You might be wondering how you will pay off those dreaded loans you’ll have after PA school, whether they be undergraduate or graduate loans. Below are several examples of programs to help with this, including scholarships and loan repayment options. It’s best to choose the right one for you and to know the differences between each and how they align with your career goals. Goodluck!
Public Service Loan Forgiveness (PSLF) Program:
Eligibility:
- Physician assistants are eligible.
- You must make 120 on-time, full, scheduled, monthly payments on your Direct Loans. Only payments made after October 1, 2007 qualify.
- ONLY direct loans are eligible
- You must make those payments under a qualifying repayment plan
- Income-based Repayment (IBR) Plan - must have partial financial hardship (i.e. your monthly payment under a 10-year SRP is greater than your monthly payment under IRB)
- Payments based on income (15%) and family size
- Adjusted each year based on changes to annual income and family size
- Lower payments than other plans
- Made over 25 years
- Pay As You Earn Repayment Plan - must have a partial financial hardship ((i.e. your monthly payment under a 10-year SRP is greater than your monthly payment under IRB)
- Payments based on income (10%) and family size
- Adjusted each year based on changes to annual income and family size
- Lower payments than other plans
- Made over 20 years
