Ready for repayment? Forbearance ends May 1. Do you have a new servicer? Student loan servicer changes. Will PSLF work for you now? Key forgiveness updates.
Keep your guard up: How to spot a student loan scam. If one of the medical school loan forgiveness programs listed above matches your career goals, do the following to get started:. Know what types of loans qualify. Some programs, including Public Service Loan Forgiveness, are only for federal student loans. Others will discharge any qualifying education loan — including private student loans. Check where you need to work. Loan forgiveness for doctors typically requires agreeing to practice in the public sector, an underserved area or a Health Professional Shortage Area for a number of years.
Depending on the program — especially whether federal or private medical school loans qualify — take steps to maximize the amount of loan forgiveness you can get:. If only federal loans are eligible. Switch to a federal income-driven repayment plan. An income-driven plan will reduce your monthly payments while you work toward meeting the program requirements, increasing the amount that is forgiven.
If private loans also qualify. Interested borrowers can check out the following programs:. The downside of government-based loan forgiveness programs is that you generally must work for a certain type of employer or in a specific area for a minimum length of time.
Those constraints can be frustrating, especially after years of school and residency. Not sure if you want to work toward loan forgiveness? Here are some other alternatives:. If you want to save money on medical school student loans, consider refinancing with Juno. Borrowers who refinance through Juno partners Laurel Road or Earnest will get an interest rate that is.
This can be extremely helpful for doctors who can't afford a full loan payment during those early years. Those minimum amounts should be easy for most doctors to reach. If you choose to work in a private practice, you may receive a signing bonus after being hired. Put the signing bonus toward your student loans instead of upgrading your car or splurging on a new entertainment system. While that amount won't knock out your loans completely, it could make a significant dent.
Juno can help you find the most affordable possible rates on refinancing student loans. Juno negotiates on behalf of borrowers with partner lenders to help each student qualify for the best refinance rates they can given their financial situation.
Join Juno today to find out more about how you pay off your student debt faster. Zina Kumok is a freelance writer specializing in personal finance.
A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time. An MBA internship can help you gain experience and stand out from your peers. Read on to learn about the best MBA internships and how to land one. Splash Financial is a student loan refinancing marketplace featuring multiple lenders.
Learn more about if Splash student loan refinancing is right for you. We have assembled a list of rates across all of the student loan refinance companies as of December 21, Looking for the best credit card in college? Prospective grad students take the GMAT as part of the application process.
We are on a mission to increase access to and reduce the financial burden of higher education. Disclaimers: Product name, logo, brands, and other trademarks featured or referred to within Juno are the property of their respective trademark holders. Please consult a licensed financial professional before making any financial decisions. This site is not endorsed or affiliated with the U. Department of Education. Current interest rate.
Type of loan. If a consolidated loan, we need to know: Original date of consolidation. Original balance of consolidation. Account number. Purpose of loan. An application is incomplete without the following required supplemental documents: Proof of status as a United States citizen or United States national Acceptable documents: birth certificate, current U. Loan Information Verification Provide two types of documentation for each loan you submit: Account Statement Current information on your qualifying educational loans.
You may need to submit additional supporting documents. Specialty Certification If you select a specialty, you are required to upload a copy of the certificate of completion or diploma from the training program where you matriculated. Postgraduate Training Verification.
This document verifies that you completed the PCTE: Training Primary Care Champions applies to physicians and physician assistants only or AMF Program This documentation is in addition to the postgraduate training related to your practice area. Such documentation may include an official completion certificate. Verification of Existing Service Obligation Verification from the entity for which you have an existing service obligation stating you will complete service there prior to the NHSC application deadline.
Proof of Name Change Applicants will be required to provide legal documents marriage license or divorce decree if the name on the proof of citizenship document is different from the name in the application. Print and keep a copy of your completed application package for your records. After You Apply You'll see a receipt of submission pop-up when you submit your online application.
How can I view my application and its status? Can I make edits after I submit my application? Can I withdraw my application? How do you evaluate me? We review applications after the application deadline. We will ask you to confirm: Your continued interest in receiving an award. The validity of the loan and employment information you provided us in your application. That you have read and understand the LRP contract.
We ask you to e-sign this if you receive, and accept, an award. We ask you to provide: Your direct deposit banking information. We use this for award funds if you receive an award. Who makes award determinations?
When will you notify me of an award?
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