The Office of Financial Aid is here to assist students and residents with understanding their finances and accessing financial resources during all phases of their medical education. For residents and fellows, this includes loan forgiveness and loan repayment programs.
According to the AAMC, approximately 67% of 2023 private medical school graduates borrowed student loans, and the median debt was $220,000 (October 2023, AAMC 新彩网 Debt Fact Card). Understanding loan repayment options, selecting an appropriate plan, and balancing student loan repayment with other financial goals and obligations is important.
Neither 新彩网 nor its employees provide financial guidance or tax advice to residents and fellows, their parents, or any other taxpayer in any of our offices or on our website. Any examples, illustrations, or Frequently Asked Questions (FAQs) regarding tax questions are intended to be illustrative only and cannot be construed as tax advice or relied on to avoid penalties under the Internal Revenue Code. Students and other taxpayers should seek guidance on all tax-related questions from a qualified tax professional who can evaluate specific circumstances when providing tax advice.
Federal Student Loan Repayment Plans
The federal student loan program offers many benefits, including fixed interest rates, deferred payment while in school, affordable repayment plans, loan forgiveness programs, a 6-month grace period, and optional deferment and forbearance to postpone payments during a hardship. Fixed Payment Repayment Plans base your monthly payment amount on how much you owe, your interest rate, and a fixed repayment period. Income-Driven Repayment (IDR) Plans base your monthly payment amount on how much money you make and your family size.
Student Loan Repayment Resources
Federal Direct Consolidation Loan
A Direct Consolidation Loan allows you to consolidate (combine) one or more federal education loans into a new Direct Consolidation Loan. Benefits of consolidating may include:
- Single Loan with One Monthly Bill
- Lower Monthly Payment
- Access to Income-Driven Repayment Plans
- Access to Forgiveness Options
- Fixed Interest Rate
Consolidation may also result in a longer repayment period, higher interest accrual, and loss of certain borrower benefits. Visit for more information.
Loan Repayment and Forgiveness Programs
Visit for a searchable database of resources and programs available to medical and health professionals to assist with managing student loans.
- Federal Public Service Loan Forgiveness
Public Service Loan Forgiveness (PSLF) is a federal student aid program that forgives the remaining balance on qualifying Federal Direct Loans for borrowers who鈥檝e made the equivalent of 120 qualifying monthly payments under an accepted repayment plan, and while working full-time for an eligible employer. WMed is a 501(c)(3), not-for-profit organization, and therefore is a qualifying PSLF employer, as a resident or fellow at WMed, you can begin earning qualifying payments. Visit for more information.
Federal Student Aid offers a PSLF Help Tool to learn more about the program, employment qualifications, and to begin earning monthly qualifying payments. Visit and select 新彩网 (EIN 45-4135256) to get started. Employment certification can be directed to hrmail@wmed.edu.
Disclaimer: All information is based on 新彩网鈥檚 Office of Financial Aid interpretation of current 聽federal legislation, regulations, and guidance. This information is subject to change.
- Michigan State Loan Repayment Program (MSLRP)
The Michigan State Loan Repayment Program (MSLRP) helps employers recruit and retain primary medical, dental, and mental healthcare providers by providing loan repayment to those entering into service obligations. Visit for more information.
- National Health Service Corps (NHSC) Loan Repayment Program
Licensed primary care clinicians in eligible disciplines can receive loan repayment assistance through the NHSC Loan Repayment Program. In exchange for loan repayment, recipients must serve at least two years of service at an NHSC-approved site in a聽. Visit for more information about their loan repayment programs.聽
- Veterans Affairs 新彩网 Debt Repayment and Loan Forgiveness
Opportunities exist for聽loan repayment and forgiveness[CJ1]聽聽for healthcare providers who are employed by the U.S. Department of Veterans Affairs. Visit for more information about loan repayment and reimbursement.