(PRESS RELEASE) RANCHO CORDOVA, CA – VSP Vision™ announced the extension and expansion of the Student Loan Repayment Program, including an additional $4 million investment to help optometry students, recent grads and doctors burdened with student debt. Combined with the $2 million dollar investment in 2023, the program will payout a total of $6 million dollars over the next four years. The 2024 program asks applicants to undertake a new role in an underserved community for up to four years but features even more qualifying locations. Applicants are able to choose from a variety of practice modalities including private practice, retail, corporate, medical, or onsite clinics.
“One of the things we regularly hear from doctors is the financial pressures they face coming out of school, which can sometimes hinder their ability to work in the modality of their choice, like private practice,” said VSP Vision President and CEO Michael Guyette. “To help address that, we launched the Student Loan Repayment Program with the unique ability for applicants to select their preferred modality—including an independent practice—and the response has been overwhelmingly positive. We’re proud to expand our investment this year, doubling down on VSP’s commitment to the long-term success of the profession.”
In 2023, the program saw 350 applicants across 45 states. Of the ten recipients selected for their dedication to optometry, patient care, and serving communities in need, five were fourth year students and five are licensed optometrists. The five practicing optometrists have been placed in underserved communities in Illinois, Maryland, Nevada, Pennsylvania, and Texas.
2024 Program Details:
- Who is eligible: Optometry students, recent graduates, and practicing optometrists with student debt are invited to apply for the program. (All applicants who were not selected into the program in 2023 are encouraged to apply again).
- Funding: The program provides up to $200,000 in debt relief, regardless of scholarships previously awarded. If selected, program funds, administered by Tuition.io, will be paid directly to a reputable student loan servicer. Funds will not be delivered as cash or checks to the program applicant.
- Relocation: Applicants should be willing to relocate for up to 4 years to practice in an underserved or high need community. The list of eligible communities across the country has expanded and can be discussed with program recruiters during the selection process.
- Number of recipients: In 2024, VSP® is expanding the program, allowing for 10 additional recipients, bringing the total number of program awardees in 2024 to 20.
- Selection criteria: Recipients of this program are selected for their dedication to optometry, patient care, and serving communities in need. Recipients will participate in an interview with recruiters during the selection process.
- Network requirements: This program is available for a variety of practice modalities within VSP network locations including private practice, retail, corporate, medical and onsite clinics.
- Timing: Applications are accepted until all funds are allocated and are considered on a first-come-first-served basis.
“Through this program I have had the opportunity to not only contribute to the long-term growth of a private practice, but also provide eye care in an optometrist-scarce area,” said Dr. Hasnain Nizar, a 2023 program recipient. “By alleviating financial pressures, I am able to focus my efforts and attention on reducing barriers to care and working towards making eye care accessible to all.”
In its second year, the Student Loan Repayment Program adds to a variety of existing VSP Vision programs that are already bringing valuable support to current and prospective doctors, including the VSP Vision Exam Rebate, VSP Premier Edge™, and numerous scholarship opportunities.