Massachusetts Medical Society: Debt Management and Loan Repayment

Debt Management and Loan Repayment

Several public and private-sector programs can assist medical students with loan repayment.

Commonwealth of Massachusetts

Massachusetts Loan Repayment Program

  • Amount: Program repays up to $25,000 of qualifying loans per year of service.
  • Eligibility:
    Component A  - Primary care physicians who are U.S. citizens and willing to serve for two years in a public and/or nonprofit agency located in a federally designated health professional shortage area (HPSA).
    Component C - Primary care physicians who make a commitment for 2 years of full-time work or the equivalent extended commitment of part-time work in an eligible health care organization.
  • Application Deadline: Applications accepted on a rolling basis and reviewed quarterly.
  • For More Information: Contact Nicole Watson at (617) 624-6051 or

New Hampshire Charitable Foundation

The New Hampshire Charitable Foundation offers scholarship assistance for students enrolling in medical school.  Individual awards are $10,000 and may be renewed during doctoral studies.

Applications are available from the New Hampshire Charitable Foundation or its online application portal

If there are questions about eligibility or other questions about how to apply, contact the Student Aid Office at the Foundation at (603) 225-6641.

Federal Agencies

National Health Service Corps Loan Repayment Program

  • Will repay loans up to $60,000 per year, based on the participant's qualifying educational loans, in exchange for a two-year minimum service commitment. Selected applicants agree to provide full-time primary care services in an approved practice site. 

Faculty Loan Repayment Program (FLRP)

  • Amount: Will pay up to $40,000 a year in return for a two-year service commitment. The program also pays an additional 39 percent of the loan repayment to cover increased income tax liability.
  • Eligibility: physicians from disadvantaged backgrounds who agree to serve as faculty at eligible health professions schools for a minimum of two years.

Indian Health Service (IHS) Loan Repayment Program

  • Loan repayment of $20,000 per year (in addition to contracted salary and benefits) in return for two continuous years of service at an IHS or similar Indian health program site

Public Service Loan Forgiveness

This program is intended to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance of their Direct Loans after they have made 120 qualifying payments on those loans while employed full time by certain public service employers. This program is not only for physicians. Private practice and self-employed physicians would not be eligible. Residents and fellows may be eligible depending on the organization that they are working at.  

Income-Driven Repayment Plans

Income-driven repayment plans are designed to make your student loan debt more manageable by reducing your monthly payment amount. If you need to make lower monthly payments, one of the three following income-driven plans may be right for you:

  • Income-Based Repayment Plan (IBR Plan)
  • Pay As You Earn Repayment Plan (Pay As You Earn Plan)
  • Income-Contingent Repayment Plan (ICR Plan)

Income-driven plans should be used in conjunction with loan forgiveness when appropriate – you will be paying less money (and accruing more interest) however after 120 payments (10 years) the remaining balance is forgiven.

Armed Forces Health Professions Loan Repayment Program

Amount of loan repayment, eligibility, and service commitment vary among the military branches and with active duty, reserve, and National Guard status. Current or former Armed Forces scholarship recipients are ineligible. For branch-specific information:

Massachusetts League of Community Health Centers

Community Health Center Provider Loan Repayment Program

This private-sector loan repayment program offers medical and nursing school loan repayment to primary care physicians and nurse practitioners who make a two-to-three year commitment to practice at one of the state's 52 community health centers.

This program is managed by the Massachusetts League of Community Health Centers, and is funded by donations from Bank of America, Commonwealth of Massachusetts, Neighborhood Health Plan, Blue Cross and Blue Shield Foundation of Massachusetts and Partners HealthCare.

Association of American Medical Colleges (AAMC)

The AAMC provides many resources through the AAMC’s FIRST (Financial Information, Resources, Services, and Tools) program, which helps individuals navigate the complexities of financial aid, student debt, and money management.

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