Interest-free student loan deferment for medical residents

[rulerkk]

H.R. 1554-REDI ACT. "To amend the Higher Education Act of 1965 to provide for interest-free deferment on student loans for borrowers serving in a medical or dental internship or residency program" Text - H.R.1554 - 116th Congress (2019-2020): REDI Act

This would be a big deal, especially for students with high debt burdens. This bill has bipartisan sponsorship, both Democrat and Republican cosigners, and has been sent to the House Committee on Education and Labor. This would allow physicians to extend their training or enter into a lower paying field without incurring more interest than able to pay while in residency.

You can use this link to find your congressional representative. Find Your Representative | House.gov.

If you want a message draft to send to your representative, I can post one below!

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Members don't see this ad.

 

[PickleRickelus]

If you want a message draft to send to your representative, I can post one below!

Yes please!

 

[rulerkk]

Sure! Here is a short-form message:

Dear Representative _____________,

I am writing to voice my complete support for H.R.1554 - REDI Act, which will allow medical and dental trainees to defer student loan interest during their residency training. The average physician student loan debt leaving medical school is $180,000 at interest rates well over 5%. The accrual of interest during residency training creates a strong economic disincentive for physicians to enter a lower paying or longer training specialties. Please support this bipartisan bill which will help to train and retain physicians and dentists in areas of critical importance for our Nation’s health.

Sincerely,

Your Name

Student/Job title

School or Clinical Association

 

[rulerkk]

And a long form one:

"Dear Representative _____________,

I am a ____[specialty]______ student/resident in ___[city]______ and writing in support of H.R.1554 - REDI Act, which will "amend the Higher Education Act of 1965 to provide for interest-free deferment on student loans for borrowers serving in a medical or dental internship or residency program."



Text - H.R.1554 - 116th Congress (2019-2020): REDI Act



____[city]_____ needs more primary care physicians. We have a high concentration of specialists but a manpower shortage for staffing community health centers and clinics with primary care providers, who are typically paid much less than specialists. The primary disincentive for graduating physicians to enter general practice (pediatrics, family medicine, etc) is the tremendous debt burden upon completing medical school and desire to enter a higher paid specialty in order to pay off debt.



The average graduating medical student will have ~$190,000 in debt which begins charging ~5% interest immediately. While servicing this debt, a medical resident will earn a salary of approximately $60,000 per year. With a 10-year repayment plan this means that the average student will have paid ~$50,000 in interest over the lifetime of the loan. For a person at the very beginning of their career these numbers are daunting and many will refuse to consider a career in primary care because of the fear of debt.



H.R.1554 - REDI Act will allow residents to defer interest on their loans while in residency, and begin repayment when their salaries have increased to a level that makes paying off ~$190,000 in debt more manageable.



Thank you for your consideration,



__________[ur name]__________"

If you want to add anything related to the impact that incredibly expensive higher education has on recruitment of immigrants, URMs, or lower-income students into the healthcare field (as I did in my own messages) feel free!

 

[Rekt]

Miracle if this ever comes to fruition.

 

[puahate]

Just sent my letter. I wish we could share this with premeds but the mods there would delete it

 

[700825]

Thank you for sharing! Just sent my letter of support and will be encouraging my classmates to do the same!

 

[AsepticTechnique]

Just sent my letter and a prayer

 

[Booze Aldrin]

It'd be nice if it passes, but at the same time it's hard to get excited about this given that any of the most likely post-2020 administrations are likely to see the phase in of socialized medicine and the imposition of stiff taxes on anyone making over a middle class salary in order to fund it. I'm on the "no news is good news" train. Just praying the status quo continues for as long as possible, since net change is very unlikely to be to our benefit.

 

[whodat85]

Thanks for putting this together. I'm a practicing dentist going back to do a residency. Would be awesome to have subsidized student loans. ...as an aside, the AMA would do well to unite better. We have been so lucky having such large representation in the ADA so as to help stay fairly independent of government oversight. Young doctors interested in maintaining professional autonomy could do really well to ignite a movement to unite (e.g. join the AMA). ...just my two cents. Really here to say thanks for the above. Letter sent to my representative.

 

[mvenus929]

Interest should be deferred during medical school as well.