Some of the top-paying jobs are in health care, according to the U.S. News Best Jobs rankings.
When a physician’s salary comes to mind, most people probably think of six-figure incomes. This is true for many lucrative medical fields, but not all doctors earn a high return on investment from their medical degree.
In fact, attending medical school can be pricey. Tuition is more than $50,000 among the top four Best Medical Schools for Research for the 2017-2018 academic year: Harvard University, Johns Hopkins University, Stanford University, and New York University’s School of Medicine at the Langone Medical Center. That’s an expensive bill to pay without including living expenses.
There are other health professional fields that require expensive graduate degrees, but don’t have the same return as other higher-paying specialties.
For prospective students interested in a health care profession that requires an advanced degree, here are few things to consider.
[See 10 costs to expect when applying to medical school.]
Health Profession Salary Realities
Federal grant money isn’t available to students who pursue an advanced degree for a health care profession. Additionally, there’s little money offered in private scholarships or institutional grants. New physicians borrowed around $190,000 on average in student loans, according to a report from the Association of American Medical Colleges.
Some leave medical school owing more than $200,000 — like those who graduated from Nova Southeastern University in Florida in 2016 with average indebtedness of $274,947.
Student loans of this magnitude equate to a monthly payment of around $3,000 under a 10-year standard repayment plan.
[Get the facts about borrowing specialized health care student loans.]
For a general surgeon who makes a median salary of $255,665 annually, based on data from PayScale, these payments should fit into your budget easily. Primary care doctors, however, earn a median salary of $164,826 per year. Though this is much higher than the overall average salary in the U.S., these borrowers may face a challenge with their student loan payments.
Nurse practitioners can expect a median salary of about $100,910 per year, according to the Bureau of Labor Statistics. But they should expect a median student debt load of between $40,000 and about $55,000 just for their graduate degree, according to the American Association of Colleges of Nursing.
Some of these nursing grads might also owe student loans from their undergraduate education. So student debt can really cripple their monthly budgets.
High-Need Health Professions
Fortunately, both the federal government and other organizations have developed loan repayment programs for certain high-demand health professions. These positions include primary care physicians, nurse practitioners and physician assistants. Oftentimes these programs assist individuals with their student loans if they commit to a period of service in a needed health profession or in a high-need area.
[Read how some nurses make more than doctors.]
The National Health Service Corps offers a loan repayment program to health care professionals, including primary care providers. There’s a two-year commitment to practice at a high-need, NHSC-approved site, and in return, professionals may earn up to $50,000 in loan repayment.
A two-year service would significantly reduce the average student loan debt some health professionals shoulder. It’s also possible to apply for additional years to receive more loan forgiveness.
Students can even see relief before they’ve graduated from medical school. NHSC’s Students to Service Loan Repayment Program allows medical or dental students in their final year of school the opportunity to commit to providing primary care full time for at least three years in a health professional shortage area in exchange for up to $120,000 in student loan repayment.
The NURSE Corps Loan Repayment Program assists eligible nurses serving in critical shortage areas. The program offers to pay 60 percent of your eligible student debt over two years of service. Some nurses can receive an additional 25 percent if they extend service for another year. If eligible, these health care workers could eliminate their student loans in a fraction of the time it would otherwise take, saving a lot of money in the process.
There are more of these types of programs offered at the state level. The Student Loan Ranger found more than 30 loan repayment programs for primary care providers and nurses in 25 states.
These programs were specifically designed to provide incentives to health care professionals to pursue the most needed specialties in high-need areas of the country. Though the average primary care provider earns, in some cases, $100,000 less than others who went to the same schools, these programs make it possible for new graduates to provide in-demand services and pay their loans.
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Explore Loan Repayment Programs for Health Professionals originally appeared on usnews.com
