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This will probably get moved to the Financial Aid Thread - but I thought it couldn't hurt to spread the word.
For medical students, this new legislation may mean the end of economic hardship deferment during your residency years, says the American Medical Associations Medical Student Section (MSS). This will leave forbearance as the only option for many. And while under economic hardship deferment your loans do not gather interest, interest continues to accrue when youre in forbearance.
So what does this mean for medical students about to enter residency? For one, an average of almost $7000 of additional interest you have to repay. In addition, new repayment plans created under this act dont start until July 1, 2009, leaving borrowers with limited options for minimizing their payment obligation both during and after residency.
The AMA-MSS has a TAKE ACTION section on their site that students should consider getting involved in.
http://www.ama-assn.org/ama/pub/category/14.html
So far I can't find anything on the AOA site regarding this - but if you are involved with the AOA it maybe something that you could address as well.
For medical students, this new legislation may mean the end of economic hardship deferment during your residency years, says the American Medical Associations Medical Student Section (MSS). This will leave forbearance as the only option for many. And while under economic hardship deferment your loans do not gather interest, interest continues to accrue when youre in forbearance.
So what does this mean for medical students about to enter residency? For one, an average of almost $7000 of additional interest you have to repay. In addition, new repayment plans created under this act dont start until July 1, 2009, leaving borrowers with limited options for minimizing their payment obligation both during and after residency.
The AMA-MSS has a TAKE ACTION section on their site that students should consider getting involved in.
http://www.ama-assn.org/ama/pub/category/14.html
So far I can't find anything on the AOA site regarding this - but if you are involved with the AOA it maybe something that you could address as well.
