In addition to SIMA's annual educational conference, we have offered medical education loans and now have a scholarship program.
The William H. Walton Student Loan Program was offered from 1950-2008 to individuals from southern Illinois for the sophomore, junior, and senior years of medical school. One applied during the freshman year. It was available for a maximum of 3 years per person. At the end period of the program, it paid a maximum of $6000 per year ($18,000 for the three years) with deferred payment. Starting after residency was completed, the interest on the loan started to accrue. Later in the program, it was added that if one practiced in one of the 29 counties of Southern Illinois (roughly south of Interstate-70, see Who are we?) for a period of 3 years, there was an additional incentive reducing the interest charged.
As of 2008, the Southern Illinois Medical Association is offering scholarships of $2000 each to three senior medical students who are from southern Illinois and planning on a career in primary care. We currently partner with SIU School of Medicine in providing the scholarships. Contact SIU Office for Student Affairs 217-545-2223. In 2021 and 2023 a fourth scolarship was also given to a University of Illinois School of Medicine at Rockford student who is interested in returning to a rural southern Illinois location.
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Rural Illinois Medical Student Assistance Program. Helping students since 1948. Joint program of the Illinois State Medical Society and the Illinois Agriculture Association. Assistance for placement and financial aid at the University of Illinois and a few positions at Southern Illinois University. In exchange for a recommendation, with or without loans, the student agrees to practice Primary Medicine in a Rural Community for a minimum of 5 years following completion of residency. See their website rimsap.com or contact the ISMS at 1-800-782-4767 at ext. 1160.
Minimum two years full-time Service: up to $25,000 annually to repay educational loans of physicians, nurse practitioners, physician assistants, nurse midwives, dentists and psychiatrists who agree to serve full-time or half-time in federally designated health professional shortage areas (HPSA) in Illinois. Information at IDPH: Illinois National Health Service Corps
Two-year contract for full-time service or four-year contract for half-time service in primary care: loan repayment financial assistance up to $50,000. Information at IDPH: Healthcare access for rural and underserved populations. or at IL Title77-part582
The Illinois State Medical Society Committee on Financial Aid to Medical Students (since 1983) provides loans to students of all 8 medical and osteopathic schools in Illinois. 20% of loans go to second year students; the remainder to those in the 3rd and 4th years. There is an incentive to complete residency in and practice in a primary care specialty. Repayment begins 5 years after graduation, 1 year to repay in 12 monthly payments, thereafter interest becomes compounded. Obtain your nomiation through your medical school's Director of Financial Aid. For additional information contact the ISMS at 1-800-782-4767 at Ext. 1255.
The American Medical Student Association also has information on student loans. Their toll free number is 800-221-2168.
Students may also find that their local rural hospital may financially sponsor their schooling in exchange for practicing locally.