Loan Forgiveness Programs

Options exist for pharmacists to reduce student loan debt through student loan forgiveness programs. These programs exist at both the federal and state levels and many of these public service programs require employment within Health Profession Shortage Areas (HPSA) or a Medically Underserved Area or Population defined by the U.S. Department of Health and Human Services.

Some examples include:

Public Service Loan Forgiveness Program (PSLF) If you are employed by a government or not-forprofit organization, you may be able to receive loan forgiveness. After you have made 120 qualifying monthly payments on your Direct Federal Loan under a qualifying repayment plan while working full-time for a qualifying employer, you may apply.

Indian Health Service (IHS) Loan Repayment Program (LRP) The LRP funds IHS clinicians to repay their eligible health profession education loans — up to $40,000 — in exchange for an initial two-year service commitment to practice in health facilities serving American Indian and Alaska Native communities.

Colorado Health Service Corps Clinical pharmacists may be eligible to receive repayment of qualified student loans if practicing in a Health Professional Shortage Area or delivering primary health cares services in a public or nonprofit clinic. The program awards student loan forgiveness up to $50,000 ($25,000 part-time) for a three-year term at an approved site.

*These programs vary at the federal and state levels. You are encouraged to check out the information above through the direct site to get the most current updated information.

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