If you’re a pharmacist who graduated at any time in the recent past, you’re probably familiar with the bane of existence that is student loan debt. Pharmacy school graduates tend to have a higher debt load than the average college graduate.
In 2012, graduates of pharmacy school entering the workforce had an average student loan debt of $123,063. This number can balloon upwards when you’ve attended a private institution or had to subsidize living expenses because of an inability to work during certain academic time periods.
This is an exhaustive list of student loan forgiveness programs available for pharmacists. I’ll try to keep this list updated with the most accurate and interesting new information as these programs have a tendency to change depending on budgets and availability of funds. Enjoy!
| Location Specific? | Program | Maximum Benefit | Website/Notes |
|---|---|---|---|
| Federal | Federal Public Service Loan Forgiveness | Full Forgiveness after 120 payments | https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service |
| · 120 Qualified payments (can’t pay twice in one month to equal 2 payments) | |||
| · Must use qualified payment plan (IBR, ICR, PAYE, etc) | |||
| Federal | NIH Clinical Research Loan Repayment Program | $35,000 per year | https://www.lrp.nih.gov/ |
| · For pharmacists (Pharm.D.’s) performing clinical research | |||
| · U.S. Citizen, National, or permanent resident by LRP award start date | |||
| Federal | Indian Health Service Loan Repayment Program | $40,000 for 2 year service commitment | https://www.ihs.gov/loanrepayment/ |
| · Repayment of up to $40,000 for qualified health profession loans | |||
| · Initial two-year commitment | |||
| · B.S. or PharmD eligible | |||
| Federal | U.S. Army Pharmacist Loan Repayment Program | 120000 | http://www.goarmy.com/amedd/allied-health/benefits.html |
| · Receive up to $120,000 to repay pharmacy school loans | |||
| Alaska | Supporting Healthcare Access through Loan Repayment | Up to $47,000 per year (can be licensed in any state) | http://dhss.alaska.gov/dph/HealthPlanning/Pages/sharp/default.aspx |
| · 3 year time period; Renewal period of 3 years if applicant requests loan payments and has a continuing loan obligation | |||
| · 90 Participants annually | |||
| Arizona | Arizona Loan Repayment Program | Up to $50,000 for initial 2 year award; 25k for succeeding years | http://www.azdhs.gov/prevention/health-systems-development/workforce-programs/loan-repayment/index.php |
| · U.S. Citizen or National eligible | |||
| · Hold current Arizona License | |||
| · Consolidated/Refinanced loans must be from Government or commercial lender and must be qualifying loans only | |||
| California | California State Loan Repayment Program | Up to $50,000 (w/ 50% match from service site) @ eligible sites | http://www.oshpd.ca.gov/HWDD/2014/SLRP/Pharmacists-Guidelines.pdf |
| · Pharmacist whose primary role are dispensing medication and/or are located in retail settings are not eligible for SLRP | |||
| Colorado | Colorado Health Service Corps | Up to $50,000 for 3 year term at approved site | https://www.colorado.gov/cdphe/health-professional-loan-repayment |
| Idaho | Idaho State Loan Repayment Program | Up to $25,000 per year (for 2 years) for qualifying sites | http://www.healthandwelfare.idaho.gov/Health/RuralHealthandPrimaryCare/tabid/104/Default.aspx |
| Kentucky | Kentucky State Loan Repayment Program | Up to $35,000/year for 2 years (with site matching) @ HPSA | http://ruralhealth.med.uky.edu/kentucky-state-loan-repayment-program |
| Massachusetts | The Massachusetts Loan Repayment Program | Up to $50,000 for 2 year commitment | http://www.mass.gov/eohhs/gov/departments/dph/programs/community-health/primarycare-healthaccess/healthcare-workforce-center/workforce-help/loan-repay/ |
| Nebraska | The Nebraska Loan Repayment Program | Up to $30,000 per year of loan repayment in HPSA w/ 3 year practice commitment | http://dhhs.ne.gov/publichealth/RuralHealth/Pages/LoanRepaymentProgram.aspx |
| · Requires 3 year service agreement including service to Medicaid patients | |||
| · Pharmacists must practice in state-designated shortage area for each year loan is received | |||
| New Mexico | New Mexico Loan Repayment Assistance Program | Up to $35,000 per year for an HPSA area | http://www.hed.state.nm.us/students/health_lrap.aspx |
| · Awards determined by outstanding student loan debt on individual basis | |||
| · Must be full-time and licensed in state | |||
| · New Mexico Resident (12 consecutive months) | |||
| · Pharmacists not given priority with funding (refer to website) | |||
| North Dakota | North Dakota State Loan Repayment | Up to $50,000 a year (for 2 years) | http://www.med.und.edu/family-medicine/workforce.cfm |
| · Requires 1:1 match from sponsoring organization/community | |||
| · Must practice at state/federal sites (Federally-Qualified Health Centers [FQHCs]), IHS clinics, etc | |||
| · U.S citizens | |||
| Oregon | Oregon Partnership State Loan Repayment | Up to $35,000 | http://www.ohsu.edu/xd/outreach/oregon-rural-health/providers/loan-repayment/slrp.cfm |
| · 2 Year service obligation (may qualify for two -1 year continuations depending on funds availability | |||
| · Award calculated on tiered system based on candidate/site eligibility, HPSA score, and amount site is able to match | |||
| · U.S citizens | |||
| Rhode Island | Health Professional Loan Repayment Program | Varies | http://health.ri.gov/programs/detail.php?pgm_id=179/ |
| · Eligible sites: FQHCs, Rural health clinics, IHS, etc | |||
| · Full time (40 hours/week) or Part-time (<39 but >20 hours) clinical practice x 45 weeks | |||
| · Practice-related admin duties limited to 8 hours (teaching is allowed) | |||
| Washington | Health Professional Loan Repayment Program | Up to $35,000 per year for minimum two year obligation | http://www.wsac.wa.gov/health-professionals |
| · 2 Separate Programs (FSLRP – Federal State LRP & HPLRP = Health Professional Loan Repayment program) | |||
| · FSLRP = Full time only (40 hours minimum) for FSLRP for 2 year contract with max award of $70,000 | |||
| · HPLRP = Minimum 3 year contract w/ maximum award of $75,000. May work less than full time but no less than 24 hours/week, which prorates their service |
