As an older non-traditional applicant it is very important to me that adequate Graduate medical education funding (GME) is around by the time I finish medical school. Which presidential candidate do you think will be more likely to support GME funding?
Are there any people out there interested in a National Health Service Corps scholarship to help pay for the costs of medical school? There is a major change about to take place with the elimination of the Bush tax cuts that will make the tuition money received from the scholarship taxable. Depending on the medical school you attend to this tax could amount to $30K-$100K for us. This change in taxable status seems to include all military and other health care scholarships (nursing, PA, Optometry, etc).
If the Bush tax cuts are renewed completely then these programs will be renewed as well.
See below:
From the NHSC:
The NHSC wants to make you aware of potential changes to the Internal Revenue Code (IRC) that could affect you if you receive an NHSC scholarship. Currently, the tuition, fees, and other reasonable cost components of the NHSC scholarship award are exempt from Federal income tax (Section 117(c)(2) of the IRC). However, that tax exemption will expire on December 31, 2012 if an extension is not signed into law. If Section 117(c)(2) expires, NHSC scholarship program participants will be responsible for paying the income tax on all portions of the scholarship award received on or after January 1, 2013.
Here is what section 117(c)(2) is all about
117(c)(2)
Expire: 12/31/2012
Description of Provision:
Elimination of tax on awards under the National Health Service Corps Scholarship Program and the F. Edward Hébert Armed Forces Health Professions Scholarship and Financial Assistance Program (Code Sec. 117(c)(2) and §901 of P.L. 107-16)
Termination Term
A termination rule applies to all provisions (not otherwise extended or made permanent) that were enacted in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) (P.L. 107-16). (this was signed by George W. Bush in 2001)
These provisions terminate December 31, 2012, under EGTRRA section 901, as modified by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (TRUIRJCA) (P.L. 111-312).
Source:
http://www.mlbinc.com/news110.htm