Doctors and Dentists Student Loan Forgiveness

Doctors and other professionals in healthcare, such as the dentist, do a great job of saving lives. But the expenses involved in becoming a medical professional is alarmingly high. That is why the Doctors and Dentists Student Loan Forgiveness program can be a lifesaver for doctors and dentists.

The average cost of a medical school for residents in a year can be about $37,556; nonresidents can accrue a cost of about $62,194, according to the American Medical Colleges. All these costs are for public institutions only. For private institutions, residents can pay about $60,665, and nonresidents can pay around $62,111. That’s even more expensive.

Other medical professionals are facing the same expensive tuition due to the need to provide state of the art training necessary to take care of patients adequately. The good news is that there are Doctors and Dentists Student Loan Forgiveness that can aid you in your tuition and be free from any debt you incurred.  Now, you can acquire the skills you need for you to do public good.

There are particular eligibility requirements needed for you to qualify for the forgiveness program. In this guide, we will help you in the process to make it simple for you to acquire the loan repayment programs for dentists and doctors.

Let’s get into it, shall we?

Doctors and Dentists Student Loan Forgiveness

The Doctors and Dentists Student Loan Forgiveness also refers to as Students to Service Program. The program provides loan forgiveness to doctors and dentists. The National Health Service Corps (NHSC) offers student loan forgiveness for doctors and dentists of a cap of $120,000. They make available the program for medical students in the final year who want to work for communities which are in need for medical and dental attention.

You can benefit from the loan forgiveness program if you accept to work 3 years of full-time job within a Health Professional Shortage Areas (HPSA). Also, you must work in a certified NHSC center while working within an HPSA.

If you still have loans after the three-year service, you can re-enlist in the service and get other benefits until you pay off your total loan debt. However, it’s challenging to acquire this benefit but not impossible. We will guide you on how to obtain this benefit.

Doctors and Dentists Student Loan Forgiveness Benefits

The student loan forgiveness for doctors, and dentists offer three essential benefits if you join the program. Even though you get to pay off your debt, there are other opportunities available for you, which can be very rewarding. The following are the three benefits you’ll acquire from the forgiveness program.

A Total Of $120,000 In Loan Forgiveness

The Doctors and Dentists Loan Forgiveness offers a maximum reward of $120,000. We call it a reward because the $120,000 does not come with any taxable income.  Not having the Internal Revenue Service (IRS) deduct any tax income is a massive profit for you. You can acquire more benefits from the program that you would in other forgiveness programs.

Imagine paying 30% of $120,000. The balance left will not be adequate to clear most of your debt. So not having to pay for tax income to the IRS is a huge bonus for you.

Re-Enlisting For Further Loan Forgiveness

If, at the end of your three-year term, you still have outstanding loan debts, you can apply for additional loan repayment through a continual one-year contract. According to the forgiveness program guidelines, National Health Service Corps officials cannot make sure that you can qualify for the program if you choose to re-up. So, you shouldn’t put too much hope into it.

But the rules do say that if you have the following requirements, you can qualify:

  • If you still have outstanding debt after the three years,
  • If you already fulfilled all the conditions in the Doctors and Dentists Loan Forgiveness Program
  • You received all your previous payments
  • Accept to further serve in an NHSC facility

By the way, when you qualify for an extension of the student forgiveness for doctors and dentists, you may relocate to another HPSA center, before you can receive your repayment.

Help Individuals Through Public Service

Even though serving the needy in a deprived community does not provide any monetary value, you get to help people in the long run. Yes. You will have to sacrifice your time to serve the needy, but it’s for the short term. You should not undervalue the need to help others and the social good that comes with it.

Look at it in this way: you serve others and make them healthy, and in return, you get your loan debt paid off, feel fulfilled about the good you’ve done for the community, and the other benefits after you graduate from the dental or medical school. The opportunities are endless.

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Why You Should Apply For Doctors And Dentists Student Loan Forgiveness Program

The reason is straightforward. The loan forgiveness for doctors and dentists provides the easiest and quickest ways to clear your financial debts than other benefit programs. For example, the program is much better than Public Service Loan Forgiveness, which is the go-to criterion for federal loan forgiveness programs.

Remember that the Doctors and Dentists Loan Forgiveness is not a volunteer program. Which means you get a monthly salary in addition to the $120,000 loan forgiveness. It’s not a bad deal. Most doctors and dentists’ graduates find it difficult to land in suitable employment after school, while there are plenty of job openings in the HPSA.

When you enlist in the loan repayment programs for dentists and doctors, you’re sure to obtain these two things:

  1. You acquire a relief payment of $120,000 in loan forgiveness
  2. You get a full-time job position in dentistry and medicine, which most graduates from medicine and dentistry do not acquire.

Also, you have to remember that there’s a high probability you’ll be in serious work when you serve in the HPSA. It means you will have a significant role in the community, which can open other opportunities for you. You can be in charge of anything, which can be a plus for you after you complete your service and land in another full-time job.

Eligibility Requirements For Doctors And Dentists Student Loan Forgiveness

Before acquiring loan forgiveness for doctors and dentists, you need to qualify for these requirements before you become a member.

  1. You should be a legal US citizen
  2. You must pursue a degree in DDS, MD, DO, or DMD in a certified school in the United States
  3. The member must pursue a degree in the following schools: a school of dentistry, allopathic medicine, or osteopathic medicine, all accredited by certified associations or accreditation boards.
  4. You must qualify for federal employment. However, you have to expect that you’ll serve in institutions, private or public, certified by the NHSC, with monthly salary.
  5. You should enroll in the 2019 dental or medical school as full-time students before July 1, 2020. You also must have sent your application before or on October 31, 2019.

Aside from the above requirements, there are special requirements for dental and medical students before they can qualify.

Eligibility Qualifications For Medical Students

If you are a medical student and want to enroll in the Doctors and Dentists Loan Forgiveness, you should enroll in post-graduate training in a program approved by the NSHC. The programs NHSC recommends and the amount of time required are as follows:

  • General pediatrics – four years
  • General Medicine, internal – three years
  • Family medicine – three years
  • Pediatrics, general – three years
  • Obstetrics, Gynecology – four years
  • Family medicine /internal medicine – four years
  • Family medicine /psychiatry – five years
  • Psychiatry/medicine – five years
  • Pediatrics/family medicine – five years

Before loan repayments get disbursed, you have to prove that you enrolled in one of the outlined certified training programs above.

Eligibility Qualifications For Dental Students

For loan repayment programs for dentists, there’s no requirement to enroll in approved postgraduate training programs. However, we encourage and recommend that you take part in the training programs certified by the NHSC. The approved training programs and their amount of time allocated are as follows:

  • General dentistry – one year
  • Pediatric dentistry – two years
  • Advanced education in dentistry program – one year
  • Dental public health – two years
  • Geriatric dentistry fellowship – two years

According to the application requirement, the NHSC will not certify any post-graduate programs stated above. However, since it’s not a requirement, you can choose not to enroll in the training program. But it can be beneficial in other areas in the future. If you have time and resources, you should enroll in the program. Again, it’s not a requirement, so you can ignore it.

Some Factors to Consider To Be Highly Eligible The Loan Forgiveness

Additional requirements needed by the NHSC to ensure that you are eligible for the program are the following:

  • Make sure that you pass your license examinations
  • You should have a history of not breaking any legal obligations
  • You do not violate other service requirements
  • Do not have a current service requirement that will interact with the Doctors and Dentists Loan Forgiveness obligations.
  • You should not have any history of disqualification or suspension by a federal agency
  • Make sure to submit your application on time
  • You should be committed to serving in the HPSA

There are numerous other details, but the points outlined above show some of the NHSC requirements. If you want the total details of the requirements, visit the official website of the National Health Service Corps Students to Service Loan Repayment Program.

Apply for Student Loan Forgiveness Help

If you struggle with university student loan forgiveness, then you should get help with that. Because the employees in these agencies are dealing with the student loans every day and they have enough experience for solving different kinds of student loan problems.

Why Was the Doctors And Dentists Student Loan Forgiveness Established?

The NHSC established student loan forgiveness for doctors and dentists to inspire doctors and dentists to begin their professional careers in HPSA. In other words, the National Health Service Corps wanted doctors and dentists to serve in underserved communities who needed doctors and dentists. They also realized that most doctors and dentists would generally not work in rural areas or urban areas with low income, so they provided incentives for doctors and dentists who will serve in underserved areas.

The program wasn’t primarily created as a forgiveness program to pay off your loans. They established the program to provide health care to people in deprived areas who had little or no access to proper medical health care.

How To Apply For The Loan Repayment Programs For Dentists And Doctors

It’s straightforward to sign up for the program. You can apply for the program through their official website. If you have any questions about the forgiveness program, you can visit the official website and download the program PDF. It outlines in detail everything about the program. You can also reach us on 800-881-0687, and we will answer any questions you have relating to this topic.

Final Thoughts

The Doctors and Dentists Student Loan Forgiveness is primarily not a forgiveness program. But it allows you to pay off your loan debt without any tax income deduction. It’s one of the best, if not the only, ways to get rid of your loan debt without incurring much cost, primarily, through interest rates.

After the three-year service, you can still apply for additional service if you still have remaining debts to pay. The good thing is that you’ll be helping to do public good while getting rid of your loan debts. If you qualify for the program, we suggest you take the opportunity without hesitation.

Being in a medical or dental school is costly. There are many loan forgiveness programs available to you to choose and decide which one is the best. It’s the same way as other medical professional fields. However, not every medical professional field provides monthly paid salary plus incentives, while giving you $120,000 to pay off your debt. Now, even though the program is currently running, anything can happen tomorrow, so we suggest you take the advantage now.

Lastly, if for some reason, the program is not the best fit for you, you can check the Public Service Loan Forgiveness and similar options. They may also provide ways to repay loan debts such as the Doctors and Dentists student loan forgiveness program. If you’re not sure about what to do, give us a call right now, and we will gladly assist you and help you make the right decision. You can call us right now: 800-881-0687