There are a bunch of loan forgiveness programs for the health professions, but the loans need to federal loans, not private. Also private loans aren’t eligible for all the various loan repayment plans that the federal government offers. Private loans aren’t eligible for PSLF.
Also there is NHSC program that provides scholarships up to $40K/ year plus a living expenses stipend for most health professions. (Last time I checked PTs weren’t eligible for the program but that may have changed.) in return the scholarship recipient must work for at least 2 years or 1.5 years for each of year of scholarship accepted in federally designated healthcare shortage area.
The VA has its own HPSP— which is separate from the military service program— and requires scholarship recipients to do their payback time by working at VA programs at designated hospitals. HPSP offers payment for tuition (up to $40K/ year)plus a living expense stipend.
Both federal loans and maybe Grad Plus loans are eligible for special repayment forgiveness programs offered by the federal and several state governments.
Some private jobs offer loan repayment signing bonuses to healthcare providers up to $40k or more (doctors or dentists, sometimes NPs or PAs) in certain mostly rural/small town/inner city areas. In return the recipients must work for a minimum of 5 years at the location. They have repay the payments with interest if they stay less than 5 years.
The federal prison system and the IHS both offer loan repayment plans for physicians and dentists. $40K for either 4 of 5 years of service.
For both my daughters, they took out only federal direct student loans to pay for med school. I paid their rent while they were in med school and both girls got some smaller school based scholarships. ($3K to $10K range) and they attended one of the least expensive med schools in the US so $10K was > 60% of a year’s tuition.
Both consolidated their loans after graduation and were able yo get lower rates by doing do. (Not possible at todays interest rates) Both Ds have now paid off their student loans. D2s husband is in PT school right now. For PT1 he got a 50% tuition discount because his spouse was employed by the university as a resident/ fellow. He took out loans for the balance of his tuition. He works part time at his former PTA job to earn extra $$ that he puts toward paying his loans. He has a repayment plan already established and hopes to have his loans paid off within 3-4 years post graduation. He may go to work for the VA or IHS. In both cases, those jobs offer loan repayments as part of the overall compensation package
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Health profession students do not require a co-signer for federal direct loans or for grad plus loans. Some private loans require a co-signer; some don’t.
Only med and dental students can take up to $40K/year in federal direct loans. Other health professions can only take up to $20K/ year.
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For newly graduated doctors and dentists, there are special physician mortgage programs that go not consider educational debt. I think likewise there may even be a few business loans that don’t consider education debt for newly minted dentists and doctors who are buying a practice or setting up a new one.
Parents who co-sign loans for med or dental school don’t get those benefits though. Any co-signed debt will impact their creditworthiness
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Agree with @WayOutWestMom :
Take out the 40k Fed loans, take out any extra private loans you need. Live very cheaply by subletting/renting a room in a house or having multiple roomies in an apartment, learn how to budget. Save up summer $ from jobs before med school if possible, and look into scho-based scholarships (some have them). My H and I both paid for all ofmed school, him with a very small amount(books, computer, clothes) from his parents. Mine had none extra to give . We were not married untl toward end of med school but lived frugally(separate med schools/lived separately ) throughout. We paid back all of our loans in 12 years. It is doable. Or some people take longer because they want to spread it out over 20 or they have to. We bought our first house with a no down payment med plan when one was still in med school and the other making resident salary (at the time $30k). We graduated early 2000s. It takes discipline but is well worth it in the end, financially and otherwise.
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Medical/Dental school have student loans available for students, both federal and private. You’ll want to talk to the school’s financial aid department about specific options.