A woman aspiring to be an Osteopathic Doctor had a life long dream of healing which turned out to be much more expensive than she had anticipated. Now, like almost 1000 other doctors, she faces crippling debt to many lenders including, ironically, HEAL(Health Education Assistance Loan). She owes just under ONE MILLION dollars now after graduating from Kansas City University of Medicine way back in 1986. The original claim against her by the feds was around ONE QUARTER of a MILLION dollars in 1998 and has increased 300%, apparently, due to interest accrual and late fees.
This writer believes most doctors and dentists are initially well intentioned when they enroll in medical school planning on paying off their enormous debt with equally large incomes. However, about half way through with a lot of debt already incurred, many less inspired doctor wannabes push on through knowing they need a way to repay HEAL.
Lee Bowman of the Scripps Howard News Service can fill you in more on HEAL which was created in 1977 to help on the financial margin middle class kids afford the astronomical/unfair costs associated with becoming A HEALER! HEAL was effectively a subprime lender(that dreaded word) providing federally guaranteed loans to at risk borrowers.
Will close with an anecdotal account(likely true) about an optometrist who was seen vacationing in Paris staying in a posh lodge and dining at the finest restaurants. One of his med school cohorts reported this to the lending institution at which he was employed. You guessed it……the lender was one of the many HEAL lenders who had paid for the eye doc’s education and had NOT received a payment from the deadbeat in 5 YEARS! Looks like we have proof that government guaranteed loans invite this type of fraud.
Finally, how many of you would trust the medical acumen and judgement of a person who completely shirks their financial responsibility while living in upscale gated communities driving twin BMW’s ? There is a well maintained list of such people that you should read before making that next appointment.