Debt and Repayment
Be knowledgeable about your debt. Know the total amount you have borrowed and understand what that means for repayment. Plan ahead and be prepared for repayment after you graduate. It is important to keep your contact information up-to-date with your servicer.
Here are some strategies to help you make smart decisions about borrowing now, so that you understand and are prepared for your debt later.
- Create and stick to a monthly budget helps evaluate how much to borrow while attending school.
- Know how much you can expect to earn after graduation. Understanding monthly earnings is the first step in setting a successful strategy.
- Know how much is available, student financial aid and loan funding can be limited to annual and lifetime amounts.
- Know how much aid amount is available verses needed each year to help estimate the total student loan debt at graduation.
- Know the type of loan you are receiving as well as the terms and conditions of the loan. This includes the cost of getting the loan, interest rate, and repayment terms. ICOM encourages you to know before you owe.
- Know the monthly payment is based on the total loan amount borrowed. Keeping track of the total loan amount borrowed from year to year and the changes to monthly payment, will help you keep your borrowing in line with your expected wages and goals. ICOM recommends keeping all copies of loan applications and paperwork together to help you manage and track your loans.
- Know your repayment options. Federal student loans and private/alternative loans have different consolidation and repayment options. Explore these options to find the payment option that is right for you. ICOM encourages you to understand your repayment options before you graduate. Some repayment plans may have an application.
Compare Federal Loan Repayment Options
Student Debt Outcomes
The ICOM Office of Financial Aid tracks student aid by cohort and by year for students at ICOM, and has tracked this information since our inaugural year. Based on the data tracked, the student average debt is shown below. Please note these figures represent an average loan debt based upon total loan amount borrowed in a year and number of students in the class in that year. The annual figures are then added together and reflected in the chart below. Classes that only have partial year data are notated. The totals listed below are subject to change, as the class size may change and the current academic year is still active.
The four year average debt and default rate is not yet available since ICOM has not had federal aid prior to the 2024-25 academic year. Since ICOM has not been eligible to participate in federally-sponsored student loan programs prior to the 2024-25 academic year, no information is available related to student federal loan debt or default rates.
Average Loan Debt Per Class*
| Class of 2022 | Class of 2023 | Class of 2024 | Class of 2025** | Class of 2026*** | Class of 2027**** |
|---|---|---|---|---|---|
| $224,903.00 | $223,972.00 | $227,072.00 | $135,010.00 | $88,417.00 | $46,003.00 |
*Subject to change, current year still active. Data based on loans processed for AY 2324 as of 8/2/2023. Data reflects the average amount borrowed per all students that graduated or are expected to graduate with the class. Class of 2025, 2026, 2027 have partial year data.
**Average through three years of attendance.
***Average through two years of attendance.
****Average through one year of attendance.
Loan Repayment Programs
National Health Service Corps Loan Repayment Programs
The NHSC offers three loan repayment options for primary care providers who work at approved community sites.
Indian Health Service Loan Repayment Program
The Indian Health Service (IHS) Loan Repayment Program (LRP) offers health professionals the opportunity to pay off qualified student loans while assisting the IHS in meeting the staffing needs of Indian health programs. The LRP awards loan repayment to health professionals practicing in specific health profession disciplines who are willing to commit to an initial two-year service obligation while working in health facilities serving American Indian and Alaska Native communities.
National Institutes of Health Loan Repayment Programs
NIH offers loan repayment programs to outstanding health professionals who choose to pursue careers in biomedical, behavioral, social, and clinical research. If you commit at least two years to conducting qualified research funded by a domestic nonprofit organization or U.S. federal, state, or local government entity, NIH may repay up to $35,000 of your qualified student loan debt per year, including most undergraduate, graduate, and medical school loans.
State Repayment Programs
State governments often provide loan repayment programs as an incentive for service. The Association of American Medical Colleges (AAMC) provides an excellent resource for obtaining information on these programs. In addition, the NHSC provides a chart which shows all states that participate in their State Loan Repayment Program.
NHSC Search NHSC State Loan Repayment Program
Military Health Professions Loan Repayment Program
The HPLRP is available from some branches of the US military. For terms and conditions, please contact a service branch representative.
HPLRP: Air Force HPLRP: Army HPLRP: Navy
Forgiveness Programs
Public Service Loan Forgiveness (PSLF)
ICOM has not been eligible for federal student loans that would qualify for Public Service Loan Forgiveness prior to the 2024-25 academic year. A student’s previous federal student loans may qualify for Public Service Loan Forgiveness (PSLF), as well as any federal student loans received at ICOM in the 2024-25 academic year and beyond. To qualify for PSLF, a student must be employed and working full-time at a U.S. federal, state, local, or tribal government or not-for-profit organization; have Direct Federal loans (or consolidate other federal student loans into a Direct loan); be enrolled in an income-driven repayment plan; and make 120 qualifying payments.
Public Service Loan Forgiveness (PSLF)
Credit Management
ICOM encourages students to actively manage their credit. One important way students can maintain a healthy credit score is by paying bills on time. Whenever possible students should use cash or debit cards and work to keep credit balances to a minimum. Students should budget funds carefully in order to keep borrowing in check. Understanding and managing credit helps students in building a strong financial profile.
Click here to download a flyer regarding Managing Your Credit
It is also important for students to monitor their credit report. By law, everyone is entitled to one free copy of their credit report annually from each of the three credit reporting agencies (Equifax, Experian, and Trans Union). Students can choose to access all three reports at once, or place three separate requests throughout a given year. A free credit report can be obtained at www.annualcreditreport.com. Reports may also be requested at and/or may be available via your bank, credit union, or credit card provider.
Other Resources