Physician Loans
SunTrust is another bank that offers physician loans.
SunTrust recognizes the special financial needs of Training or practicing doctors and pharmacists working in the medical field. Suntrust can provide physician loan to cover every thing from living and school expenses to taxes, equipment, relocation costs or any unforseen cost. The extra money can also be used to consolidate credit card debt, which may substantially lower interest rates and monthly payments.
Suntrust provides unsecured physician loan to cover the credit needs of physicians and pharmacists under various financial circumstances.
Features
* Fixed or variable-rate pricing
* Generous repayment terms
* Interest-only payment options*
* Loan amounts from $5,000 to $75,000, depending on your level of training or the number of years in practice
* No application or origination fees, no prepayment penalties, no credit life insurance requirements, and no hidden charges
PCL Plus Line of Credit
In addition, for doctors-in-practice, SunTrust Bank offers PCL Plus – a line of credit designed specifically for medical professionals to help pay for the finances associated with running a practice.†
Features
* Variable rates
* Line amounts from $25,000 to $40,000
* Interest-only payments
* No prepayment penalties
The student loan can also be consolidated with the physician loan to reduce the interest payments.
Sunday, April 1, 2007
Physician Loan Forgiveness Award Program
The regents physician loan forgiveness award program is a program where physicians are given an annual award up to about usd 10,000 against their student loan. The physician in return has to work for certain period of time in an under served area identified by the New York State.
The Regents Physician Loan Forgiveness Award Program is targeted to increase the number of physicians practicing in areas of New York State designated by the New York State Board of Regents as having a shortage of physicians. Primary care is what is emphasized more in such awards. Pending the appropriation of State funds during the yearly session of the New York State legislature, at least 80 awards up to $10,000 per year for two years are offered. Award amount is based on undergraduate and medical school student loan amounts, loan interest expense, and income. Applications and information are available from the Office of K-16 Initiatives and Access Programs, Scholarships and Grants Administration Unit by February of the competition year.
ELIGIBILITY CRITERIA
Eligible applicants must:
* be United States citizens, permanent residents, or selected refugees approved by the Attorney General of the United States;
* be residents of New York State;
* be licensed to practice medicine in New York State; and
* be within two years of completing an accredited residency program in primary care or have completed a professional residency program within the five years immediately preceding the period for which the first award would be granted.
SELECTION CRITERIA
FIRST PRIORITY will be given to applicants who are completing the second year of the service agreement and are reapplying for an additional two-year award.
SECOND PRIORITY will be given to new applicants who agree to practice in an area determined by the Regents to have a severe shortage of primary care physician services.
SERVICE AGREEMENT:
Award recipients must agree to practice medicine in a specific area in New York State or serve a specific under served population designated by the New York State Board of Regents as having a shortage of physicians for a period of 12 months for each annual payment received. They must serve a minimum of 24 months regardless of the amount of payment received.
To obtain additional information and individual applications for these scholarships, you can also visit our web site at: http://www.highered.nysed.gov/kiap/scholarships/home.htm .
The Regents Physician Loan Forgiveness Award Program is targeted to increase the number of physicians practicing in areas of New York State designated by the New York State Board of Regents as having a shortage of physicians. Primary care is what is emphasized more in such awards. Pending the appropriation of State funds during the yearly session of the New York State legislature, at least 80 awards up to $10,000 per year for two years are offered. Award amount is based on undergraduate and medical school student loan amounts, loan interest expense, and income. Applications and information are available from the Office of K-16 Initiatives and Access Programs, Scholarships and Grants Administration Unit by February of the competition year.
ELIGIBILITY CRITERIA
Eligible applicants must:
* be United States citizens, permanent residents, or selected refugees approved by the Attorney General of the United States;
* be residents of New York State;
* be licensed to practice medicine in New York State; and
* be within two years of completing an accredited residency program in primary care or have completed a professional residency program within the five years immediately preceding the period for which the first award would be granted.
SELECTION CRITERIA
FIRST PRIORITY will be given to applicants who are completing the second year of the service agreement and are reapplying for an additional two-year award.
SECOND PRIORITY will be given to new applicants who agree to practice in an area determined by the Regents to have a severe shortage of primary care physician services.
SERVICE AGREEMENT:
Award recipients must agree to practice medicine in a specific area in New York State or serve a specific under served population designated by the New York State Board of Regents as having a shortage of physicians for a period of 12 months for each annual payment received. They must serve a minimum of 24 months regardless of the amount of payment received.
To obtain additional information and individual applications for these scholarships, you can also visit our web site at: http://www.highered.nysed.gov/kiap/scholarships/home.htm .
Wednesday, March 28, 2007
Physicians loan and Student Loan - axis of evil or a boon to rural america?
10 years back on an average physicians loan burden when they pass out from college was in the range of 60,000 to 70,000. Now the physicians loan burden has gone up to more than 140,000 on an average!
Most physicians are looking for loans during the start of their careers when they are still not settled in any particular practice and are looking to establish their own practice.
If proper loan options are not available, this can lead to a physician's choice of work place. Its well known that salaries increase as a physician goes to rural and remote areas. However, not every physicians dream of working in such areas and sometimes their debt out of the student loans force them to take up assignments in such areas thus allowing them to make enough to pay off the loans and still make some decent savings so that they can set up their own practices in near future.
Most doctors are looking for loans with low interest rates that enable them to put small or a zero down payment. Also they would not want the creditor to use their student loan debt if they have any in their debt ratio, use future income rather than current or past income, and yet enable them to move in before they start their job.
On one hand it seems that the rising tuition fees and rising interest rates are playing their part in spreading the physician community to the rural areas but at the same time it is also important to note that medicine regarded as one of the best career options and should not be a one that limits a person's choice !
Most physicians are looking for loans during the start of their careers when they are still not settled in any particular practice and are looking to establish their own practice.
If proper loan options are not available, this can lead to a physician's choice of work place. Its well known that salaries increase as a physician goes to rural and remote areas. However, not every physicians dream of working in such areas and sometimes their debt out of the student loans force them to take up assignments in such areas thus allowing them to make enough to pay off the loans and still make some decent savings so that they can set up their own practices in near future.
Most doctors are looking for loans with low interest rates that enable them to put small or a zero down payment. Also they would not want the creditor to use their student loan debt if they have any in their debt ratio, use future income rather than current or past income, and yet enable them to move in before they start their job.
On one hand it seems that the rising tuition fees and rising interest rates are playing their part in spreading the physician community to the rural areas but at the same time it is also important to note that medicine regarded as one of the best career options and should not be a one that limits a person's choice !
Saturday, March 24, 2007
Various Loan Options for Physicians\Doctors
For a physician , the underlying question is not how to get a loan or where to get a loan. (virtually every credit lender is ready to lend credit to a physician) However, the problem is of choosing the right kind of loan and the right kind of lender.
I will try to explain issues that affect a physician's decision on selection of a loan.
I will try to explain issues that affect a physician's decision on selection of a loan.
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