Specifications include, but are not limited to: The Medical University of South Carolina is solicitating Request for Quotes for an Educational Debt Management Program. The selected consultant must possess (at a minimum) specialized knowledge regarding the following: medical student debt, AAMC national medical student debt trends, changes in national financial aid and lending practices, debt reduction and loan refinancing, consolidation, and repayment specifically for medical students and residents, public service loan forgiveness/VA scholarships/rural scholarship programs. The consultant chosen must be conflict-free and represent and accurately portray content addressing these content areas with no objective to secure additional financial gain, beyond payment from College of Medicine Medical University of South Carolina (COM MUSC), through product advertisement, product sales or referrals to other advising consultants. In-person, interactive presentation of 90 minutes for upcoming graduates each spring semester (March following residency match day) that addresses medical student indebtedness, debt consolidation and loan repayment strategies and timelines, budgeting during residency, and special circumstances for students (e.g., year of leave, delay entering residency). In-person, interactive student loan workshop for incoming students that provides financial literacy education regarding medical education debt and explains borrowing in medical school, debt reduction, return on loans, budgeting and planning for financial success. Exact workshop content to be determined in conjunction with the program. Workshop date and time to be determined in conjunction with MUSC. Three in-person, interactive student debt/student loan workshops–for second year students, for third-year students, and for married borrowers, to address medical education debt principles, with objectives for each session that align with the year of the medical students or special circumstances (e.g., married borrowers). For example, for third year students, the workshop addresses managing the increased costs associated with away rotations at other institutions and residency interviews. Exact workshop content to be determined in conjunction with the program. Date/time to be arranged in conjunction with MUSC COM at a date and time most beneficial for the students to ensure maximum participation. Personal 30-minute consultations with fourth year graduating students to address each student’s personal debt status and special circumstances and advise students about the process for loan repayment/consolidation, timing, and financial aspects of residency planning. These consultations occur only with indebted students in the graduating class and are held in-person (preferred) during campus visit(s) and/or by virtual visits, if requested by the student. The actual number of consultations to depend on demand. Our commitment will be to offer to all graduating students with debt who request a consultation up to a maximum of 90 (no separate billing for consultations up to 90 for the seniors). Personal consultations with students in first, second or third year of the program to address each student’s personal debt status, special circumstances, borrowing trends, financial aid limits and to advise students about future loan repayment/consolidation, timing, and financial aspects of upcoming years in the program. The consultations occur in-person during campus visit(s) and/or virtual visits with a maximum of 8 consultations per day. The actual number of consultations to depend on how MUSC COM wishes to make these available and the subsequent demand by students. Debt management Listserv access for indebted graduates, with the Listserv to run from graduation (May) until the end of the calendar year (December) for each graduating class. The listserv provides ongoing reminders and answers to frequently asked questions by graduates regarding loan repayment and loan forgiveness. Debt management and repayment modules for the COM Financial Literacy Site containing up to date content (e.g., PowerPoint with audio) on a variety of repayment topics that students can easily access online. Access to modules to be granted for up to two years after contract ends: Common sense steps to selecting a repayment strategy, and how to change strategies. Federal repayment plans (basics of time driven versus income driven repayment plans) How Income Driven Repayment plans work. How to choose between PAYE and REPAYE, and switching income plans Married borrowers and repayment $0 calculated payments with an income plan during year one of residency Best repayment calculators for medical students and graduates, and how to use them. Public Service Loan Forgiveness (eligibility, proposed changes, why borrowers interested in PSLF should not be overly concerned about the high percentage of denials the past two years) How to enroll in PSLF (includes tips on tracking payments and annual statements) Postponing payments during training Federal consolidation when it should be part of your repayment strategy. Objective look at refinancing (pros and cons, when to refinance, and how to pick a lender) Repayment options if you don’t Match (or don’t complete your program of study Series of topical educational debt management Quick Reference Guides on loan repayment and debt reduction strategies designed for posting on the MUSC COM Financial Wellness website. Other services as requested through consultation with designated officials at the MUSC COM. The COM will request a quote prior to acquiring additional services. The debt counseling consulting company/individuals must be conflict-free.
