An on-line listserv called MONEYMATTERS contains articles of interest. Residents can also ask questions about loan repayment or available deferments, which are researched by AAMC staff and answered on MONEYMATTERS. To subscribe, simply follow these instructions:
Send an e-mail to: majordomo@aamcinfo.aamc.org
In the subject field, please provide information that identifies your residency program or GME affiliation.
In the body of the message, type: subscribe moneymatters
Consequences of Default
Student loan defaults result from skipped, late, or nonexistent payments. The lender will seek reimbursement from the guarantee agency (and ultimately the federal government) who will pursue you for payment. When you default on your loans, the following things occur:
A negative credit history will be reported to a national credit bureau. This will affect your ability to buy a house or to get automobile loans, start up loans for a practice, credit cards, or other financing.
The entire unpaid amount of your loan, including interest, may become immediately due and payable.
You can be taken to court.
Your Federal and State income tax refunds will be withheld.
Money can be taken out of your paycheck to repay delinquent loans. This is called garnishing your wages.
Any refunds due, from any state agency, can be collected by the state. This includes medical reimbursements to physicians
State lottery prizes will be used to repay your defaulted loans first, before you receive any winnings.
A Final Word
If you start getting into trouble with your loan repayments, don't wait until it's too late to ask for help. Call your bank or your loan servicer if you don't understand the forms they send to you. If you can't get in touch with anyone or you aren't satisfied with the assistance you get, contact the UCLA Student and Resident Financial Services Office. We can help by calling lenders and servicers on your behalf and by explaining the various procedures and forms to you.
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