Pay off your school debt fast with this VA program
Getting a graduate degree with little to no debt almost sounds too good to be true, doesn’t it? But for healthcare professionals who benefit from VA School debt reduction program (EDRP), this is not the case.
The EDRP, one of the most comprehensive education support programs in the country, provides up to $ 40,000 per year – or $ 200,000 over five years – in loan repayments.
“I still have a very large medical school debt to pay off. The EDRP program helps to dramatically accelerate the return on investment, ”said Dr. Stephen Gau, physician at VA Loma Linda Health System in California.
Pay off loans faster
EDRP has helped more than 20,000 Veterans Health Administration (VHA) employees in the most difficult direct patient care positions pay off their student loans faster.
“The beauty of the program is that it is really very well structured, which makes it a win-win for everyone – the participant, VHA and ultimately the veterans receiving care from some of the most qualified providers,” said Teresa Culpepper. . , Director of Student Loan Repayment Services and VHA Pathways Program Officer.
Available EDRP-eligible positions often include:
- Doctors (general practitioners and specialists).
- Registered nurses.
- Licensed practical nurses.
- Social workers.
They can be easily found on vacation ads on USAJobs by entering the keywords “EDRP” and “Education Debt Reduction Program”. EDRP-eligible jobs will often include this information under the “Learn more about this agency” link in the vacancy announcement.
Candidates applying for positions without competition should inquire about the program with Human Resources prior to negotiation.
How it works
To be eligible, you must have:
- Has graduated from an accredited school or program.
- Have an eligible student loan debt (principal and interest) accumulated in the training for the diploma that qualifies you for the designated position.
- Hold and maintain an acceptable level of performance in the designated position during the EDRP period of service.
You will receive annual repayments for your student loan payments, including tuition and other expenses such as fees, books, supplies, lab fees, equipment, and materials.
“For many, $ 200,000 will cover their outstanding school loan balance and for others it will definitely help them pay off a significant portion, fairly quickly,” Culpepper said.
The funds are tax free and do not require a mandatory service contract. If you choose to leave VHA before the end of your five years, you do not have to repay the funds you received.
“In ‘life is happening’ situations where participants have to leave, as long as they leave in good standing, they can receive a prorated reward amount based on time worked. We are sincerely grateful for their contributions and wish them the best in their future endeavors, ”Culpepper said.
Working at VA
Choose a career in healthcare providing top-notch care for America’s veterans and receive help paying off your student loans.