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- May 14, 2004
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In the Budget Control Act of 2011, Congress created a "supercommittee" to find $1.2 trillion in revenue or cuts from the federal budget. We all know how dysfunctional Congress is, so in order to force them to act, they inserted an incentive (disincentive). A poison pill so terrible that no one thought it would happen. Well, at least no one in Congress thought the supercomittee would fail, the rest of America predicted failure by a 3-to-1 margin. This poison pill is called sequestration, a 13% cut to defense spending and 9% cut to non-defense spending. Of course, now everyone in Congress is crying that this poison they gave us, is going to kill us. But only Congress has the antidote - by working together, which it's clearly evident they are not willing to do.
So we're all going to suffer with this poison. The effect on graduate/medical students was not completely known until the OMB released their report. Here are some highlights of what will take effect for the 2013/2014 year:
- Public universities that have medical colleges and hospitals could lose millions of Medicare dollars, negatively affecting patients, doctors and medical students.
- Graduate and professional students no longer receive subsidized Stafford loans. (from previous congressional action outlined in subsequent posts below) Now interest will accrue during school costing medical students another $10,000-$20,000 more.
- Loan origination fees will increase 7.6% for for both undergraduate and graduate Stafford loans.
- Student work study is cut dramatically. This includes research aids, teaching assistants, etc.
- Medicare's Graduate Medical Education (GME) which funds residencies will also be cut 8.2%. It's still not certain if and how residents slots will be affected.
Thanks Congress!
So we're all going to suffer with this poison. The effect on graduate/medical students was not completely known until the OMB released their report. Here are some highlights of what will take effect for the 2013/2014 year:
- Public universities that have medical colleges and hospitals could lose millions of Medicare dollars, negatively affecting patients, doctors and medical students.
- Graduate and professional students no longer receive subsidized Stafford loans. (from previous congressional action outlined in subsequent posts below) Now interest will accrue during school costing medical students another $10,000-$20,000 more.
- Loan origination fees will increase 7.6% for for both undergraduate and graduate Stafford loans.
- Student work study is cut dramatically. This includes research aids, teaching assistants, etc.
- Medicare's Graduate Medical Education (GME) which funds residencies will also be cut 8.2%. It's still not certain if and how residents slots will be affected.
Thanks Congress!
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