Physicians can complete training with hundreds of thousands of dollars of medical school debt. However, there are options for help repaying those loans. In addition to negotiating a loan repayment benefit as part of an employment contract, physicians should consider the opportunities available through the below programs.
- Riverside County Medical Association (RCMA) : Riverside County Medical Association’s Medical Scholarship Programs, organized under the Riverside County Physicians Memorial Foundation, a 501(c)3 organization, were established to assist residents and early career physicians repay medical education loans. Awardees must commit to practice in the County of Riverside for 5 years.
- CalHealthcares Loan Repayment Program : CalHealthCares administers loan repayment on educational debt for California physicians who provide care to Medi-Cal patients, which represent one-third of Californians and half of the state’s children. Eligible physicians can apply for up to $300,000 in loan repayment in exchange for a five-year (5) service obligation.
- Public Service Loan Forgiveness Program : The U.S. Department of Education’s updated Public Service Loan Forgiveness (PSLF) program launched on July 1, 2023, and will now allow eligible California physicians to participate in the program, despite state prohibitions on physician employment by private non-profit hospitals, clinics, foundations and other health care entities. CMA has published a guide to help physicians navigate and apply for this program and will be updating it regularly. Download the Guide Watch Webinar
- Steven M. Thompson Physician Corps Loan Repayment Program : This state of California loan repayment program encourages recently licensed physicians and surgeons to practice in Health Professional Shortage Areas (HPSAs) and Primary Care Shortage Areas (PCSA) in California. The program repays up to $105,000 in educational loans in exchange for full-time service for a minimum of three (3) years.
- Faculty Loan Repayment Program : The Faculty Loan Repayment Program provides loan repayment to individuals who have an interest in pursuing a career as a faculty member in a health professions school. Program applicants must be from a disadvantaged background, have an eligible health professions degree or certificate, and have an employment commitment as a faculty member at an approved health professions institution for a minimum of two-years.