LOAN REPAYMENT by sanmelody

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									                 LOAN REPAYMENT
                                                           National health Service Corps (NhSC)/State Loan Repayment
                                                           Program (SLRP)
                                                           Up to $50,000 in awards is available through this program to qualifying
                                                           health professionals with outstanding loans who agree to practice in
                                                           medically underserved areas in non-profit or public entities between
                                                           two and four years. These programs were expanded significantly in
                                                           2009, through the American Reinvestment and Recovery Act (ARRA) of
                                                           2009, which allocated $300 million.
                                                           Apply at www.oshpd.ca.gov/HWDD/SLRP.html
                                                           or visit http://nhsc.hrsa.gov/loanrepayment for additional resources.

                                                           health Professions Education Foundation Steve M. Thompson
                                                           Physician Corps Loan Repayment Program (STLRP)
                                                           The program awards up to $105,000 to repay educational loans to
                                                           health care professionals in exchange for a three-year commitment to
                                                           provide patient care in one of California’s medically underserved areas.
                                                           More information is available at http://oshpd.ca.gov/HPEF/STLRP.html.

                                                              Income-Based Repayment
                                                              Effective July 1, 2009, a new Stafford and Consolidation repayment option
                                                              is available to those with federal student loans. The Income-Based
                                                              Repayment (IBR) option serves as a "safety net" to ensure that borrowers
                                                              have access to a repayment plan sensitive to their repayment ability. IBR
                                                              establishes a payment cap of 15 percent based on income and family size.
This means that most borrowers choosing this option would not have to make loan payments that exceed 15 percent of their annual
income. IBRinfo, an independent non-profit, and Federal Student Aid, an office of the U.S. Department of Education, provide program
and eligibility information. Contact your lender directly to find out more about IBR and to apply. To determine which lender is
servicing your loans, visit the National Student Loan Data System database at www.nslds.ed.gov/nslds_SA/.

In order to qualify for IBR, you must demonstrate “partial financial hardship.” Download a worksheet to help you calculate
eligibility at www.equaljusticeworks.org/files/ibr_worksheet_09.pdf.



     The Academy provides a plethora of additional resources on loan repayment, loan consolidation, loan forgiveness,
              and other options at www.familydocs.org/students-residents/r-resources_features/finaid.php.




        Online resources:

        IBRinfo: www.ibrinfo.org/what.vp.html#IBR
        Student Aid on the Web: http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp
        Loan Repayment Calculator: www.salliemae.com/apps/SMCalcs/RCW/content/index.aspx
        Income-Based Repayment Calculator: http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRCalc.jsp




28                                                 New Family Physician Toolkit

								
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