VA HB663

Establishes the Medical Education Loan-for-Service Fund and Program to provide forgivable loans up to $50,000 per year (maximum $200,000 total) to medical and osteopathic students at Virginia institutions

Requires loan recipients to practice in designated underserved areas including health professional shortage areas, rural localities, Federally Qualified Health Centers, critical access hospitals, and free clinics

Covers approved medical specialties including family medicine, pediatrics, emergency medicine, obstetrics/gynecology, psychiatry, child psychiatry, geriatric medicine, and other high-needs specialties determined by the Virginia Health Workforce Development Authority

Forgives loans upon completion of service agreements requiring 2 years of full-time clinical practice for the first year of funding plus one additional year for each subsequent year of funding received

Mandates annual reporting to the Governor and General Assembly by October 1 on program outcomes including number of loans awarded, recipient distribution by institution and specialty, geographic placement of physicians, and repayment/default rates