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"Protecting the public and serving our member boards by promoting excellence in chiropractic regulation." |
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HEAL Student Loan Defaults - preventing the problem with education Health Education Assistance Loan (HEAL) refinancing is a federal government initiative, which can save eligible chiropractors thousands of dollars in finance charges in repayment of student loans. In 1998, when the FCLB staff met with government officials, chiropractors with more than one HEAL loan could consolidate into a single new loan with a lower interest rate. In a recent conference call with HEAL officials, the new word is that health professionals can, with only one loan, enter the refinancing program which lowers monthly payments. HEAL refinancing has been endorsed by the American Chiropractic Association (ACA) and the Association of Chiropractic Colleges (ACC) as a good strategy for DCs wanting to reduce monthly obligations, extend their repayment period, or just save money. Increasing pressure has been focused on licensing boards to police the enforcement of financial obligations through licensure renewal or board action: deadbeat parents, property tax, and state student loans are some examples. Many boards have laws and rules regarding DCs sliding into loan default. In the state of Georgia, the board can deny, suspend, or revoke a chiropractic license for this reason. Some states suspend the license until the loan is paid. Sadly, just 9% of original HEAL funding went to chiropractic-but over 50% of all HEAL loan student defaults are by chiropractors. To date, there are 1,345 chiropractors with defaults on health education loans or scholarship obligations as reported by the Department of Health and Human Services. The FCLB CIN-BAD system combines chiropractic DHHS exclusions with public board actions and other data. In 1992, the FCLB membership resolved to encourage US chiropractic boards to make available whatever public information they have to assist in tracking individuals who default on their chiropractic HEAL loan responsibilities. Boards are encouraged to initiate proactive information to licensees-whether in newsletters or initial licensure or renewal review. The full list of defaulting doctors is at www.defaulteddocs.dhhs.gov, and may be searched by name, state, or profession. To learn more about the refinancing program visit www.hrsa.dhhs.gov/refinance or call 877-411-HEAL. |
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For Questions Contact: info@fclb.org |
FAX 970.356.3599