Student Loan Repayment and Refinancing Options for Physicians in Utah



Public Student Loan Forgiveness Program

Physicians whose work qualifies as public service can qualify for the Public Student Loan Forgiveness Program.

This is largely determined by their employer. Public service includes full-time employment by a 501(c)(3) tax-exempt nonprofit or public institution (which many hospitals are). It also includes working in areas that are underserved or have a high need for medical professionals.

Borrowers must make 120 payments (monthly payments for 10 years) while carrying out PSLF-qualified work. Then, the federal government will forgive the remaining debt.

SAVE Repayment Plan

The Saving on a Valuable Education (SAVE) Plan, like other income-driven repayment (IDR) plans, calculates your monthly payment amount based on your income and family size. The SAVE Plan provides the lowest monthly payments of any IDR plan available to nearly all student borrowers.

The SAVE Plan replaced the Revised Pay As You Earn (REPAYE) Plan. Borrowers on the REPAYE Plan automatically get the benefits of the new SAVE Plan.

Learn more and apply here

Indian Health Service Loan Repayment Program

If you are a dedicated health professional willing to fulfill a two-year service commitment, the IHS Loan Repayment Program (LRP) can help you chart a course for a long-lasting and successful health care career. The LRP awards repayment of up to $40,000 for qualified health profession education loans to clinicians who commit to practice in health facilities serving American Indian and Alaska Native communities for an initial two-year commitment. Opportunities are based on Indian health program facilities with the greatest staffing needs in specific health profession disciplines.

As an LRP participant, your skills will help communities in need of medical professionals and services, allowing you to practice where you’re needed while paying off your qualified school loans. Many health professionals enter this program because of the financial rewards, but find the cultural and professional rewards to be so great that they spend their entire careers working in Indian health.

National Health Service Corps

The National Health Service Corps Scholarship Program (NHSC SP) awards scholarships to students pursuing eligible primary care health professions training.

In return, scholars commit to provide primary care health services in Health Professional Shortage Areas (HPSAs).

Members commit to a minimum two years of full-time service in exchange for a full year of scholarship support.

You must serve at an NHSC-approved site in a HPSA. The total number of years you serve will depend on the number of school years of NHSC SP support you received. (This cannot exceed four school years.) For more information click here. 



Health Professions Scholarship Program (HPSP)

HPSP covers 100% of the cost of medical school tuition, plus offers a monthly stipend of $2,088 to cover living expenses for up to four years. Beyond that, medical school candidates can get a sign-on bonus of up to $20,000.*

Health Services Collegiate Program (HSCP)

HSCP provides anywhere from $157,000 to $269,000 while finishing medical school. That includes a monthly salary and housing allowance from $3,280 to $5,610 for up to 48 months of your program (housing allowance may vary depending upon location).*

Note that it’s also possible to get military pay and additional benefits that are competitive with many entry-level management positions for up to 24 months while still in school for some master’s programs and for up to 36 months for various Ph.D. programs.*

Financial Assistance Program (FAP)

FAP provides potentially over $275,000 during a typical four-year medical program. That includes a $45,000 annual grant on top of any residency program-based salary – plus a monthly stipend of $2,088 to cover living expenses for up to four years.*

Offers for Practicing Physicians (Active Duty)

Practicing physicians interested in Active Duty service may qualify for incentives ranging from sign-on bonuses to extra pay for certain specialties.*

Offers for Practicing Physicians (Reserve Duty)

Practicing physicians interested in Reserve service may qualify for incentives ranging from specialty pay to sign-on bonuses to loan repayment assistance through the Health Professions Loan Repayment Program (HPLRP).*

Download a detailed brochure for info on all Navy programs here. 


Health Professions Scholarship Program (HPSP)

The Air Force offers scholarships for healthcare professionals to include: one- and two-year scholarships for Allied Health specialties (pharmacists, optometrists, clinical psychologists and public health officers), two- and three-year scholarships for nurse corps specialties and three- and four-year scholarships for medical corps and dental corps.

These scholarships cover all tuition and required fees, including textbooks, small equipment items and supplies needed for study. You will also receive a monthly allowance for living expenses. While on scholarship, you will spend 45 days on active duty in the Air Force, and once you graduate, you will serve one year of active duty for each year of scholarship, serving a minimum of three years.

Financial Assistance Program (FAP)

The Air Force Financial Assistance Program for medical and dental residencies can help you complete your residency without having to worry about finances. You will receive more than $45,000 for every year you participate in the program and receive a stipend of over $2,000 a month to cover living expenses. Upon completion of your residency, you’ll have a one-year obligation for each year of participation, plus one extra year.

Additional Graduate Medical Education (GME)

The Air Force offers residency and fellowship programs in a wide variety of specialties. Nearly all residencies are integrated or affiliated with civilian universities.

Learn about all Air Force programs here. 


Active Medical Corps Benefits

By choosing to practice in the active Army, you'll receive a comprehensive benefits package that includes a competitive salary and financial incentives such as medical school loan repayment. In addition, you will practice in an environment free of overhead and malpractice insurance costs, and receive low-cost or no-cost medical, dental and life insurance, generous retirement plan options, housing allowances and 30 days of paid vacation earned annually. You'll also enjoy a reasonable work-life balance that provides plenty of time for family and recreational pursuits.

Health Professions Scholarship Program

As a medical student, you may be eligible for a full-tuition scholarship, plus a monthly stipend of more than $2,000. You must be enrolled in or have a letter of acceptance from an accredited medical school. This program is open to U.S. citizens. Qualifying medical students are also eligible to receive a $20,000 sign-on bonus.

Financial Assistance Program

If you are working to complete an accredited residency, you may be eligible to receive an annual grant of more than $45,000 plus a monthly stipend of more than $2,000. Open to U.S. citizens. (Please provide documentation of the annual grant increase for FAP.)

Active Duty Health Professions Loan Repayment Program

You can receive up to $120,000 to pay down your medical school debt. The ADHPLRP provides $40,000 a year for up to three years. This program may be combined with the Health Professions Bonus.

Reserve Medical Corps Benefits

When you become a physician and officer on the U.S. Army Reserve health care team, you can practice in your community and serve when needed. In addition to generous financial incentives and retirement plan options, you'll have the opportunity to enhance your career and work with advanced medical technology.

Health Professionals Special Pay

You may be eligible for $75,000 in Special Pay. To receive this bonus, paid in three yearly increments of $25,000, we require completion of a residency in a qualifying specialty. Open to permanent U.S. residents.

Healthcare Professionals Loan Repayment Program (HPLP)

Program provides up to $250,000 for repayment of education loans for physicians in certain specialties who are serving in an Army Reserve Troop Program Units, AMEDD Professional Management Command, or the Individual Mobilization Program. For each year of satisfactory service, a maximum of $40,000 will be applied to an education loan, up to a total of $250,000. Individuals may be eligible, if qualified, to apply for one other Army Reserve incentive.

Learn about all Army programs here.


Utah Rural Physician Loan Repayment Program (RPLRP)

The Rural Physician Loan Repayment Program (RPLRP) exists to provide education loan repayment assistance to physicians who contract to work in a rural hospital for a minimum of two years of service.

The program will award nine providers in primary care, OB/GYN, general surgeons, orthopedic surgeons, pediatrics and internal medicine throughout rural Utah hospitals. For more information click here. 

Utah Health Care Workforce Financial Assistance Program (HCWFAP) 

he Health Care Workforce Financial Assistance Program (HCWFAP) provides educational loan repayment assistance to healthcare professionals who locate and practice in underserved areas in the state of Utah. The provider’s site is required to match 20% of the award amount. This is a three-year service commitment to the State of Utah. Participating sites should provide care to underserved and/or rural populations, with preference given to sites located in Health Professional Shortage Areas (HPSAs).

Learn more and apply here

Loan Consolidation and Refinancing

SoFi Student Loan Consolidation and Refinancing

AAFP has partnered with SoFi to help member residents and physicians refinance their existing private and federal loans. Physicians and residents can save thousands when they refinance SoFi.

SoFi offers a range of options to optimize your monthly payments, lifetime cost, or speed of pay off, all in addition to no fees and no catch. Learn more here.