What Kinds of Loan Repayment Options Are Available?

Financing a medical education is a significant undertaking, particularly for students pursuing careers in surgery. In addition to the cost of an undergraduate education, students must finance four years of medical school. During residency, physicians begin earning a salary, but the amount available for student loan payments will vary based on factors such as location, living expenses, family responsibilities, and overall debt.

Residents may begin repaying their federal student loans during training, including through an available federal repayment plan, or they may qualify for options that postpone or reduce payments. Some residents working for qualifying nonprofit or government employers may also be eligible to pursue Public Service Loan Forgiveness. Because interest, repayment options, and eligibility requirements vary, students and residents should carefully evaluate their repayment strategies before and throughout residency.

The American College of Surgeons offers scholarships, fellowships, and awards primarily for surgical residents and practicing surgeons. Eligibility requirements vary by opportunity, and medical students should review each program carefully before applying.

Federal Student Aid, an office of the US Department of Education, provides information about financial aid, student loans, repayment plans, loan forgiveness, and repayment assistance. The Association of American Medical Colleges also offers financial education resources through its FIRST program, including a database of loan repayment, forgiveness, scholarship, and other programs and the MedLoans Organizer and Calculator.

Please note: Loan programs, repayment plans, eligibility requirements, and federal policies may change. Always consult official government websites and your loan servicer for the most current information.