April 2001 • Volume 7 • Number 4
Taking the mystery out of loan repayment
Whoever said "The best things in life are free" obviously wasn't thinking about the years of medical school and graduate training it takes to enter medicine.
If you're staggering under the burden of medical school debt, you might find help through the Association of American Medical Colleges educational debt management services.
What's even better is this -- the
services are free! You can go to http://www.aamc.org/debtmanagement to access current, objective information on how to manage your student loans during residency and beyond. The site hosts the following useful features."The Layman's Guide to Educational Debt Management for Residents and Graduate Medical Education Staff" is based on eight easy-to-follow strategies. A glossary of all the basic terms lets you be sure you've got the lingo down. And a rundown of the various loan types makes it easy to compare their respective benefits and drawbacks -- always helpful when the time comes to pay (back) the piper. The guide also discusses deferment options, offers tips on record-keeping and gives information on resources to consult for professional help.
Check out the Resident Repayment Program
If you're interested in rural or inner-city family practice or the full-time teaching of family medicine, you may be able to shake off some of your medical school debts through an AAFP Foundation program.
The Resident Repayment Program provides funds to selected residents to pay 75 percent of the interest that accrues on their educational loans during residency and the first year of practice. Recipients receive up to $2,500 per year, for a $10,000 maximum over the four years.
The deadline for applying to enter the RRP is Oct. 15. The foundation encourages first- and second-year residents to request an application now via http://www.aafp.org/aafpf/res-pay.html or by calling (800) 274-2237, Ext. 4470.
Get concise answers to questions about your loan portfolio from MONEYMATTERS, a listserv dedicated to residents' loan issues. Consult MONEYMATTERS for timely notices about interest rate changes, deferment and forbearance options, loan consolidation opportunities and other repayment information.
Each year, the AAMC hosts video presentations of its educational debt management workshops at teaching hospitals nationwide. The password required to access the video online has been provided to medical school financial aid officers, PGY-1 program directors and other GME staff.
For questions about access restrictions to the online video or about the AAMC debt management services, contact Paul Garrard, AAMC director of student financial services, via e-mail at pgarrard@aamc.org or by phone at (202) 828-0511.
FP Report is published by the AAFP News Department.
Copyright © 2001 by American Academy of Family Physicians.
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