Student Loan Repayment and Financial Management for Healthcare Workers

by
Saniya Mahajan
December 15, 2022

Student Loan Repayment and Financial Management for Healthcare Workers 

The rising cost of living is becoming a significant concern, and it is an expensive time. Many clinicians have trouble managing their finances because of student loan repayments, less competitive salaries, and unstructured financial management.

In this virtual event, which will happen on December 22, 2022, we are addressing the concerns of our clinicians regarding financial management while discussing the options available for student loan forgiveness programs. Register Now!

 What you can expect:
  • financial advice from clinicians who have been in the industry for over a decade.
  • addressing the issue of how our healthcare workers can manage the growing financial pressure.
  • Real-life inspiring testimonials from clinicians from various industries

Inflation is high, and loan repayments begin on January 1st. How can healthcare workers approach their finances, and what resources are available to support them? Going to college comes with substantial financial expenses, so many families worry about how to pay for college, and the most common solution is a loan! In most situations, the loan must be repaid, but this can be avoided through opportunities such as student loan forgiveness. If, like most medical school graduates, you went into debt to attend school, you could benefit from student loan forgiveness. A healthcare worker's salary, especially early in one's career, makes it difficult to keep up with payments.

How can healthcare workers benefit from loan forgiveness?

  • This law covers frontline healthcare workers who assisted in the medical response (for example, patient care, medical research, or testing).
  • Healthcare workers who have made "significant" contributions during the COVID-19 pandemic will have their education loans forgiven; and
  • Both private and federal student loans would be affected.

What are the top programs for loan repayment for healthcare workers?

Public Service Loan Forgiveness

National Health Service Corps (NHSC) Loan Repayment Programs

State-Specific Programs

Perkins Loan Cancellation 

Centers for Disease Control and Prevention (CDC) Epidemic Intelligence Service

National Institutes of Health (NIH) Loan Repayment Programs

Indian Health Service Loan Repayment Program

The vast number of programs that offer student loan forgiveness to healthcare professionals means you have a good chance of reducing your debt or erasing it entirely. Be sure to read the fine print for each initiative and make sure you stay up to date with the government's latest plans for student loan forgiveness. Some of these programs forgive loans, others offer borrowers money through a Loan Repayment Plan (LRP). Regardless of the type of care you provide, you can most likely find a program that will reward you for working in places that especially need your talents. DirectShifts is one such marketplace that appreciates your talent. It is a modern way to find a healthcare job and apply to your dream company. So, what are you waiting for? Get started today!

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