Financial Aid Glossary & Repayment Options for Med School

AA : Associates of Arts degree earned at most junior community colleges.
Academic year : The amount of time in a year a student has to complete academic work.

Options for Repaying Your Med School Loan: Underserved Community Programs

In some states, there are not enough primary care physicians to go around for the population needs in all areas. To attract more doctors to these communities, many places have set up Underserved Community Programs that help new doctors pay back their med school loans. These programs are state financed and the amount that each physician receives to practice there depends on the community. Often it is between $50,000 and $100,000.

Any medical school graduate that agrees to this usually has to sign a contract to stay in the community for a certain amount of time. This is often for two to three years depending on the needs of the community and the amount given to the doctor. The physician is usually placed in an area hospital or a clinic, and sometimes the community will negotiate with the doctor to pay him or her more than the state and for a longer contract. Preference is often given to physicians who agree to practice in rural underserved areas.

Med school students who are interested in this program should try to apply in the area they want to practice in the first or second semester of their final year. This way they will be able to be reviewed by the State Health Council in time to be hired the following year after they graduate. It is a good idea to call the Department of Health of the state you are interested in ahead of time to find out about their deadlines and requirements.