Forgivable Medical School Loans

Getting a medical education in a renowned medical school can be an expensive affair unless it is backed by a medical school student loan.  However, there are various private and federal student loan programs available to medical students to fund their medical education expenses. However, with rising costs, cost of medical education has also increased. Many students are compelled to borrow money through 2 to 3 loan programs so as to fund their education. On an average, a medical student has an outstanding debt of $100,000 when they graduate from a medical school.

Medical loan forgiveness programs have been initiated to support medical students who are unable to repay their loan amount due to different reasons. According to these programs, there are various circumstances depending on which federal government can cancel the entire or a part of a medical school loan. In order to qualify for a medical loan forgiveness program, a medical student must be either disabled or perform community service or be a social work volunteer. Various voluntary organizations such as AmeriCorps, Red Corps, Peace Corps and Volunteers in Service to America (VISTA) offer loan forgiveness programs in which volunteers can apply for cancellation or deferment of Stafford, Perkins and Consolidation loans. However, volunteers must participate in social work for a minimum period of one year. Loans are also forgiven for students who are in Army National Guard and perform military service. National Health Service Corps offers forgiveness programs for students who practice medicine in certain types of community health centers that lack adequate medical care. However, the students must serve the community for a certain period. Apart from these, there are also certain other criteria that need to be fulfilled so as to be considered for a medical school loan forgiveness program.