Debt Relief in the form of Loan Forgiveness for Radiologists
There is the availability – especially for radiologic technologists, a loan forgiveness program. One of the loan programs is called Faculty Loan Repayment that is available for those professionals who have a disadvantaged background. This loan program will enable the selected applicants the opportunity to receive maximum of $40,000 from the government to settle their student loans.
Health professionals who benefit from this program must serve on the faculty of an accredited college or university for two years. Professionals who participate in this program should have equivalent funds from the institutions that employ them.
Those who can participate are US nationals and legal permanent residents with a degree or must be enrolled in accredited graduate training schools in either of the following discipline: Radiologic Technology, Allopathic Medicine, Osteopathic Medicine, Podiatric Medicine, Veterinary Medicine, Dentistry, Pharmacy, Optometry, Nursing, Public Health, Physician Assistant, Behavioral and Mental Health, and Allied Health.
The Faculty Loan Repayment Program is federal funded, but there are loan forgiveness programs that are state funded, and health professionals should apply in the state where they live. States have various kinds of loan repayment plans in place as incentives to encourage health professionals in radiologic technology to work in underserved areas.
The most basic requirements to qualify for these state programs are: to have financial needs; to be licensed radiologic technologist; currently employed in your profession; and also be willing to work in medically underserved areas in the state. The amount given to applicants from this program varies. Generally applicants should agree to work in these underserved areas for a minimum of two years.
The salaries of health professionals in these underserved areas are considerably lower than what their colleagues receive in the private sector or in the cities. So the aim of the Loan Repayment Program is to make it more attractive for radiologic technologists to work in these underserved areas. This is an opportunity for health professionals to get rid of their debts.
The debt incurred in pursuing a training course in radiologic technology in the course of two years can be as high as $30,000 depending on a person’s school of choice and whether individual chooses to specialize. There is much sense in starting life without the problem of mounting debt. So the goal of the federal government and the states is to use these programs to entice radiologic technologists to work in the underserved areas. Another goal is the low cost of hiring full–time radiologic technologists compare to that of the inconsistent temporary professionals who might not be in the position to provide continuous care which can lead to inefficiency in the delivery of medical services. There is much more efficiency and cost control in the delivery of medical services in recruiting reliable permanent radiologic technologists than relying on scroungers waging endless war on wages and bonuses.
Ever heard of the old saying “every job has it’s perks” ? This certainly is the case for Radiologists!