We have started the "Going PharmFree Working Group" this year involving a few schools across the country whose students are striving to reclaim professionalism and reduce pharmaceutical influence on medical education. Baylor, Brown, Drexel, Ohio State, and UNC-Chapel Hill are sharing progress and providing feedback to help each other accomplish this at their institutions.
We hope to provide models and use our experiences to help other schools reach PharmFree status. If you are interested in starting your own regional support group, please contact the PharmFree Coordinator anthony.amsa@gmail.com or Regional PharmFree Coordinator on the PharmFree page.
Conference call notes:
On September 27, 2007, the president signed into law H.R. 2669, The College Cost Reduction Act, passed by Congress as part of the budget reconciliation process. Under this law, repayment options for physicians-in-training have been greatly limited.
While the bill helps undergraduate student debt by increasing Pell Grants, reducing federally-backed loan interest rates, and lowers some loan fees, it hurts medical students. Part of H.R. 2669 is the elimination of the "20/220" rule, which allowed approximately 67% of medical residents to be eligible for economic hardship deferment (AAMC, 2006). Without this important provision, medical students are left with forbearance as the only way to delay payments during the first three years of residency. Unlike deferment, during forbearance, all loans accrue interest and are capitalized.
In place of "20/220," H.R. 2669 calls for a new debt repayment program involving income contingent repayment. However, this program narrows the eligible pool of students and does not go into effect until July 1, 2009 leaving many students who are entering or pursuing residency in 2007-2009 without the benefit of either program.
Recently, Sen. Richard Burr (R-NC) introduced S. 2303 to amend section 435(o) of the Higher Education Act of 1965 regarding the definition of economic hardship. This legislation could reinstate the 20/220 pathway and continue to benefit the many residents who are eligible for deferment through the pathway.
What You Can Do:
- Contact your representative and tell him or her to vote in favor of S. 2303.
- Tell your family and friends to do the same to support your medical education.
- Share with us your personal story of how you deal with rising medical student debt so that we can compile stories and present them to legislators. Email medstudentdebt.amsa@gmail.com.
