Financial Assistance Oklahoma

Overview

The scholarship's objective is to assist Oklahoma's rural communities and to provide financial assistance to residents enrolled in an accredited family practice or a family medicine residency program located in Oklahoma.

Eligibility

• Currently enrolled in an accredited Oklahoma Family Practice or Family Medicine Program
• Has no other assistance which has a conflicting service obligation
• Not currently on a J-1 Visa

Amount of Loan

• $1,000.00 per month

Obligation

• Recipient agrees to select and match with a PMTC approved rural community on or before the end of the second year of residency training.
• Recipient agrees to spend one month during 3rd year of residency on elective rotation in the selected community.
• Recipient agrees to return to the community upon completion of residency training, one month for each month the loan was received, with no credit being granted for anything less than 12 months.

Further Information

Liquidated Damages: If the physician decides not to repay his/her obligated scholarship loan by practicing medicine in the chosen community, he/she will be required to repay the principal amount, plus interest and liquidated damages of up to 100% of the principal. Interest accrues at the Prime Rate plus 1%.

Non-Qualifying Communities: Due to the rural aspect of the scholarship, communities near Oklahoma City and Tulsa may not qualify for residency location.

Overview

The State of Oklahoma sponsors this program through the Oklahoma Physician Manpower Training Commission and a rural Oklahoma community (60%-40%) provide matching funds in order to:

• Provide financial assistance to the primary care physician in setting up a practice in a selected rural community in rural Oklahoma
• Provide medical care for citizens of rural Oklahoma

Eligibility

• Applicant desires to practice in an Oklahoma community that is participating in the Match Program
• Applicant graduated from an accredited medical or osteopathic college, successfully completed a postdoctoral program in primary care, and preparing to set up initial practice or currently practicing a primary care specialty as approved by the Oklahoma Physician Manpower Training Commission
• Applicant has not previously received funding through PMTC scholarship programs
• Applicant has no other assistance which has a conflicting service obligation requirement
• Applicant must not be currently practicing in a rural Oklahoma community
• Not currently on a J-1 Visa

Amount of Loan

• $30,000 minimum-$50,000 maximum A lump sum payment provided when the physician begins practice in the matching community.

Obligation

A minimum of two years of practice in the matching community for each $30,000.00 and a minimum of three years for each $50,000.00 received (60% state funds and 40% community funds). The loan is forgiven after completion of the practice obligation.

Further Information

Liquidated Damages If the physician decides not to fulfill his/her practice obligation to a matching community he/she would owe in lump sum the principal, interest and up to 100% penalty.

Non-Qualifying Communities Due to the rural aspect of the scholarship, communities near Oklahoma City and Tulsa may not qualify for residency location.

Overview

Loan repayment is made possible by the State of Oklahoma through the Oklahoma Physician Manpower Training Commission in order to offer the following benefits:

• Assistance to Oklahoma licensed primary care physicians who agree to establish a practice in a rural community located in Oklahoma approved by the Commission
• Access to medical care and services to Oklahoma citizens in rural and underserved areas with special emphasis to Medicaid and Medicare recipients

Eligibility

Applicant must:

• Be licensed to practice medicine in Oklahoma
• Be a primary care physician. Primary care includes family medicine, geriatrics, general internal medicine, general pediatrics, obstetrics/gynecology or emergency medicine (general surgery pending)
• Have legitimate, documented medical educational loans through an educational loan institution
• Not have any service obligation that would conflict with this obligation
• Not be currently practicing in a rural Oklahoma community

Amount of Loan

• $200,000.00 maximum for four years. / $50,000 yearly for 4 years Based on amount of educational loans to be repaid.

Obligation

Lump sum yearly payments are made at the conclusion of each obligated practice year. Financial assistance may be extended to a maximum of four years. This a public/private sponsored program.

Further Information

Non-Qualifying Communities: Due to the rural aspect of the scholarship, communities near Oklahoma City and Tulsa may not qualify for residency location.