Loan repayment?

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  • #36349
    DONOTDELETE ****DONOTDELETE**
    Participant

    My husband, a resident, got a fellowship, problem is it’s in Louisiana and I have no desire to live there. Anyway, I finally decided to make the best of it and look for an underserved area to work in that would offer loan repayment. I found some near his fellowship.

    The terms for the National Health Service loan repayment program are a little cruel if you for whatever reason cannot fulfll the two year committment though. You give back the $25,000 per year loan repayment, which is fine, but they also fine you the number of months you do not fulfill X $7500, and charge interest at the highest prevailing government rate, such that the federal government shall collect not less than $31,000 in fines! The thought of being “trapped” like that makes me rather ill.

    In addition, under the NHS program you are only allowed to take 35 days off per year, so if you needed maternity leave you’d be SOL!

    Has anyone here participated in a loan repayment program for underserved areas? I would be interested in hearing your experiences. Thanks.

    #36350
    maggie52maggie52
    Participant

    I did the two years for $50,000…in a town of 700 people that turned into a HUGE disaster and I would have cut off my left arm to be allowed to go. If it were not for the money I prob would’ve finished a full yr to be nice and then get the hell out…
    and the thirtyfive day deal can be worked around- you ARE allowed to tack your time onto the end (like if you took 6 weeks off, then you just add sic extra weeks at the end)
    I did the third yr for thirty something thousand…then I got married and kissed away the last $35,000 bonus bc I left that new area…
    SO I know all about the NHS stuff.
    Is his fellowship two yrs anyway? If so then it would be an OK idea.

    #36351
    MaryBBMaryBB
    Participant

    Originally posted by maggie52:
    [b] I did the two years for $50,000…in a town of 700 people that turned into a HUGE disaster and I would have cut off my left arm to be allowed to go. If it were not for the money I prob would’ve finished a full yr to be nice and then get the hell out…
    and the thirtyfive day deal can be worked around- you ARE allowed to tack your time onto the end (like if you took 6 weeks off, then you just add sic extra weeks at the end)
    I did the third yr for thirty something thousand…then I got married and kissed away the last $35,000 bonus bc I left that new area…
    SO I know all about the NHS stuff.
    Is his fellowship two yrs anyway? If so then it would be an OK idea. [/b]

    Maggie, hi,

    I saw your post here and have enjoyed reading your writing here.

    Question for you…I’m 43, married, 2 sons, and now I’m an MS-1 in Virginia. I’m admittedly a bit freaked out by the loans (which I’ll have a lot of by the time I’m done), but I want to specialize (i.e. probably psych, maybe geriatrics). Any ideas on NHS or any other programs that might work for this? Most programs are geared for those going into primary care. My concern is that I’d be placed somewhere that would not be good for my family (i.e. my husband’s career — computer programming — or my children’s education/social/cultural lives — they’ll be finishing up high school.

    If you have time, I’d also love to hear about the HUGE disaster you mentioned above and anything else you want to share about that.

    BTW, I grew up in Maine…if you ever work in Waterville, that’s near where I was.

    Thanks…take care!

    Mary

    #36352
    maggie52maggie52
    Participant

    I have def psassed thru waterville ( there’s a Weathervane to eat at off the interstate!)…
    anyways, if you subspecialize then NHS isn’t really for you…BUT I do recall there being a great need for psychiatric care and there may be some good deals for pscyhistrists willing ro travel inrural areas…sorry I do not have the details- I feel like it was five yrs ago I heard about this…
    And you almost defnitiely would end up in an area that wouldn’t be perfect for your husabnd’s career ( unless he is a small-town teacher, or an allied health field like PT or OT, RN etc.)…all of these communities have two main employers: the hospital system and the schools since both are necessities.
    WIll email you about the disasters…

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