[DATE, 2002]
[YOUR CONGRESSPERSON]
Dear _________:
As a [student/resident physician/physician] member of the American Medical Association (AMA), I am writing to request that you actively promote and cosponsor H.R. 3273, the "Consolidation Student Loans Flexibility Act of 2001." This legislation would eliminate the "Single Holder Rule" in the federal loan consolidation program. This would have the positive effects of broadening consumer choice and improving market competitiveness.
The current law unfairly limits consumer choice in refinancing student loans. Presently, student (and parent) loan borrowers, who want to consolidate educational loans, must refinance through their current lender when all of their loans are through a single lender. In fact, many loans of student borrowers are sold without the borrowers’ knowledge. The "Single Holder Rule" situation would be analogous to requiring homeowners wanting to refinance their mortgages to do so only with their current mortgage holders, even if the borrower did not chose the lender and if the lender did not offer the best rate and terms.
As you know, many student loan borrowers enter the work force with substantial debt. In fact, physicians enter their residency with an average of $97,750 in student loan debt. I am in my [___] year of [medical school/medical residency/practice]. Personally, I [have incurred/will incur $_______] in student loan debt. It is essential that all student loan borrowers be able to avail themselves of the best possible loan terms when seeking to refinance their debt. The "Single Holder Rule" prevents student loan borrowers from consolidating their student loans at the lowest cost.
It is important that this provision be repealed as soon as possible during the 107th Congress. I strongly urge you to cosponsor H.R. 3237 in order to eliminate this discriminatory provision in the current law.
Sincerely,
John Doe
[medical school/residency/practice]
Content provided by: Medical Student Section