Common use of Loan Assistance Clause in Contracts

Loan Assistance. MIDOCS shall provide to Resident for the sole purpose of the repayment of Resident’s medical education student loans a total amount not to exceed Seventy-Five Thousand Dollars ($75,000.00) (“Loan Assistance Amount”). Payment shall be made by MIDOCS directly to Resident in three lump sum payments based on the submission of proof of qualifying loans. The first payment will be $5,000 upon receipt of a copy of Resident’s signed employment contract for their Practice Requirement. The second payment will be up to $35,000 (or the lesser of the current balance on qualifying loans) at the start of the first year of the two-year Practice Requirement. The final payment will be up to $35,000 (or the lesser of the current balance on qualifying loans) upon verified completion of the first year of the Practice Requirement, and at the start of the second year. Resident will be required to provide proof that payments have been applied to qualified loans.