As a medical professional, you probably know the stress that comes with paying off student loans. With some debt loads hitting six figures, it’s essential to understand your loan repayment options. Luckily, there are a few programs out there designed specifically to help ease the financial burden. In this guide, we’ll break down some of the most popular loan repayment options available to you.

Public Service Loan Forgiveness (PSLF) is a great option if you’re working for a government or non-profit organization. After making 120 qualifying payments (which is about 10 years), the remaining balance of your Direct Loans is forgiven. Best part?  Only payments made under Income-Driven Repayment (IDR) plans or the 10-year Standard Repayment Plan count. Borrowers on other plans must switch to IDR to benefit from PSLF.  The forgiven amount is tax-free! But, as Federal Student Aid explains, it’s not as easy as it sounds. You have to work full-time for a qualifying employer and be sure to submit all the right paperwork. It can be a bit tricky, but for those who qualify, it's a lifesaver.

If PSLF isn’t for you, Income-Driven Repayment (IDR) plans might be the way to go. These plans adjust your monthly payments based on your income and family size, which can make things more manageable. After 20 to 25 years of payments, the remaining loan balance is forgiven. However, Student Aid notes that there’s a catch the forgiven amount is taxed as income. So, while it’s great to have a lower monthly payment, depending on current state and federal policies it might be considered taxable income. 

Want to make a real impact in underserved communities? HRSA Loan Repayment Programs, like the National Health Service Corps (NHSC) or Nurse Corps, offer some serious financial perks. According to the Health Resources and Services Administration (HRSA), you can get up to $50,000 in loan repayment for committing to work in a high-need area. The service commitment is usually just a few years, but the process can be competitive, and funding depends on federal budgets. Still, if you’re passionate about helping where it’s needed most, this might be a fantastic option for you.

Many states also have their own loan repayment programs, designed to attract medical professionals to rural or underserved areas. These can offer anywhere from $20,000 to $50,000 per year in loan repayment. The details vary from state to state, so you’ll want to do your homework. You can check out the Association of American Medical Colleges state-specific directory for more information on what’s available where you live. Search for a State-Specific Loan Repayment Program using the AAMC database. 

If you have a strong credit score and a stable income, loan refinancing might help you lower your interest rate and reduce your monthly payments. It works by consolidating your loans into a new private loan with a lower interest rate. But, as NerdWallet points out, refinancing comes with a tradeoff, you lose access to federal programs like PSLF or IDR. So, it’s a great option if you’re confident you don’t need those protections anymore.

If you’re considering a career in the military, there are several military loan repayment programs that can offer substantial help with your student loans. Some programs offer up to $120,000 in loan repayment. However, they typically come with a commitment to serve for several years, and they’re only available for certain medical specialties. It’s a big commitment, but the financial rewards can be huge.

When it comes to student loan repayment, there’s no one-size-fits-all solution. It really depends on your career goals and financial situation. If you’re looking for flexibility and loan forgiveness, PSLF or an IDR plan might be a good fit. If you’re eager to serve in a high-need area, programs like HRSA or state-specific repayment plans could be perfect. And if you’re not reliant on federal loan protections, refinancing might save you money in the long run. No matter which option you’re leaning toward, it’s a good idea to chat with a financial advisor who specializes in student loans for medical professionals. They can help guide you through the options and find what works best for you.