Educational loans must be repaid after graduation. Repayment terms vary, depending on the type of loan borrowed. In some cases, forgiveness and repayment assistance options may be available.
Loan repayment calculators
Both Federal Student Aid and the Association of American Medical Colleges (AAMC) provide calculators to help students plan for loan repayment
Federal Student Loan Repayment Loan Simulator
The loan simulator helps students compare repayment plans, estimate future payments and choose the plan that best meets their needs.
AAMC MedLoans™ Organizer and Calculator (MLOC)
The Medloans Organizer and Calculator (MLOC) was created specifically for medical students to help organize loans and calculate repayment options.
Current federal loan repayment plan information is available on the Federal Student Aid website. Information and calculators will be updated at a later date to reflect the most recent legislative updates.
Repayment terms for non-federal and private loans vary. Students should contact their lender or loan servicer directly with any questions about repayment.
Loan forgiveness
Various forgiveness options exist which may provide full or partial forgiveness for debt incurred, usually in exchange for a service commitment.
Public Service Loan Forgiveness
Public Service Loan Forgiveness provides forgiveness to borrowers of eligible federal loans who work full-time in public service.
To qualify, borrowers must:
- Be employed by a qualifying U.S. federal, state, local or tribal government agency or not-for-profit organization
- Work full-time at a qualifying employer, and make 120 monthly payments while on an eligible repayment plan
Payments do not need to be consecutive. It is recommended that borrowers verify their eligibility and progress using the PSLF Help Tool.
State and service based loan repayment programs
Additional assistance options may be available though other state and federal programs, including: