Loan Repayment Program to Help Ease Student Debt Burden for Psychiatrists

Do you qualify for student loan forgiveness?

To support behavioral health professionals including psychiatrists, psychiatric nurse practitioners, and psychiatric physician assistances, NYC Health + Hospitals established the $1 million Behavioral Health Loan Repayment Program (BH4NYC). Because many behavioral health professionals struggle with student loan debt, BH4NYC intends to provide grants to clinicians who meet the eligibility criteria and ease their burden. NYC Health + Hospitals is the largest provider of mental health and substance use services in New York City.

Eligible applicants must commit to working a minimum of 3 years full-time at NYC Health + Hospitals. Physicians will be eligible for a maximum of $50,000 in loan forgiveness; nonphysician clinicians will be eligible for a maximum of $30,000 in loan forgiveness. The program ends when $1 million in total loans forgiven is reached.

You might qualify if you…

-Graduated from a relevant degree program—including those from outside the United States.

-Are licensed and/or board-certified within 5 years of completing training, though board certification requirement might be waived in some cases.

-Are in good standing with your clinical discipline’s licensing body.

-Are not participating in or receiving loan forgiveness from another source.

-Have never received loan forgiveness or repayment through employment from NYC Health + Hospitals.

-Are a US citizen or permanent resident alien holding an I-155 or I-551 card.

Applications will be accepted in 2 rounds: (1) July 25, 2022 – November 25, 2022 and (2) January 1, 2023 – May 1, 2023 for current employees and reviewed the second and last Friday of each month for new applicants. The application can be found here.

Reference

1. Behavioral Health Loan Repayment Program (BH4NYC). NYC Health + Hospitals. Accessed July 26, 2022. https://www.nychealthandhospitals.org/bh4nyc/