The Commonwealth of Virginia offers the Bureau of Health Professions, Division of State, Community and Public Health, Virginia State Loan Repayment Program. This program offers substantial financial assistance for the repayment of qualified medical education loans for primary care physicians, psychiatrists, nurse practitioners, and physician assistants. Loans are repaid in return for a minimum of two years of full-time practice of the recipient's specialty in a medically underserved area of Virginia. VA SLRP recipients must serve in a federally designated Health Professional Shortage Area (HPSA) of Virginia.
Table of Content
- What is Virginia State Loan Repayment Program
- Benefits of Virginia State Loan Repayment Program
- Loans which Qualifies
- Award and Distribution
What is Virginia State Loan Repayment Program
The Virginia State Loan Repayment Program offers loan repayment assistance for eligible healthcare providers who agree to serve in a Health Professional Shortage Area in a qualified field of practice in Virginia. Recipients must agree to practice full-time for a minimum of 2 years at an eligible site.The Virginia State Loan Repayment Program is a federal grant from the Health Resources Services Administration, Bureau of Health Professions and is administered by the Virginia Department of Health Office of Health Equity. VA-SLRP grants participants educational loan repayment in exchange for at least two years of service in a Health Professional Shortage Area in Virginia.
Benefits of Virginia State Loan Repayment Program
The Benefits are listed below:
The Loan Repayment Programs pay up to $25,000 a year towards qualified educational loans of program participants.
The minimum service obligation is 2 years, during which the maximum payment of $50,000 will be paid the first year.
Subsequent extensions of the loan repayment contract are entitled to annual loan repayments of up to $35,000.
The actual amount paid depends on the total amount owed in principal, interest, and loan expenses at the beginning of the period of service.
These benefits are in addition to any salary or compensation received from employment by an authorized program employer.
The following are eligible criteria
1.Citizens of the United States who have a degree in allopathic medicine or osteopathic medicine
2.Have a master’s degree or a post-baccalaureate certificate from a school accredited by the National League for Nursing
3.Have a master’s degree, a post-baccalaureate certificate, a baccalaureate degree, or a certificate from a school accredited by the Committee on Allied Health Education and Accreditation for physician assistants
4.Are enrolled in an approved graduate training program in allopathic or osteopathic medicine, nurse practitioner or physician assistant training
5.Are enrolled in an accredited educational institution in a state in the final year of a course of study or program leading to a degree in allopathic or osteopathic medicine, nurse practitioner or physician assistant certification.
These are the Following applicants who are eligible for Virginia State Loan Repayment Program:
Primary Care Physicians
Registered Dental Hygienists
Psychiatric Nurse Specialists
Mental Health Counselors
Health Service Psychologists
Licensed Clinical Social Workers
Loans which Qualifies
Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Eligible students borrow directly from the U.S. Department of Education (the Department) at participating schools.
2.Grad PLUS loans
The Grad PLUS Loan is a federal student loan available to students attending graduate school and professional school. The Grad PLUS Loan offers a fixed 7.08% interest rate for the 2019-2020 school year and flexible loan limits.
Many companies will reach out and offer consolidation opportunities as an easy fix for your debt problem. Although a consolidation loan may make it easier to manage your debt because you just have one payment to worry about, it does not really address the issues that got you into debt in the first place.
A Federal Perkins Loan, or Perkins Loan is a need-based student loan offered by the U.S. Department of Education to assist American college students in funding their post-secondary education.
5.Private student loans
A private student loan is a financing option for higher education in the United States that can supplement, but should not replace, federal loans, such as Stafford loans, Perkins loans and PLUS loans.
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Award and Distribution
The minimum service obligation for the initial approval is two (2) years, and for that time, the maximum payment is $100,000. A maximum amount of $50,000 is paid by the community/practice site in the first two years of the agreement and up to $50,000 paid by the VA-SLRP Program. For the third and fourth renewal years, extensions can be awarded each year for a total of up to $40,000.A
The amount of the Federal portion of the award will be determined partially by the amount provided by the participants’ practice site cash match portion or the advisory committee for those who are applying for a state match.
The Federal student loan repayment program permits agencies to repay Federally insured student loans as a recruitment or retention incentive for candidates or current employees of the agency. The program which authorizes agencies to set up their own student loan repayment programs to attract or retain highly qualified employees.
It is always to be well aware of all your student loan repayment options so,that you can take control of your repayment phase.