[Magdalen] US Higher Education

[Grace Cangialosi]

I had one of the old National Defense Education loans--begun, I think, in response to the launch of Sputnik. You had to agree to teach, and for every year that you taught, 10% of the loan was forgiven. You didn't have to pay anything back for 10 years.

There may still be a loan program for doctors who are willing to serve in rural communities. One of the really good docs we had in Page County had one of those. I've forgotten how many years they had to serve.

On January 13, 2015, at 12:17 PM, Jay Weigel <jay.weigel at gmail.com> wrote:

I think my brother the doctor may have gotten some of his medical school
debt forgiven by putting in 3 years with the Indian Health Service
following his intern year. I know he got a year knocked off his residency
by Virginia Mason Hospital in Seattle.

ISTM that one way the government could do a lot for both the VA and young
MDs with debt would be to forgive a percentage of it in return for the
doctors signing on to the VA for a specified amount of time, say, forgive
25-30% or so for 7 years and more for a longer period. Maybe 50% for 15
years. They could consider the same for nurses.

On Tue, Jan 13, 2015 at 11:44 AM, Cantor03--- via Magdalen <
magdalen at herberthouse.org> wrote:

>
>
> In a message dated 1/13/2015 8:32:19 A.M. Eastern Standard Time,
> michaudme at gmail.com writes:
>
> Much is  written about people finishing college with heavy debt,
> unlikely ever to  pay off their loans easily. Our Senator Warren
> speaks about this often. It  seems to me like a modern example
> of indentured  servitude.>>>>
>
>
> Interesting take on the student loan problems.  I'm especially
> aware of the burden of student loans, having taught medical
> students from a variety of medical schools for nearly 50 years.
>
> It strikes me that the average senior graduating from USA medical
> schools has a loan dept of $150K and many over $200K.  Then
> they have to endure low salaries as resident physicians for 3 or 4
> years before they are launched into their own medical practice.
>
> Statistics repeatedly show that USA physicians' income has
> dropped noticeably over the past ten years, and so the new
> physician is confronting a massive dept at the start of practice
> where their salaries are less than they have been in the past.
>
> This dept drastically delays marriage, having children, and the
> purchase of major items such as home and autos.
>
> Such debt is relatively new.  For example, I had no debt when I
> finished medical school, and paid for most of my education/training
> by working summers.  That's impossible to do any more since the
> educational expenses have ski rocketed.
>
>
> David Strang.
>
>
>