per week, not to exceed 39 hours. There must be a minimum of 45 weeks worked each of the six service years at an approved HSPA.
The Students to Service Program is a new pilot program; funds for future years will depend on the availability of funding. The application cycle opens in September and closes in November each year. Further details can be viewed in the Program Guide at the NHSC website.
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Student Debt Relief Loan Refinancing Advertiser Disclosure
College Ave: College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
College Ave Refi Education loans are not currently available to residents of Maine.
1 – The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.
2 – $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 04/26/2019. Variable interest rates may increase after consummation.
3 – This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
ELFI: Subject to credit approval. Terms and conditions apply. To qualify for refinancing or student loans consolidation through ELFI, you must have at least $15,000 in student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary institution.
LendKey: Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
CommonBond: Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate.
Splash Financial: Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval.com
Earnest: To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest’s fixed-rate loan rates range from 3.89% APR (with autopay) to 7.89% APR (with autopay). Variable rate loan rates range from 2.50% APR (with autopay) to 7.27% APR (with autopay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms of 10 years or less. For loan terms of 10 to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 0.26% and 5.03% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 23, 2019 and are subject to change based on market conditions and borrower eligibility.
Auto Pay Discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/23/19. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.