SACNAS Series: Division of Loan Repayment

Good Afternoon, My name is Dr. Ericka Boone
and I’m the Director for the Division of Loan Repayment at the National Institutes of Health. The purpose of the Loan Repayment Programs
is to keep young promising investigators in research careers. By the time many of these researchers have
completed their education and training they have amassed significant student loan debt. So they have to make the decision between
a standard research career that they love that is really benefiting public health or
taking the job that is much more lucrative and they can actually live. So this is where the Loan Repayment Program
comes in, we help to ease some of this financial burden by helping these individuals to pay
back some of their student loan debt and some of these individuals have significant student
loan debt, upwards of 200,000 dollars. There are several eligibility criteria for
an individual to be eligible to apply for and receive a loan repayment program award. The first is that they must have their terminal
level degree, MD, PHD, some sort of combination, even a DO, we even have a couple of JDs. Next the person must be a US citizen or permanent
resident. They must be committed to conducting 20 hours
of research per week for the length of their contract. They must be funded by or employed by a domestic
non-profit source or institution. Basically the Loan Repayment Programs will
repay educational loans that are backed by the US government. We will not repay student loans that are from
a foreign source or foreign government or issued by a foreign government. We will not repay any automobile loans, no
personal loans and another thing that I am kind of sad about is that we don’t repay plus
loans to parents. I have a college student and I wish I was
eligible for that kind of loan repayment. There are lots of new updates for the Loan
Repayment Program for 2016. First is that all applicants must have an
eRA Commons ID to submit their application. While they can start an application without
their Commons ID they cannot submit their application until they have the eRA Commons
ID and check. So if they have any questions about obtaining
their eRA Commons ID, they should call the eRA Commons Help Desk. Next is that there is one application submission
deadline, so not only is their application due on November 15th, 2016 by 8 PM Eastern
Standard Time, recommendations are also due as well as verifications from institutional
business officials. The last thing that all applicants should
be aware of is that our online application is absolutely new, so don’t wait until the
last minute to start your application. Make sure you have everything in order in
order to start your application and finish your application, as a matter of fact if you
have everything in order you should be able to complete it within 45 minutes. So let me just give a summary of the Loan
Repayment Programs, first there are 5 extramural loan repayment programs that are available. The loan repayment programs can repay up to
35,000 dollars per year for two years of eligible student loan debt. For more information about the Loan Repayment
Programs at NIH you can log onto WWW.LRP.NIH.GOV.

2 comments on “SACNAS Series: Division of Loan Repayment”

  1. Charles Akula says:

    Good simple and fast information. Be Blessed. Will ask some questions pretty soon. about student loans. May I?

  2. Maury G says:

    Yesterday I participated in the LRP webinar. This video compliments and reinforces much of that information very well!

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