The Housestaff Financial Planning Guide is designed to enhance your understanding of repayment requirements for the various types of financial assistance you incurred as a student. Issues associated with medical education and indebtedness are complicated, and the technical concerns associated with deferment and repayment of student loan obligations can seem completely perplexing. This guide and the staff in the Office of Student Financial Planning will provide you with information to facilitate your student loan "financial planning"-deferment and repayment of student loans.

As you are probably well aware, student loan delinquencies and defaults are a serious problem receiving much publicity and attention from the federal government. So much so, that the Office of Management and Budget in Washington, DC, in conjunction with the Treasury Department, has established a centralized federal collection agency that has been responsible for the collection of millions of dollars in defaulted federal student loans. The agency is a unit of the Treasury Department and has collected defaulted loans by withholding federal tax returns and/or assessing higher tax payments. Needless to say, delinquency and default adversely affect your personal credit rating. Most recently, the Health Care Financing Administration (HCFA) issued a final rule which established procedures for collection of past-due amounts on student loans and obligations to the National Health Service Corps Scholarship and the Physician Shortage Area Scholarship programs. The regulations apply to any individual who accepts Medicare assignment for services, is employed by or affiliated with a provider, an HMO or a competitive medical plan that receives Medicare payment for services or is a member of a group practice that receives Medicare payments.?

Undoubtedly, you will have many reasons for borrowing money in the future. Scrupulous attention to school loan indebtedness in just good financial planning for the future.

We understand the complexity of student loan servicing and the confusion which surrounds it and assure you that we are happy to assist you in understanding your student loan obligations. To that end, we will act as a liaison between you and your lender, and/or the secondary market or servicer to help you avoid some of the "repayment pitfalls." Please feel free to call or come by the office with any questions regarding deferment and/or repayment of student loans.