For most medical students, residents and even young physicians, debt continues to be a significant burden. According to a recent Analysis in Brief, 76% of students graduate with debt. While that percentage has decreased in the last few years, those who borrow for medical school face enormous loans: the median debt was $200,000 in 2018. At private schools, 21% of students have debt of $300,000 or more. The average four-year cost for public school students is $243,902 and $322,767 for private school students.
YOU CAN HELP! A bill was recently introduced in Congress that directly affects medical students and residents, and we need YOUR HELP to garner more support to secure its passage.
Introduced by Dr. Brian Babin (R-TX), HR 1554 (Resident Education Deferred Interest Act, or REDI Act) would allow physicians and dentists to obtain interest-free student loan deferment while training in residency. The bill is picking up steam and now has 32 co-sponsors split almost evenly between Republicans and Democrats. Simply put, this bill would be an across the board win for residents.
We encourage you to take action by asking your representatives for their support of HR 1554. A sample message is already composed for your convenience and you can reach your representatives by simply entering your contact information in the space provided.