Over the past few decades, student loan debt in the United States has continued to rise. The student loan debt now accounts for a large portion of U.S. debt
. As a result of the student debt continuing to grow, there have been a variety of efforts that have been made to help bring the debt to a more manageable level, including employers and hospitals that provide loan forgiveness for their employees
Over the past few years, there has been an increase in the number of student loan forgiveness programs that have been unveiled to help alleviate some of the mounting debt that students, job seekers, and professionals are facing. While the majority of college graduates leave university with a considerable amount of debt, there are some areas where this debt can be larger than others.
One of the more notable of these is the healthcare and medical niche, which often requires much more training and education than other professions. This results in medical students having to take out quite a substantial number of loans to pay for their college years to ensure that the gain the necessary education and experience they need to succeed throughout their career.
While many people in the healthcare industry may earn a much higher salary
than those in other industries, this doesn't mean or even guarantee that they can pay off their student loans any faster. As a result, many people will often try to find a way to help manage their loan in the years following their graduation. Whether it's through proper budgeting or some other loan forgiveness program, students, job seekers, and professionals are evaluating all the options at their disposal to become debt-free.
Though this has traditionally been quite difficult to do, it has become quite easier in the past few years. Much of this is because there have been a variety of employer loan forgiveness programs
unveiled by a large number of companies in the industry over the past few years.
While this has become somewhat more common recently, many potential medical professionals
may still struggle to find companies
that offer these employee loan forgiveness programs. Because of this difficulty, they can often find themselves strapped with a debt that they might not be able to afford to pay back for a significant amount of time.
Since getting this debt can often be an unavoidable part of receiving medical education, the majority of people will want to overcome it as quickly as possible to get out from the overwhelming feeling of the mounting debt. As a result of this, many people who are set to graduate with a medical degree will be looking for a job in a hospital that provides a variety of financial incentives and benefits
Though salary will play a considerable role in eliminating this overwhelming feeling that professionals are facing, additional help with their student loan forgiveness through a forgiveness program may be a substantial benefit in place of a larger salary. Even though the healthcare industry typically offers larger salaries compared to other industries, there are several healthcare employers that provide loan forgiveness that you should consider. Loan forgiveness is also a program that you could possibly negotiate in your contract
when you're evaluating an offer as well.
Hospitals That Provide Loan Forgiveness For Employees
There are quite a large number of hospitals and healthcare companies
that provide employer loan forgiveness programs, although many of these may depend on what course you’re studying. The reason for this is that it comes down to the role that a professional assumes with the healthcare employer. Healthcare employers are much more likely to offer loan forgiveness or enroll you in a loan forgiveness program for those healthcare positions that are facing a massive talent shortage
like Registered Nurses
. In addition to this, many that do offer some form of loan forgiveness or a loan forgiveness program will only cover a portion of the debt or require certain stipulations to be met. Despite this, these employers and loan forgiveness plans should be worth looking at if you’re considering debt forgiveness as part of your position because it is one of the many benefits of working in the healthcare industry and quickly separates a good employer to work for to a great employer to work for
While some hospitals and healthcare facilities
will offer student loan forgiveness as part of the job offer, many will also offer assistance for employees who are considering going back to school to enhance their education. In addition, many employers will also offer a variety of scholarships that healthcare professionals can take advantage. We've outlined some of the hospitals and healthcare employers across the nation that offer some form of loan forgiveness or student loan assistance.
• Brookwood Baptist Health
Brookwood Baptist Health provides an $8,000 tuition reimbursement and signing bonus.
• Encompass Health
Encompass health offers tuition reimbursement and scholarships to employees and their children.
• Jackson Hospital in Alabama
The Jackson Hospital in Alabama provides employees with up to $8,000 in tuition reimbursement.
• Russell Medical Center
Russell Medical Center has a program that offers scholarships, tuition reimbursement, and educational assistance.
• Alaska Native Medical Center
The Alaska Native Medical Center has a variety of reimbursement and tuition programs that are available to employees.
• Northern Arizona Healthcare
Northern Arizona Helathcare offers up to $5,250 per year toward education.
• Mount Graham Medical Center
Mount Graham Medical Center offers employees up to $3,000 per year for their education.
• Yavapai Regional Medical Center
• Honor Health Hospital System
Honor Health Hospital System offers up to $52,540 per year for education.
• University Hospital of Arkansas
• White River Health System
White River Health System has a variety of scholarship offerings.
• Citrus Valley Health Partners
Citrus Valley Health Partners offers up to $3,500 plus tuition assistance.
• City of Hope
• UCHealth University of Colorado Hospital
• Yale New Haven Hospital
• Bayealth Hospitals
• Howard University Hospital
Howard University Hospital offers assistance to an employee's dependant.
• MedStar Georgetown University Hospital
• North Florida Regional Medical Center
North Florida Regional Medical Center offers 100% reimbursement for pre-approved classes that lead to a degree. Alongside this, it offers a discount for West Governor's University.
• Tallahassee Memorial Healthcare
• Archbold Medical Group
Archbold Medical Group awards scholarships to high school and college students that are interested in healthcare.
• St. Luke's Boise Medical Center
St. Luke's Boise Medical Center offers scholarships for continued education.
• OSF Healthcare System
• Sioux Center Health
• Baptist Health in Kentucky
Baptist Health in Kentucky offers $3,000 per year in addition to repayment programs and scholarships.
• East Jefferson General Hospital
• Ochsner Hospital Network
The Ochsner Hospital Network offers full-time employees $1,500 in tuition assistance, although this depends on achieving and maintaining good grades.
• CalvertHealth Medicine
• Greater Baltimore Medical Center
The Greater Baltimore Medical Center provides assistance for Bachelor's and Master's degrees related to an employee's role.
• Brigham and Women's Hospital
• Massachusetts General Hospital
The Massachussetts General Hospital offers up to $2,000 in tuition costs.
• Sparrow Health System
Sparrow Health System offers assistance with a few undergraduate courses.
• Spectrum Health Pennock
• Park Nicollet Health Services
• Saint Francis Medical Center
Saint Francis Medical Center has a limit of $5,000 per year.
• Billings Clinic
The Billings Clinic offers scholarships up to $3,000.
• Valley Health System
The Valley Health System offers aid and programs based on positions within the company.
• Jefferson Health
Jefferson Health offers a variety of online educational opportunities and a tuition assistance program.
• Christus St. Vincent Health System
• NewYork-Presbyterian Hudson Valley Hospital
• CHI St. Alexius Health
CHI St. Alexius Health offers both tuition assistance and on-site continuing education.
• The Cleveland Clinic
The Cleveland Clinic provides tuition reimbursement for eligible employees.
• Salem Medical Center
• Penn State Hershey Medical Center
The Penn STate HealthMilton S. Hershey Medical Center offers up to $5,250 per year in tuition assistance.
• Roger Williams Medical Center
• MUSC Health - University Medical Center
The MUSC Health University Medical Center provides assistance for pre-approved courses.
• Avera Hospitals and Health Centers
The Avera Hospitals and Health Centers offer scholarships to employees and their dependents.
• Menninger Clinic
• Texas Health Resources
• Valley Bapstist Health System
• University of Utah Health Care
The University of Utah Health Care offers full-time employees a chance to receive up to 50% reduction in costs at the University of Utah.
• Central Vermont Medical Center
• PeaceHealth Southwest Medical Center
• Seattle Children's Hospital
• Cheyenne Regional Medical Center
The Cheyenne Regional Medical Center offers up to $5,000 in exchange for an 18 month commitment.
Each of the hospitals and healthcare facilities that offer these loan forgiveness programs will have a variety of eligibility criteria that will need to be researched or brought up during the job offer
and negotiation process. As such, you may need to speak to someone at the company to determine whether or not you’ll be able to take advantage of the programs and scholarships that they have available, and what criteria might exist or be considered.
Why Hospitals Provide Employee Loan Forgiveness
Many people may wonder why hospitals and healthcare facilities are offering these programs when the debt continues to mount with no end in sight. While there are a variety of factors at play, perhaps the largest is that there’s a large shortage of doctors and nurses
across the United States. This is something that is going to get much worse in the coming years, for a variety of reasons.
The first of these is an aging population, which should mean that there will be an increased demand on medical facilities across the country. Alongside this has been the falling enrollment and graduation rates in many medical degrees and healthcare occupations.
These two factors have combined to create quite a significant shortfall when compared to the predicted number of doctors and nurses that will be needed in the future as the baby boomer generation ages. Much of his may have been due to the rising costs of tuition across the country
, of which medicine has seen a prominent rise.
As such, an increasing number of healthcare facilities are offering the programs to not only overcome the shortfall but to encourage applicants to apply at specific facilities. There have been a variety of federal assistance programs that look to help more people to enter the medical field as well.
Choosing which hospitals or healthcare companies you apply for when you’re graduating from university or college will often have a variety of notable factors and things that make you consider and weigh your options. As such, you’ll need to put an extensive amount of time into researching the company before you apply.
While much of the decision can be based on personal preferences, you should also look at whether the company offers any employers loan forgiveness.
As such, you may want to reconsider whether or not you’ll want to apply. Alongside this, you’ll need to determine what kind of criteria these companies have for accepting workers into their employee loan forgiveness programs.
In a large number of cases, these companies may offer the student loan forgiveness program to employees after they’ve worked there for a certain amount of time. Alongside this, there may be a variety of other eligibility criteria that you’ll have to meet to be accepted for the program.
While the majority of federally-funded programs will have their eligibility requirements posted online for you to apply, many private employers might not have this readily available and will require extensive research to identify potential loan forgiveness opportunities. As such, you may often need to speak with management or human resource professionals at the employer when you’re looking for a position to see if they have these programs in place.
Alongside this, you may have to speak with them to identify what will need to happen for you to be able to utilize these programs. In quite a significant number of cases, however, there shouldn’t be much difficulty in taking advantage of loan forgiveness programs.
As the healthcare industry attempts to come up with a solution to combat the growing healthcare talent shortage, employee loan forgiveness programs are a great way to attract top tier talent and reduce some of the worries that employees are faced with when it comes to the mounting student loan debt. Don't be afraid to ask about potential loan forgiveness programs with an employer during the job offer and negotiation process, or even bring it up when you've taken some time to conduct research and see if it's a benefit you can take advantage of.