Physicians Urged to Take Action to Help Preserve Affordable Student Loan Repayment Options and Public Service Loan Forgiveness (PSLF)
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On April 3, the U.S Department of Education announced it was initiating the federal rulemaking process to propose major changes to regulations governing various federal student loan programs. The focus of the rulemaking is the Public Service Loan Forgiveness (PSLF) program, Pay As You Earn (PAYE), and Income-Contingent Repayment (ICR). This announcement comes on the heels of recent Executive actions to limit the PSLF program. This program offers tax free student loan forgiveness to borrowers who make payments on their loans for at least 10 years while maintaining employment at qualifying nonprofit or government organizations.
Medical education remains the most expensive post-secondary education in the US, with over 71% of medical student graduates carrying an average debt of over $200,000, which is exacerbated by the fact that for three to five years after graduation, during residency and fellowships, their income is capped.
Please send a letter TODAY and urge the U.S. Department of Education eCFR :: 34 CFR 685.219 — Public Service Loan Forgiveness Program (PSLF). to preserve a pathway for public service loan forgiveness and affordable loan repayment options for physicians and other healthcare professionals by saving PSLF and other federal student loan programs.
Template Language
I am writing to urge you to ensure that any changes that are made to the student loan and forgiveness program are beneficial to all students, and in particular medical students. Medical education remains the most expensive post-secondary education in the US. Over 71% of medical student graduates carry an average debt of over $200,000 and this is exacerbated by the fact that for three to five years after graduation, during residency and fellowships, our income is capped.
Without the ability to have access to affordable student loan repayment options, and loan forgiveness programs in exchange for public service, medical school would be unachievable for me. These programs not only benefit me, but they also help support the communities we serve by ensuring access to care.
On April 3, the U.S Department of Education announced it was initiating the federal rulemaking process to propose major changes to regulations governing various federal student loan programs. The focus of the rulemaking is the Public Service Loan Forgiveness (PSLF) program, Pay As You Earn (PAYE), and Income-Contingent Repayment (ICR). This announcement comes on the heels of recent Executive actions to limit the PSLF program. This program offers tax free student loan forgiveness to borrowers who make payments on their loans for at least 10 years while maintaining employment at qualifying nonprofit or government organizations.
Also- please consider customizing the template letter by including comments regarding:
- How student loans have impacted you personally — do you have (or did you have) loans, and would your education have been possible without them?
- How ending or severely restricting income-based repayment and/or PSLF would impact you or someone you know.
- Examples of financial challenges you or your peers faced during residency/fellowship – did income-based repayment plans impact your ability to manage your budget during residency/early career?
Please preserve a pathway for public service loan forgiveness and affordable loan repayment options for physicians and other healthcare professionals. Thank you.
