U.S. law could stop med loan deferment

Nearly all University students have a large debt on their shoulders after receiving a degree. And for medical students, this figure can reach as high as $100,000. While medical students currently are able to hold off on paying back their loans for up to 30 months due, the federal law which includes the deferment clause may be changed, eliminating the deferment option and forcing students to begin immediate repayment of their loans. Medical School Government President Mark Weiner said yesterday the Title IV reauthorization bill was passed on the Senate floor two weeks ago. But the bill has not yet passed in the House of Representatives, and may be sent back for a compromise if it fails. "He seemed very sympathetic to our needs," Weiner said. "But I was very disappointed to hear that he was unaware of our letter-writing campaign." According to Weiner, the revised Title IV would have a generous grandfather clause covering all students currently attending medical school, and possibly current undergraduate students who are planning to attend medical school. Medical School Director of Admissions and Financial Aid Gaye Sheffler said she is uncertain how the new law will affect the University. "We don't know what shape the new deferment policy will take until we know the exact wording of the change," she said. "My concern is that not all medical students have the income to repay their loans in such a short period [of time.]" Sheffler pointed out that the average indebtedness of medical students graduating from the University is $52,000, while the average first year income is $27,000 to $29,000. This first year is part of medical students' residency, a period in which they are paid but are still considered in training. Sheffler added that she is impressed with the letter-writing campaign the students have organized. She said the inclusion of a grandfather clause is a result of letters written by students all over the country. "Until a firm decision is made, we will watchfully wait and see what happens, then we will adjust to the decision," she said. "But hopefully, we want to influence the decision."

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