**Sponsored Content**
The MMS has partnered with Panacea Financial, a financial services company founded by two doctors, formed out of passion for improving the lives of doctors
and doctors in training, to develop a three-part video series that presents simple to understand information addressing issues from credit scores and credit card debt to managing medical school debt and homebuying.
In the first video, 3 Mistakes to Avoid When Handling Your Medical School Debt,
Dr. Michael Jerkins, a practicing primary care physician and co-founder of Panacea Financial, addresses the basic principles of managing medical student loans, interest rates, strategies for consolidating debt and loan forgiveness.
In the second video, What Doctors Need to Know about Credit Scores,
Dr. Jerkins discusses how credit scores influence an individual’s financial strength, what the numbers mean, how they are calculated and what they impact, as well as how individuals can improve their scores.
In the third video, 6 Financial Mistakes Doctors Make and How to Avoid Them,
Dr. Jerkins discusses themes that doctors struggle with financially, such as mishandling large purchases like a home, misunderstanding basics of retirement, and not properly controlling expenses.
MMS Resources
Several public and private-sector programs can assist medical students with loan repayment.
Commonwealth of Massachusetts
Massachusetts Loan Repayment Program
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Amount: Program repays up to $25,000 of qualifying loans per year of service.
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Eligibility:
Component A - Primary care physicians who are U.S. citizens and willing to serve for two years in a public and/or nonprofit agency located in a federally designated health professional shortage area (HPSA).
Component C - Primary care physicians who make a commitment for 2 years of full-time work or the equivalent extended commitment of part-time work in an eligible health care organization.
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Application Deadline: Applications accepted on a rolling basis and reviewed quarterly.
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New Hampshire Charitable Foundation
The New Hampshire Charitable Foundation offers scholarship assistance for students enrolling in medical school. Individual awards are $10,000 and may be renewed during doctoral studies.
Applications are available from the
New Hampshire Charitable Foundation or its
online application portal.
If there are questions about eligibility or other questions about how to apply, contact the Student Aid Office at the Foundation at (603) 225-6641.
Federal Agencies
National Health Service Corps Loan Repayment Program
- Will repay loans up to $60,000 per year, based on the participant's qualifying educational loans, in exchange for a two-year minimum service commitment. Selected applicants agree to provide full-time primary care services in an approved practice site.
Faculty Loan Repayment Program (FLRP)
Indian Health Service (IHS) Loan Repayment Program
- Loan repayment of $20,000 per year (in addition to contracted salary and benefits) in return for two continuous years of service at an IHS or similar Indian health program site
Public Service Loan Forgiveness
This program is intended to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance of their Direct Loans after they have made 120 qualifying
payments on those loans while employed full time by certain public service employers. This program is not only for physicians. Private practice and self-employed physicians would not be eligible. Residents and fellows may be eligible depending on
the organization that they are working at.
Income-Driven Repayment Plans
Income-driven repayment plans are designed to make your student loan debt more manageable by reducing your monthly payment amount. If you need to make lower monthly payments, one of the three following income-driven plans may be right for you:
- Income-Based Repayment Plan (IBR Plan)
- Pay As You Earn Repayment Plan (Pay As You Earn Plan)
- Income-Contingent Repayment Plan (ICR Plan)
Income-driven plans should be used in conjunction with loan forgiveness when appropriate – you will be paying less money (and accruing more interest) however after 120 payments (10 years) the remaining balance is forgiven.
Armed Forces Health Professions Loan Repayment
Program
Amount of loan repayment, eligibility, and service commitment vary among the military branches and with active duty, reserve, and National Guard status. Current or former Armed Forces scholarship recipients are ineligible. For branch-specific information:
Massachusetts League of Community Health Centers
Community Health Center Provider Loan Repayment Program
This private-sector loan repayment program offers medical and nursing school loan repayment to primary care physicians and nurse practitioners who make a two-to-three year commitment to practice at one of the state's 52 community health centers.
This program is managed by the Massachusetts League of Community Health Centers, and is funded by donations from Bank of America, Commonwealth of Massachusetts, Neighborhood Health Plan, Blue Cross and Blue Shield Foundation of Massachusetts and Partners
HealthCare.
Association of American Medical Colleges (AAMC)
The AAMC provides many resources through the
AAMC’s FIRST (Financial Information, Resources, Services, and Tools) program, which helps individuals navigate the complexities of financial aid, student debt, and money management.
