Honolulu Unveils Loan Repayment Initiative for Healthcare Professionals
Hawaii’s government has proudly declared the inaugural beneficiaries of a pioneering initiative designed to alleviate medical professionals of their student debt, provided they dedicate two years to serving the Hawaiian community’s healthcare needs.
During a recent announcement, Governor Josh Green expressed his gratitude towards the state legislators for their support in funding this initiative with $30 million. An additional boost came from philanthropists Lynn and Marc Benioff, who donated $5 million, targeting healthcare workers on Hawaii Island, a location close to their hearts, as reported by the Honolulu Star-Advertiser. Marc Benioff, known for his roles as co-founder, chairman, and CEO of Salesforce, also has ownership ties with Time magazine.
Governor Green, who practices medicine himself, has expressed his intention to seek further philanthropic support to expand the program, aspiring to set a nationwide precedent with the Hawaii Healthcare Education Loan Repayment Program. According to state officials, up to $100,000 will be paid off for each of the 492 healthcare workers selected in this initial phase. In return, these professionals are expected to provide care for at least 30% of patients covered by Medicaid or Medicare.
Prospective applicants can look forward to the next application window, which is slated to open in the following summer season.
The program’s first cohort includes local healthcare workers who have been shouldering student loan debts ranging from $100,000 to an overwhelming $500,000.
In the face of the pandemic, Hawaii’s reliance on temporary healthcare staff, which cost the state $150 million, underscored the critical need for a permanent workforce deeply connected to the local communities, as highlighted by Governor Green.
Among those feeling the positive impact of this program is Dr. John Misailidis, a physician with dual board certifications in internal medicine and pediatrics. Having arrived in Hawaii in 2011 with a staggering $250,000 in student loans for his residency at the University of Hawaii’s medical school, Dr. Misailidis shared his heartfelt appreciation upon learning that $100,000 of his debt would be cleared. His deep affection for the local culture and people has been a driving force in his desire to continue his practice in Hawaii.
This initiative marks a significant step in Hawaii’s commitment to reinforcing its healthcare workforce and ensuring the well-being of its residents.
The state of Hawaii has launched a program to assist medical professionals in paying off their student loans. In return for a two-year commitment to work in Hawaii, each of the 492 healthcare workers will receive up to $100,000 toward their student debt. This initiative is funded with $30 million from the state and an additional $5 million from Lynn and Marc Benioff for workers on Hawaii Island. Participants must also agree to treat a certain percentage of Medicaid or Medicare patients. The program aims to address the shortage of healthcare professionals in Hawaii, which was highlighted during the pandemic when the state spent $150 million on temporary medical staff. The next application period is set for the following summer.
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