RE: Economic Hardship Deferment - PLEASE READ!!!!!!!!!

[78222]

This will take you no more than 30 seconds, I promise!

As you know by now, student loan regulations are likely undergoing significant changes, particularly elimination of the economic hardship deferment's 20/220 pathway. Please take the time to contact Congress at the link below, and please forward this information widely at your institution. We have included potential text at the end of this email to help you in emailing your classmates. Don't hesitate to contact the Legislative Affairs Committee with questions.

Contact Congress in Support of Economic Hardship Deferment for Physicians

Sincerely,
AAMC-OSR Legislative Affairs Committee

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The Department of Education recently announced plans to eliminate the economic hardship deferment's debt-to-income ratio (20/220 pathway). Over two-thirds of medical residents qualify for economic hardship deferment under this pathway. The economic hardship deferment allows medical residents to postpone repayment of their federal educational loans during the first three years of their residency training without the additional interest penalties of forbearance. The AAMC has created an outlet for you to contact Congress in support of reinstatement of the economic hardship deferment's 20/220 pathway. The following link provides a letter template that will be emailed to your elected officials. Please take the time to ensure that our voices are heard.
Contact Congress in Support of Economic Hardship Deferment for Physicians
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In case there is an unforeseen problem with the link, the full address is:
http://capwiz.com/aamc/issues/alert/?alertid=11186091&PROCESS=Take+Action

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[Marthea007]

If there's such a physician shortage why are they making it so hard for me to afford to go to medical school?

 

[Jamers]

If there's such a physician shortage why are they making it so hard for me to afford to go to medical school?

To fund the army. OO, that will start some fights.

 

[JonnyG]

yeh, so the AOA actually did something about this a few months ago and the problem was solved.

 

[Doctor Bagel]

yeh, so the AOA actually did something about this a few months ago and the problem was solved.

Not really. The Department of Education agreed to extend the current economic hardship deferment until 2009, but it looks like they're not going to extend it beyond that.

 

[MaximusD]

Sweet maybe our congressmen can live on next to nothing for a few years... oh wait, they choose to increase THEIR pay at our expense... Nice.

 

[Coastie]

If there's such a physician shortage why are they making it so hard for me to afford to go to medical school?

There isn't a bad physician shortage.

Good thing the interest rates have PLUMMETED. Time to consolidate in July if you haven't. Doing the math, rates during repayment after July should probably be 3.3%, tops.

 

[futuredo32]

I emailed, again. Maybe if enough students and residents take the 60 seconds required to send the pre-written email to their representatives, it will make a difference.

 

[DOctorJay]

There isn't a bad physician shortage.

Good thing the interest rates have PLUMMETED. Time to consolidate in July if you haven't. Doing the math, rates during repayment after July should probably be 3.3%, tops.

however, if you do consolidate you lose the lender benefits so be careful before blindly deciding to consolidate - if the rate does go to 3.3% that'll probably beat all the lender benefits out there though.

 

[Doctor Bagel]

however, if you do consolidate you lose the lender benefits so be careful before blindly deciding to consolidate - if the rate does go to 3.3% that'll probably beat all the lender benefits out there though.

And you can't consolidate your fixed interest rate loans at lower rates. However, if you've got some variable interest loans around from before the 2006-07 year, definitely look into it.

 

[Red Beard]

There isn't a bad physician shortage.

Good thing the interest rates have PLUMMETED. Time to consolidate in July if you haven't. Doing the math, rates during repayment after July should probably be 3.3%, tops.

Our graduate educational loans do not qualify for reconsolidation at a lower rate. That was the big change they made two years ago that made everyone consolidate at 6.whatever at the last minute.

 

[Kubed]

I sent off an email to my rep and senators and actually got a reply. I then emailed everyone I knew telling them to send letters/emails as well.

 

[KimR]

Congress is working on reauthorizing the Higher Education Act (HEA) - if enough of us call, there is a chance we could get economic hardship deferment provided through the HEA. If we don't get the 20/220 pathway for economic hardship deferment provided through the HEA, then we will likely have to push for a separate law - which will be a tough thing to accomplish.
http://capwiz.com/ama/issues/alert/?alertid=11184256&type=co>