Go to our Other Student Loan Forgiveness page here.
In this video, Josh is talking about an alternative to the popular Public Service Loan Forgiveness (PSLF) program known as state-sponsored forgiveness.
These state programs offer various levels of student loan forgiveness and are designed to assist physicians and dentists in managing their educational debt. We've compiled a comprehensive resource consolidating information on these programs, making it easier for healthcare professionals to explore their options.
State-sponsored forgiveness programs differ from one another, with forgiveness amounts ranging from substantial sums of up to $100,000 to more modest levels of around $10,000. Unfortunately, some states may not offer forgiveness programs at all. It's crucial to check your specific state to determine if there is a program that aligns with your needs and circumstances. Keep in mind that these programs can be geographically targeted, focusing on underserved or urban areas. We have provided links to each state's website where you can find detailed information and maps to determine your eligibility.
Taxation of the forgiveness benefits varies among states, with some programs offering tax-free benefits while others are taxable. It's essential to understand the tax implications in advance for effective financial planning. Additionally, some programs require commitments, where participants must work in specific areas for a designated period. However, not all programs have such obligations. Furthermore, while some programs may prioritize primary care, others are open to physicians and dentists from various specialties.
State-sponsored student loan forgiveness programs offer alternative avenues for doctors and dentists seeking relief from their educational debt. Understanding the varying levels of forgiveness, tax implications, commitments, and eligibility criteria is vital for making informed decisions. MD Financial's resource page provides a consolidated overview of these programs, making it easier for healthcare professionals to navigate the possibilities available in their respective states. Visit our website today and explore this valuable resource to uncover potential opportunities to minimize your student loans.
Please take the opportunity to share it with your colleagues who might benefit from these forgiveness options as well!
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Josh Lantz, CRPC®, CIO and Financial Advisor at MD Financial works diligently with all our teams to coordinate the services we provide for our clients. He wants to make sure all our clients have sound, fiscally responsible, financial plans and feel more comfortable about their future. He can be reached at Josh@mdfinancialadvisors.com.