Loan Forgiveness Programs

Options exist for physical therapists to reduce student loan debt through student loan forgiveness programs. These programs exist at both the federal and state level and many of these public service programs require employment within health Profession Shortage Areas (HPSA) or a Medically Underserved Area or Populations defined by the U.S. Department of Health and Human Services. Some examples include:

Education Debt Reduction Program (EDRP) This programs provides debt reduction reimbursements to employees with qualifying loans who are in health care professional positions providing direct-patient care services.

Employee Incentive Scholarship Program (EISP) This is a scholarship awarded to full- and part-time VA employees who are currently enrolled in or accepted to an accredited education program.

VA National Education for Employees Program (VANEEP) VANEEP participants agree to work at their VA facility during academic breaks and receive full salary and payment for educational costs (including books and fees). It is specifically for VA employees who are enrolled full-time in an approved education program.

Public Service Loan Forgiveness Program Since the VA is a Federal Government Entity, VA employees with Federal Student loans (William D. Ford Federal Direct Loans only) may be eligible for this forgiveness program.

Visit www.apta.org/DebtManagement/

FederalOpportunities for the full list and 30 details about Loan Forgiveness Programs

Student Loan Repayment (SLRP) Under this program, employees in certain occupations may be eligible to receive up to $10,000 per year with a lifetime maximum of $60,000 to help repay student loans. Check the availability of this program when submitting your application for employment.

Indian Health Service Student Loan Repayment Opportunity The mission of the Indian Health Service (IHS) is to raise the physical, mental, social and spiritual health of American Indians and Alaska Natives to the highest level. The IHS Loan Repayment Program (LRP) offers health professionals, including physical therapists, the opportunity to pay off qualified student loans to meet the staffing needs of Indian health programs.

Faculty Loan Repayment Program Faculty Loan Repayment Program (FLRP) administered through the Health Resources and Service Administration (HRSA) is designed to increase the recruitment and retention of health professions faculty with the goal of preparing the next generation of health care professionals.

National Institutes of Health Loan Repayment Program National Institutes of Health (NIH) wants to encourage outstanding health professionals to pursue careers in biomedical, behavioral, social and clinical research.

Public Service Loan Forgiveness Program (PSLF) By consolidating your loans through the Income Based Repayment Program or Pay as You Earn Repayment Plan, the Public Service Loan Forgiveness Program (PSLF) was created to encourage individuals to enter and continue to work full-time in public service jobs by forgiving the remaining balance of their federal loans after making 120 qualifying monthly payments (beginning after Oct. 1, 2007) while employed full time by a public service organization. 31