payments at 15 percent of one’s discretionary income, the
pay-as-you-earn program caps payments at 10 percent of
discretionary income. Bancroft did not qualify for this program
because it was only available to people who were new borrowers
as of Oct. 1, 2007, and who received a disbursement of a direct
loan on or after Oct. 1, 2011. But that’s about to change.
In mid-December, the Revised Pay as You Earn Plan
(REPAYE) became available to borrowers regardless of when
they first obtained the loans, which means an additional
5 million people will be eligible, according to the U.S.
Department of Education. To be considered, people must apply
for the program and demonstrate that they qualify for “partial
financial hardship,” which is determined by a formula that takes
into account one’s income and the number of family members
in the household.
Options for both researchers and clinicians
For early career psychologists with research backgrounds,
applying for the National Institutes of Health Loan Repayment
Program may be worth considering. Rachel Millstein, PhD, heard
about the NIH program while she was earning her doctoral
degree in clinical psychology in San Diego. Although her doctoral
education had been fully funded, she had almost $50,000 of
student debt as a result of her master’s degree training.
To be eligible for the NIH program, applicants must be
conducting research funded by a domestic nonprofit or U.S.
government entity, and the sum of educational debt must
equal at least 20 percent of the base salary from the institution
supporting the research. Participants can receive up to $35,000
for their loan repayment for working one to two years, and can
apply for a renewal for an additional two years.
Millstein kept this in mind when she was applying for
jobs after graduating, and now she is a clinical and research
postdoctoral fellow at Massachusetts General Hospital. She
conducts research about improving health behaviors and
quality of life in patients with heart disease.
“It’s a huge relief to pay off my student debt so quickly,” she
says. “If there is any way you can do research for two years after
graduating, it is an excellent way of paying off debt.”
For early career psychologists who prefer to work as clinicians,
the National Health Service Corps Loan Repayment Program
is an option for reducing student debt quickly. In exchange for
serving in a high-need, underserved area for two years, accepted
participants can get up to $50,000 to repay their student loans.
Although lenders typically give graduates a six-month grace
period before they are required to start making payments,
April 15 Attachment-Based Family Therapy
(ABF T) Introductory Workshop
May 13 Worry and Subtle Forms of OCD:
When Rational Refutation and
Coping Skills Are Counterproductive
June 17 Therapeutic Opioid Addiction: When
Chronic Pain and Addiction Collide
Understanding Autism Spectrum Disorder and the
Neurodevelopmental Disorders in the DSM- 5
Cognitive Therapy for Complicated Depression:
From Action to Insight and Back to Action
The Challenges of Community Violence:
Offering Psychological Support Amid Racial
and Ethnic Conflict
Programs can be viewed online at any time and are
Clinician’s Corner Workshops
live webcast in person
Clinician’s Corner Video
Continuing education from your Association
Fees APA Members
Nonmembers All programs shown here include three CE credits.
http://apa.bizvision.com/category/clinician-corner-workshop for full list of programs.