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Completing a bachelor’s degree is a major milestone. After years of coursework, exams, and deadlines, you’ve earned a credential that opens the door to new opportunities. At the same time, transitioning from campus life to the professional world can feel both exciting and overwhelming.

The good news is that there isn’t one “right” path after graduation. Whether you’re eager to start your career, continue your education, take time to explore your interests, or launch your own business, your next step should align with your goals, finances, and interests.

Here’s a closer look at some of the most common options after earning a bachelor’s degree — and how to decide what’s right for you.

Options to Consider After Getting Your Bachelor’s Degree

What is after a bachelor’s degree? Depending on your career goals and interests, you may decide to continue your education, begin working, take a gap year, or pursue self-employment.

Pursue a Master’s Degree or Higher

Continuing your education can help you develop specialized knowledge, strengthen your professional skills, and qualify for careers that require advanced credentials. About 17% of U.S adults age 30 and over hold a graduate degree.

Some graduates choose to complement a broad undergraduate education with a professionally focused master’s degree or graduate certificate before entering the workforce. Others continue studying in the same field by pursuing a master’s, doctoral, or professional degree to prepare for careers in research, academia, medicine, law, or other specialized professions.

Graduate education may also lead to higher earning potential. According to Brookings research, individuals with a master’s degree earned about 25% more than bachelor’s degree holders in 2024. Those with doctoral or professional degrees earned approximately 63% and 67% more, respectively.

If graduate school is your next step, it’s wise to start planning early. Research programs carefully, compare admission requirements, and look into financial aid opportunities. Scholarships, grants, fellowships, and assistantships often have application deadlines months before graduate programs begin.

As you prepare your applications, consider requesting letters of recommendation, ordering your undergraduate transcripts, updating your resume, and drafting your personal statement well in advance.

Recommended: How to Pay for Grad School

Enter the Workforce

For many graduates, entering the workforce is the natural next step. Your first full-time job allows you to apply what you’ve learned, build professional experience, and begin establishing your career.

The job search can take time, however, so approaching it with a plan can improve your chances of success.

•   Take advantage of campus resources. College career centers often provide resume reviews, mock interviews, career counseling, networking events, and access to student-focused job boards such as Handshake.

•   Network strategically. Many positions are filled through referrals before they’re publicly posted. Reach out to alumni through LinkedIn, attend industry networking events, and request informational interviews to learn more about career paths and potential opportunities.

•   Use the right job boards: In addition to general sites like Linkedin Jobs, platforms such as Handshake, WayUp, and BuiltIn can be particularly helpful for recent graduates and early-career professionals.

•   Build your professional brand: Update your LinkedIn profile, create a polished resume, and tailor each application to the specific position. Highlight internships, research, academic projects, leadership roles, and volunteer work that demonstrate relevant skills.

•   Stay organized: Treat the job search like a job itself by setting weekly application goals and tracking applications, interviews, and follow-ups using a spreadsheet or job search management tool.

Take a Gap Year

If you’re not ready to jump directly into graduate school or full-time employment, there are a number of things to do after college besides work or continued education. A gap year can provide valuable time to gain experience, clarify your goals, and develop new skills.

A gap year can look very different from one person to another. Some popular options include:

•   Service and volunteering. Organizations such as AmeriCorps and the Peace Corps offer opportunities to serve communities while building leadership, communication, and project management skills that employers value.

•   Travel and cultural immersion: Working as an au pair, teaching English abroad, or participating in work exchange programs can provide meaningful international experience while helping offset travel costs through housing, stipends, or other benefits.

•   Graduate school preparation: If advanced education is in your future, you might use a gap year to prepare for admission exams (such as the GRE, LSAT, or MCAT), complete post-baccalaureate coursework, strengthen your application through research or volunteer work.

Become Self-Employed

For graduates with an entrepreneurial mindset, starting a business or freelancing can offer flexibility, independence, and valuable real-world experience.

Self-employment can range from freelancing consulting and creative services to launching a full-scale business. While entrepreneurship comes with risks, it also offers the opportunity to build something of your own.

Here are a few ways to get started:

•   Identify your marketable skills. Think about the knowledge and abilities you’ve developed through coursework, internships, certification, or personal projects. Many recent graduates begin by freelancing because startup costs are relatively low.

•   Build an online presence: Create a professional website or online portfolio that showcases your work, projects, testimonials, or case studies. Prospective clients typically want to see evidence of your skills before hiring you.

•   Leverage available resources: Alumni networks, university entrepreneurship centers, local business incubators, and the U.S. Small Business Administration often offer free mentoring, resources, and educational materials for new business owners.

•   Consider freelance marketplaces: Platforms like Upwork or Fiverr may help you gain experience, build a portfolio, and establish a client base while growing your business.

How to Decide What’s Right for You

Choosing what comes after a bachelor’s degree is a personal decision, and it’s important to remember that your first choice doesn’t have to define the rest of your career. Many professionals change industries, return to school, or start businesses years after graduating.

As you weigh your options, consider your long-term career goals, financial situation, and personal interests. Some careers require graduate education or professional licensing, while others place greater value on practical experience and demonstrated skills.

You’ll also want to think about your financial needs. Consider your expected living expenses, student loan payment, potential income, and whether you’ll live independently or with family while taking your next step. Creating a realistic budget can help you make informed decisions as you transition into life after college.

How to Fund Your Next Step

If graduate school is part of your future, creating a financing plan before classes begin can help reduce stress and limit unnecessary borrowing.

Start by completing the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for federal financial aid, including scholarships, grants, work-study, and federal student loans. While Federal Grad PLUS loans are no longer available to new borrowers, students can still use Direct Unsubsidized Loans to help pay for graduate school, though these are subject to strict annual limits.

If federal financial aid isn’t enough to fully cover your costs, private graduate student loans may help bridge the gap. Private loans are offered by banks, credit unions, and online lenders and can be used for a variety of graduate and professional degree programs. Some lenders offer specialized financing including:

•   MBA loans

•   Law school loans

•   Health professions loans

Depending on the lender, you may be able to borrow up to the full cost of attendance minus any financial aid received. Just keep in mind that private loans may carry higher interest rates and lack federal protections, such as income-driven repayment or potential loan forgiveness programs.

The Takeaway

Earning a bachelor’s degree is an exciting achievement, but it’s also the beginning of a new chapter. Whether you choose to continue your education, launch your career, take a gap year, or pursue entrepreneurship, the best path is the one that supports your long-term goals and financial well-being. If graduate school is part of your plan, understanding your financial options early can help you focus on your education and prepare for what’s next.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What is after a bachelor’s degree in terms of graduate education?

After earning a bachelor’s degree, you can pursue several types of graduate education depending on your career goals. Common options include a master’s degree, doctoral (Ph.D.) degree, professional degrees such as law or medicine, or shorter graduate certificate programs. Some careers require advanced education, while others view graduate school as a way to develop specialized skills or improve earning potential.

What comes after a bachelor’s degree if I don’t want more school?

Graduate school isn’t the only option after earning a bachelor’s degree. Many graduates begin full-time careers, complete internships, start businesses, freelance, volunteer, travel, or take a gap year to explore their interests. Gaining professional experience can help you build skills, earn income, and determine whether pursuing additional education makes sense later.

How long does it take to earn a master’s degree after a bachelor’s?

Most master’s degree programs take one to two years to complete if you attend full time, although some accelerated programs can be finished in less than a year. Part-time programs typically take longer, allowing students to balance coursework with work or other responsibilities. The timeline depends on the field of study and the program’s requirements.

Can you switch fields when pursuing a degree after your bachelor’s?

Yes. Many graduate programs accept students with bachelor’s degrees in different fields, especially in areas like business, public policy, education, and data analytics. Some programs may require prerequisite courses before admission, particularly in technical or healthcare fields. Switching disciplines can be a good way to align your education with new career goals.

What financial options are available to fund education after a bachelor’s degree?

Graduate students may be able to pay for school using scholarships, grants, fellowships, assistantships, employer tuition assistance, personal savings, and federal or private student loans. Many students combine multiple funding sources to reduce borrowing.

Photo credit: iStock/Makkie

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SOISL-Q226-034

STEM scholarships are designed to help students pursuing degrees in science, technology, engineering, or mathematics pay for college. Awards can range from a few thousand dollars to full coverage of tuition and living expenses. These scholarships may be awarded based on academic merit, financial need, research interests, leadership, or demographic background. There are also opportunities specifically for first-generation students, women, minorities, veterans, and international students.

Whether you’re a high school senior applying to college, a current undergraduate student, or pursuing a graduate degree, a STEM scholarship can significantly reduce out-of-pocket education costs. In addition to financial support, some scholarships also provide access to internships, networking opportunities, mentorship programs, and professional recognition that can strengthen your resume.

You can improve your chances of receiving a STEM scholarship by applying early, pursuing multiple opportunities at once, and exploring both local and national awards.

Below, we’ve outlined different types of STEM scholarships, common eligibility requirements, and practical tips for applying.

What Are STEM Scholarships?

A STEM scholarship is a financial award for students pursuing degrees in science, technology, engineering, or mathematics. These funds help lower college costs and are awarded by companies, government agencies, colleges, universities, and nonprofit organizations to encourage careers in high-demand scientific and technical fields.

Some STEM scholarships are open to any student majoring in a STEM discipline, while others are designed for students from underrepresented backgrounds, such as women, minority students, veterans, or first-generation college students. You can also find scholarships tailored to specialized areas such as computer science, cybersecurity, artificial intelligence, biotechnology, or environmental science.

Unlike student loans, scholarships for STEM students generally do not need to be repaid. However, some programs may require recipients to work in a specific industry, company, or government agency for a set period after graduation.

💡 Quick Tip: You’ll make no payments on some private student loans for six months after graduation.

Who Qualifies for STEM Scholarships?

Eligibility criteria vary by program, but STEM scholarships often require applicants to meet some combination of the following qualifications:

Academic excellence: Many STEM scholarships require students to demonstrate strong academic performance through a minimum GPA, advanced coursework, or competitive standardized test scores.

Enrollment status: Applicants are often required to be enrolled — or planning to enroll — full-time in an accredited undergraduate or graduate STEM degree program.

Extracurricular involvement: Scholarship providers may look for students involved in STEM-related extracurricular activities, such as robotics clubs, coding competitions, science fairs, math leagues, engineering teams, or research organizations.

Research and projects: Some scholarships prioritize applicants who have participated in research projects, internships, laboratory work, or other hands-on STEM experiences.

Financial need: Need-based scholarships may require students to submit financial information through the Free Application for Federal Student Aid (FAFSA®) or other financial aid documentation.

STEM Scholarships for Undergraduate Students

There are many STEM scholarships available to undergraduate students. Eligibility requirements may include a student’s major, location, financial need, academic achievement, and class standing.

Below are several STEM scholarships for college:

The Regeneron Science Talent Search: Awards high school seniors who demonstrate exceptional scientific research potential with scholarships ranging from $25,000 to $250,000.

Generation Google Scholarship: Provides $10,000 scholarships to students pursuing degrees in computer science or engineering who demonstrate financial need and academic achievement.

Goodyear STEM Career Day Scholarships: Offers multiple awards ranging from $1,000 to $2,500 for Ohio high school graduates pursuing bachelor’s degrees in STEM disciplines.

NSHSS Foundation STEM Scholarship: Awards $1,000 scholarships to multiple high-achieving students planning to pursue STEM majors in college each year.

SAE/Ford Partnership for Advanced Studies Scholarship: Provides a $5,000 scholarship to an incoming freshman pursuing an engineering or related science degree at an accredited U.S. college or university.

Cold War Veterans Scholarship: Awards three $2,500 scholarships to active members of the Marines’ Memorial Association or their children or grandchildren who are pursuing undergraduate STEM studies.

For a chance to win SoFi’s monthly $2,500 Scholarship Sweepstakes, simply let us know your name, email address, and school.

STEM Scholarships for Graduate Students

Students pursuing master’s or doctoral degrees can apply for STEM scholarships and fellowships to help cover tuition, research costs, and living expenses. Eligibility requirements vary depending on the field of study and research focus.

Below are several STEM scholarships for graduate students:

American Welding Society Research Fellowships: Offers funding and research support of up to $35,000 annually for graduate students conducting advanced welding research.

Charles LeGeyt Fortescue Scholarship: Provides up to $24,000 for one year of full-time graduate study in electrical engineering at an accredited U.S. engineering school.

DOE Computational Science Graduate Fellowship: Covers full tuition and includes a $45,000 annual stipend plus professional development funding for PhD students using high-performance computing in science and engineering research.

American Nuclear Society Scholarship Program: Provides multiple awards ranging from $1,000 to $5,000 for undergraduate and graduate students studying nuclear science or nuclear engineering.

NSF Graduate Research Fellowship Program: Provides a $37,000 annual stipend plus $16,000 toward tuition expenses for outstanding graduate students pursuing research-based STEM master’s or doctoral degrees.

STEM Scholarships for Women

Many organizations offer scholarships specifically designed to support women pursuing careers in STEM fields. These programs aim to help close the gender gap in science, engineering, and technology industries.

Examples include:

Advancing Women in Science Scholarships: Provides awards for undergraduate and graduate students pursuing STEM degrees who are members of the Association for Women in Science.

Society of Women Engineers Scholarship: Offers scholarships of up to $15,000 for students who identify as female and are preparing for careers in engineering, engineering technology, or computer science.

Society of Women Engineers High School Scholarships: Provides awards ranging from $1,000 to $5,000 for female high school students planning to pursue a degree in engineering.

Engineering and Technical Science Achievement Scholarship: Sponsored by the Alpha Omega Epsilon (AOE) National Foundation, this program awards $1,000 to $2,500 to undergraduate women entering their sophomore through senior year who are majoring in engineering or technical science.

AAUW Selected Professions Fellowships: Awards stipends of up to $20,000 to women pursuing their first full-time master’s or professional degree in STEM fields who demonstrate academic excellence and financial need.

Science Ambassador Scholarship: Sponsored by Cards Against Humanity, this program provides a $20,000 tuition scholarship, a $1,000 stipend, and mentorship opportunities for women and nonbinary students pursuing STEM degrees.

How to Apply for STEM Scholarships

Applying for STEM scholarships generally involves the following steps:

Search for opportunities: In addition to the scholarships listed above, use scholarship databases, college financial aid offices, professional organizations, and nonprofit groups to identify additional opportunities. Many universities also offer institutional STEM scholarships for both undergraduate and graduate students.

Review eligibility requirements: Carefully confirm that your intended major qualifies and that you meet all GPA, enrollment, demographic, residency, or financial need requirements before applying.

Gather application materials: You may need to collect transcripts, letters of recommendation, standardized test scores, a resume, and documentation of research, volunteer work, or extracurricular involvement.

Submit the FAFSA: Many STEM scholarships consider financial need, so completing the Free Application for Federal Student Aid (FAFSA) may be required.

Write a strong personal essay: Many applications request a personal statement explaining your passion for STEM, career goals, research interests, leadership experience, or how the scholarship would support your education and future impact.

Apply early: Some scholarships have limited funding and award applications on a rolling basis. Applying early can improve your chances of receiving aid.

When Should I Apply for STEM Scholarships?

Peak scholarship application season typically runs from November through April before the upcoming academic year. However, it’s never too early to begin researching opportunities.

Starting early gives you time to gather recommendation letters, update your resume, complete the FAFSA, and write thoughtful application essays without rushing. Missing a deadline could mean waiting another full year for certain awards.

It’s also important to remember that STEM scholarships are not only for incoming freshmen. Many scholarships are available to current undergraduate students, transfer students, graduate students, and doctoral candidates. As a result, it’s wise to continue applying for scholarships throughout college and graduate school.

What Kind of GPA Do I Need to Apply for a STEM Scholarship?

Many STEM scholarships require a minimum GPA between 3.0 and 3.5 on a 4.0 scale. Highly competitive merit-based scholarships may require GPAs closer to 3.7 or above.

However, not every scholarship focuses heavily on grades. Some programs prioritize financial need, leadership, research experience, community involvement, or diversity initiatives. In some cases, students with GPAs as low as 2.5 may still qualify for local or specialized scholarships.

Are International Students Eligible for STEM Scholarships?

Yes, international students may qualify for STEM scholarships, although eligibility depends on the program.

Some scholarships are limited to U.S. citizens or permanent residents, particularly federally funded programs. However, many universities, private foundations, nonprofit organizations, and global companies offer scholarships specifically for international students studying STEM fields. DACA students may also qualify for certain institutional and private STEM scholarships, depending on the provider’s requirements.

Because eligibility rules vary widely, international students will want to carefully review citizenship and residency requirements before applying.

Other Ways to Pay for College

While STEM scholarships can significantly reduce education costs, they may not fully cover tuition, housing, books, and other expenses. Students often combine scholarships with grants for college, personal savings, work-study programs, and student loans to create a complete college financing plan.

Below are several additional ways to help pay for college.

Scholarships and Grants

In addition to STEM-specific awards, students can apply for general scholarships and grants offered by schools, employers, community organizations, religious groups, nonprofits, and private companies. You can find opportunities through reputable scholarship search websites, your high school guidance office, and college’s financial aid office.

General scholarships may be awarded based on academic achievement, athletic participation, volunteer work, leadership experience, artistic talent, military service, or financial need. Many local organizations — including chambers of commerce, rotary clubs, and community foundations — offer smaller scholarships that may have fewer applicants and better odds of winning.

Federal Pell Grants and state grant programs can also provide need-based aid that does not need to be repaid. To qualify for many grants, institutional scholarships, and other forms of financial aid, you’ll want to complete the FAFSA as early as possible each year. Many colleges and scholarship providers use FAFSA information to determine financial need and award additional assistance.

💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too.

Federal Student Loans

Federal student loans are issued and funded by the U.S. government and are often one of the most affordable borrowing options for students.

Eligible undergraduate students may qualify for Direct Subsidized Loans, which do not accrue interest while the student is enrolled at least half-time. Students can also access Direct Unsubsidized Loans, which are available regardless of financial need.

Federal loans typically offer fixed interest rates, flexible repayment plans, deferment options, and potential loan forgiveness programs. Students must complete the FAFSA to determine eligibility.

Because federal loans often come with borrower protections and lower interest rates than private loans, many experts recommend exhausting federal aid before considering private student loans.

Private Student Loans

Private student loans are offered by banks, credit unions, and online lenders. These loans can help cover remaining education costs after scholarships, grants, and federal loans have been exhausted.

Eligibility for private student loans usually depends on a borrower’s credit score, income, and financial history. Undergraduate students often need a cosigner to qualify for competitive rates.

Private loan terms vary by lender and may include fixed or variable interest rates, different repayment options, and varying borrower protections. Unlike federal student loans, private loans generally do not offer income-driven repayment plans or forgiveness programs.

Before borrowing, it’s wise to shop around, compare multiple lenders carefully, and borrow only what is necessary to minimize long-term debt.

The Takeaway

STEM scholarships can help students reduce the cost of earning degrees in science, technology, engineering, and mathematics while opening doors to internships, networking opportunities, and career advancement.

There are scholarships available for undergraduate and graduate students, women, minorities, international students, and students pursuing specialized STEM fields. By researching opportunities early, meeting eligibility requirements, and submitting strong applications, students can improve their chances of securing valuable financial aid.

Even if scholarships do not cover all education expenses, combining them with grants, federal aid, savings, and responsible borrowing can make college more affordable and manageable.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What does STEM scholarship stand for?

A STEM scholarship stands for a science, technology, engineering, and mathematics scholarship. It is a financial award specifically for students pursuing degrees or careers in these high-demand fields. Many STEM scholarships specifically target women and underrepresented minorities to bridge diversity gaps in tech and science.

What is a STEM scholar?

A STEM scholar is a student who studies science, technology, engineering, or mathematics and receives recognition or financial support for academic achievement, research, leadership, or potential in a STEM field. The term may refer to students who receive STEM scholarships, participate in research programs, or are enrolled in specialized academic initiatives focused on innovation and technical education.

How can I apply for STEM scholarships?

You can apply for STEM scholarships by researching opportunities through scholarship databases, colleges, nonprofits, and professional organizations. Most applications require transcripts, recommendation letters, a resume, and a personal essay. Some scholarships may also require FAFSA information to determine financial need. Applying early and submitting multiple applications can improve your chances of receiving funding.

Where can I find STEM scholarships?

STEM scholarships can be found through college financial aid offices, scholarship search websites, government agencies, nonprofit organizations, and corporations. Professional associations in fields like engineering, computer science, and healthcare also frequently offer scholarships for students pursuing STEM degrees. Local community organizations and employers may provide additional opportunities with less competition.

How competitive are STEM scholarships?

The competitiveness of STEM scholarships depends on the size of the award, eligibility requirements, and number of applicants. National scholarships that offer full tuition or large awards tend to be highly competitive, while local and specialized scholarships may have fewer applicants. Students can improve their chances by maintaining strong grades, participating in STEM activities, gaining research experience, and applying to multiple scholarships.

Photo credit: iStock/gorodenkoff

SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOISL-Q226-021

Pharmacists graduate from college with a well-earned degree, but also with a lot of student loan debt. According to the latest data from the American Association of Colleges of Pharmacy, the average student loan debt for pharmacy school graduates is $178,642.

Fortunately, there are a variety of loan forgiveness programs for pharmacists. Depending on where you work and the type of service commitment you’re able to make, you could qualify for partial or even full pharmacist loan forgiveness.

Read on to learn about the federal student loan forgiveness programs for pharmacists, plus other ways to help repay your loans if you don’t qualify for pharmacist student loan forgiveness.

Can Pharmacists Get Loan Forgiveness?

It may sound too good to be true, but there is such a thing as pharmacist loan forgiveness. Many of the loan forgiveness programs for pharmacists are available at the federal level, while others are offered by states. And while some programs pertain only to federal student loans, others also cover private student loans.

Recommended: Student Loan Refinancing Guide

6 Student Loan Forgiveness Programs for Pharmacists

Here are some of the top federal student loan forgiveness programs for pharmacists, along with their eligibility requirements.

Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on federal Direct loans, which include Direct Subsidized loans, Direct Unsubsidized loans, Direct PLUS loans (but not Parent PLUS loans), and Direct Consolidation loans.

Qualifying borrowers can get PSLF after making the equivalent of 120 qualifying monthly payments under an income-driven repayment (IDR) plan while working full-time in public service for an eligible employer such as a federal, state, local, tribal, or military government organization or a qualifying nonprofit.

If you are a pharmacist working for one of these organizations and have eligible loans, you may qualify for PSLF. To apply, sign up for an IDR plan at StudentAid.gov if you aren’t already enrolled in one. Then certify your employment — there is a form your employer needs to fill out — and submit it electronically. The PSLF Help Tool can assist you through the process.

Next, you’ll need to make 120 qualifying payments toward your student debt under the IDR plan. Once you do that, you can submit your application for forgiveness.

State Loan Repayment Program (SLRP)

Through the State Loan Repayment Program (SLRP), the Health Resources and Services Administration provides grants each year to states for loan repayment programs for primary care providers, including pharmacists, who work in shortage areas. The loan repayment is up to $37,500 per year and covers qualifying federal and private student loans.

To be eligible, an individual must be a U.S. citizen or U.S. national, have a health license or certificate in the state in which they are working, and be currently employed full-time at an eligible site. Check with your state for more information and detailed requirements.

NHSC Loan Repayment Programs

The National Health Service Corps (NHSC) has a variety of different loan repayment programs for health care providers who work at specified health sites, typically in underserved communities, for a certain period of time.

For pharmacists, the programs available include:

•   The NHSC Substance Use Disorder Workforce Loan Repayment Program, which provides up to $75,000 in loan repayment for medical professionals, including pharmacists, who treat substance use or opioid use disorders and work full-time for three years at an NHSC-approved treatment facility in an underserved community

•   The NHSC Rural Community Loan Repayment Program, which offers up to $100,000 in loan repayment for medical professionals who treat substance use or opioid use disorders in a rural, underserved community full-time for three years

In addition to the requirements mentioned above, to be eligible for either program, applicants must be U.S. citizens or U.S. nationals and have the appropriate professional health license or certificate.

National Institutes of Health Loan Repayment Programs

The National Institutes of Health (NIH) loan repayment programs are designed to recruit and retain highly qualified health professionals in biomedical and biobehavioral research careers. Because of the high cost of education, these individuals often leave research to go into private industry or practice.

The NIH loan repayment programs may help health professionals, including pharmacists, by repaying up to $50,000 in qualified education debt in exchange for either extramural (not employed by the NIH) or intramural (employed by the NIH) status.

To be eligible, you must be a U.S. citizen, U.S. national, or permanent resident with a qualifying degree and have total qualified educational debt equal to or in excess of 20% of your institutional base salary. You must also meet qualified research requirements and research funding requirements, depending on whether you have an extramural or intramural position.

Indian Health Service Loan Repayment Program

The Indian Health Service (IHS) Loan Repayment Program can help qualifying individuals, including pharmacists, repay their health profession education loans for up to $50,000 in exchange for a two-year service commitment in health facilities that serve American Indian and Alaska Native communities.

You may qualify if you:

•   Are a U.S. citizen

•   Are registered for Selective Service (if you are male)

•   Have a health profession degree or are in your final year

•   Have a pharmacy license

•   Commit to practice at an Indian health facility

You must also begin service on or before September 30 for two continuous years of practice. You can extend your contract annually until your student debt has been paid off.

Health Resources and Services Administration Faculty Loan Repayment Program

Individuals who come from a disadvantaged background, have an eligible health profession degree or certificate, including a pharmacy degree or certificate, and are a faculty member at an approved health professions school with a contract for two years or more working full- or part-time may qualify for loan repayment through the Health Resources and Services Administration faculty loan program.

If you are eligible, you could receive up to $40,000 in loan repayment assistance for qualifying educational loans, plus funding to offset the tax burden of the award.

What to Do If You Don’t Qualify for Pharmacist Student Loan Forgiveness

If you don’t qualify for pharmacist student loan forgiveness, there are still ways to make repaying your student loans easier. Below are two options to consider.

Income-Driven Repayment

Income-driven repayment (IDR) plans base your monthly student loan payment amount on your income and family size, which can help lower your payments. The remaining balance will be forgiven by the end of your repayment period, which is either 20 or 25 years, depending on the plan.

The federal government offers the following types of income-driven repayment plans:

•   Income-Based Repayment (IBR) plan: Under the IBR plan, a borrower’s monthly payments are generally equal to 15% of their discretionary income.

•   Saving on a Valuable Education (SAVE) plan: Under SAVE, borrowers with a $12,000 principal balance or less and who made 10 years of monthly payments would receive loan forgiveness. However, the SAVE plan has been blocked in court, and it has been terminated as of 2026 due to a federal court ruling. Borrowers who were already enrolled in SAVE were placed in forbearance, but interest started accruing on their loans again in August 2025. The Department of Education has announced that loan servicers will begin notifying SAVE borrowers in July 2026 that they have 90 days to enroll in a different repayment plan or else they will be automatically reassigned.

•   Pay As You Earn (PAYE) repayment plan: With PAYE, payments are generally equal to 10% of your discretionary income. While the PAYE Plan was closed to new enrollment in July 2024, it was reopened to new enrollment in mid-December 2024. It also offers credit to eligible borrowers enrolled in the SAVE plan toward Public Service Loan Forgiveness (PSLF) and IDR plans once they get out of forbearance and enroll in PAYE. However, PAYE will be sunsetted by July 2028.

•   Income-Contingent Repayment (ICR) plan: The ICR plan offers monthly payments that are either the lesser of what you would pay on a repayment plan with fixed monthly payments over the course of 12 years, adjusted based on your income, or 20% of your discretionary income. ICR was also closed in July 2024 but was reopened to new enrollment in December 2024. It will be fully eliminated by July 2028.

You can apply for one of these income-driven repayment plans online through your loan servicer or by submitting a paper form. You can select the IDR plan you’d like or ask your servicer to choose a plan for you based on the lowest monthly payment possible.

Refinancing

If an IDR plan isn’t right for you, you may want to explore refinancing student loans to save money. When you refinance student loans, you replace your old loans with one new loan from a private lender. Ideally, your new loan would have a lower interest rate or a more favorable loan term.

With student loan refinancing, you can refinance federal student loans, private student loans, or both. However, be aware that when you refinance federal loans, they become ineligible for federal benefits, such as income-based repayment plans and forgiveness.

A student loan refinancing calculator can help you determine if refinancing makes sense financially for your situation.

The Takeaway

Pharmacists who are struggling to repay their federal student loans may be eligible for any one of a number of different student loan forgiveness programs or loan repayment programs to help them tackle their debt.

And those aren’t the only options for potential relief: Borrowers who don’t qualify for these programs can consider income-driven repayment plans or student loan refinancing to help manage their student loan payments.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

How can I get 100% federal student loan forgiveness?

The Public Service Loan Forgiveness (PSLF) program, income-driven repayment (IDR) plans, and a total and permanent disability (TPD) discharge could eliminate the remaining balance on your federal student loans if you qualify. You may also receive a full discharge if your school made a substantial misrepresentation or omission, if a breach of contract has occurred, or if your school violated the law.

How long does it take to pay off a student loan?

It depends on your repayment plan and loan term. For a standard repayment plan, it can take 10 years, or 30 years for consolidation loans. An extended repayment plan can take up to 25 years.

What if I never pay off my student loans?

Missing a payment for your loan could result in late fees, meaning you’ll have to pay even more overall. Repeatedly missing payments may also damage your credit score, which will make it more difficult to secure a loan and may lead to wage garnishment.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

Photo credit: iStock/PeopleImages

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