Today’s potential college students are being forced to seriously consider what their career focus is before selecting a major. College tuition is at an all time high and the overall higher education experience has now become about more than simply preparing to enter the workforce. Prior to entering college, an applicant should evaluate the prospective salary income matching their post-graduation career goal before searching for or accepting student loans.
Currently, the total outstanding student loans debt in the U.S.A exceeds one trillion dollars. A combination of high cost tuition rates and lengthy loan terms create quite a hefty financial burden for today’s average college graduate. Many graduates (and drop-outs) are finding it extremely difficult to meet the monthly payments required by their student loan lenders. A high unemployment rate, lower wages and fewer successful businesses have greatly impacted the opportunities available for college graduates in the United States.
In order to encourage students to pursue medical careers and to prevent a health professional shortage, many student loan repayment assistance programs have been developed and are available to help reduce student loan debt. Medical professionals who have unpaid debt for nursing or medical school loans and have been employed with a non-profit organization may be able to reduce their college debt significantly with a medical loan forgiveness, nurse loan forgiveness or other public service school loan forgiveness programs.
Medical professionals most often eligible for forgiveness include:
- Dental Hygienist
- General Practitioners
- Marriage & Family Therapist
- Occupational Therapists
- Physical Therapists
- Primary Care Physician
- Primary Care Physician Assistant
- Primary Care Nurse practitioners
- Social Worker
Often times, employers in the healthcare industry will offer some financial assistance towards an employee’s student loan debt in exchange for a guaranteed commitment of service for a specific amount of time. Information regarding student loan forgiveness or repayment programs for qualified medical school graduates is offered online through the American Association of Medical Colleges (AAMC) and also the National Health Service Corps (NHSC).