Student Loan Crunch: Time for Action!
Posted on January 2, 2008
Filed Under Psychology (PsyD, PhD), Medical Students, Podiatry (DPM), Pharmacy (PharmD), Optometry (OD), Dental (DDS, DMD)
by Megan Hansell Henderson
SDN Contributor
On September 7, 2007, the House and Senate approved the Conference Report (100-317)
for H.R. 2669, also known as the “College Cost Reduction and Access Act”. This Act was signed into law by the President of the United States on September 27, 2007 with an effective date of October 1, 2007.
Why should you care? The Act, while providing additional benefits to undergraduate students, eliminated the economic hardship deferment qualification known as “20/220”, used by many health profession students to delay loan repayment while in residency or fellowship. Prior to the passage of the Act, a borrower would be eligible for the economic hardship deferment if they met two requirements: 1) employed full-time with federal education debt burden equal to or greater than 20 percent of monthly income and 2) the requirement that income minus the education debt burden was less than 220 percent of the greater of the minimum wage rate or the federal poverty line for a family of two.
Under the new rule, in order to qualify for the economic hardship deferment, a borrower’s income cannot exceed the greater of either the minimum wage rate or 150 percent of the poverty line applicable to the borrower’s family size with no regard to the amount of repayment of loans. According to the American Medical Association (AMA), 67 percent of medical residents qualified for economic hardship deferment under the 20/220 criterion. As the American Association of Medical Colleges (AAMC) states the average medical student debt is over $120,000 a year for public schools and $160,000 for private schools, this new revision creates a fiscal dilemma for many residents.
Many organizations, including the AMA and AAMC, are lobbying for change because during the deferment period, the federal government pays interest on the subsidized portion of the loan, but interest continues to accrue on the unsubsidized portion. The AAMC reports “…at the end of a student’s three years of residency, the $120,000 median debt of a 2006 public medical school graduate using the federal direct loan program will have grown to $151,342, and the $160,000 median debt of a private medical school graduate will have grown to $205,707. These graduates’ monthly payments will be $1,718 and $2,336, respectively, if they pay over the default period of10 years, and $1,022 and $1,389, respectively, if they extend repayment over 25 years.” If the borrower is not eligible for economic hardship deferment or eligibility for economic hardship deferment has expired (either through no longer qualifying or having used all 3 years) this debt will be increased by the compounded interest on the subsidized Stafford loans (approximately $34,000 for the average public medical school in 2006) that usually are interest-free during deferment in residency.
The only options other than deferment are: repayment, pursue an income-contingent repayment plan available through the U.S. Department of Education, or go into forbearance. Forbearance is available for the entire duration of a medical internship or residency, regardless of the length of the program. Laws regarding forbearance are not impacted by the Act. Under forbearance, no payments are required; however interest continues to accrue and the federal government no longer pays interest on the subsidized portion of a borrower’s loans (which could be up to $8,500 of your Stafford loans a year.) An additional difference between deferment and forbearance is interest may be capitalized under forbearance, adding insult to injury in the form of additional debt.
On November 1, 2007, the AMA reported that the Department of Education has granted an extension until fall of 2008 for correction of this provision. On November 2, 2007, Senator Richard introduced a bill, S.2303, to amend the Higher Education Act of 1965 regarding the definition of economic hardship as well as there are revisions to the Higher Education Act circulating through Congress. So please remember to contact your Senators and Congressperson to support this new legislation! The AMA has a web site to make it easy to send a message to your Senators and Representatives and voice your concern.
AMA Statement
Introduction of bill S.2303
AMA Letter writing campaign
AAMC Updated Medical School Tuition and Physician Indebtedness
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41 Responses to “Student Loan Crunch: Time for Action!”
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While it may seem unfair to say this, it is very important to realize that someone is ultimately footing the bill for the education of medical students; whether that is the medical student himself, or one of your fellow citizens, someone is paying for it.
I do not think it is fair to steal from other people in this country in order to subsidize the debt for future physicians. While this would be burdensome on many students which would taking away financial incentives to go into medicine, it is ultimately fair to the other people who are forced to pay for your own debt.
There is a surprising indifference for medical students as they decide to incur the debt, as if they should not worry about taking on a $160,000 burden on themselves. Perhaps this legislation will take away the opportunity for many of these “get rich quick” students who go into medicine.
You are a complete idiot and you know nothing about medicine or the sacrifices that physicians-in-training make. With the skyrocketing cost of medical education, it is ridiculous how high the debtload has become. We shouldn’t be penalized for entering a profession of which America is in dire need.
AND it is laughable to call medicine a “get rich quick” scheme. AT THE VERY MINIMUM, it takes 11 years after high school graduation to be a fully-licensed and boarded physician.
“Get Rich Quick” are u impaired? Im 28 and still have 3 years of residency to finish and a ton of debt to repay. Most of my friends have been working and making good pay for 5 years.
Feel free to take the debt-load upon yourself. I am not saying you should not go into debt. What I am saying is that the interest on your debt should likewise be taken upon yourself, not your fellow citizen. Why do you so quickly expect to steal from another person in this country in order to pay for your very own education?
Everyone needs to contact their representatives about this. It takes just a few minutes.
The original poster is an idiot. If he truely felt that way about not wanting to burden his fellow citizen he would be creating an enviroment where only the wealthy would be able to send their children to medical school. The fact of the matter is the government subsizides quite a bit of healthcare. The money to subsidize your loan repayment during residency comes out of the medicaid budget. Talk about not wanting to “steal” from your fellow citizen? If there truely is a shortage of physicians than that represents something that would be in the national interest to fix and worth the continuing subsidy. My question to the OP is what is his current situation and what kind of response did he expect posting on here? Also The same bill that took our subsidy away also gave more to undergraduate education. OP get your facts straight before start expressing an opinion.
Thanks dubya and congress. We needed to be screwed after all of this studying. But you usually must be me a drink or twelve first.
The real problem: Education is too expensive. It’s time to start controling the cost and inflation rate of higher education.
Halflife, if you truly believe that delayed debt repayment is responsible for the physician shortage, then you are genuinely misguided. The fact of the matter is that the legislation passed will have virtually no impact on the resolve of medical students to continue through medical school. Do you honestly believe that the thousands of dollars in missing subsidies will deter people from entering medicine? Surely not.
The problem is precisely what you said earlier: government is too involved in healthcare with subsidies, making it difficult for physicians to provide the level of care necessary for their patients. They deem what value should be paid to doctors for services, and they cut whatever benefits they would please at a whim.
Calling people idiots, yes, this is fair in an academic setting. I certainly hope that you do not talk to your colleagues in such a manner. Unless you’re going into surgery…
When the healthcare industry fails from too much government intervention, you’ll be the one crying because the government “hasn’t taken care of you enough with regards to your debt.”
Personally, as a future health professional, I intend to have a decent income. With a decent income will come a decent payment to the government in the form of taxes. I surely will be paying my share to “fellow citizens”, why shouldn’t I expect to have some benefit from the government while I’m not so well off? The portion of my subsidized loans paid for by others will be much less the portion of my future income that will go back to others. It all comes full circle.
You stated that essentially we were all theives who were stealing from our fellow citizens for having subsidized federal loans. Realize now that every college student and graduate student has the same loans. Everyone who took out a subsidized loan was told by a financial aid officer that they could enter deferrment, it is not unreasonable to expect this. The reasons that the deferrement period was created in the first place was to avoid the stories of starving residents who began repayment on their whole loan amount. Do you think such stories would have an impact? You have shifted the arguement away from the initial topic to a broader discussion of healthcare subsidy. My statement earlier was not that loan repayment was responsible for the physician shortage. I stated that by continuing to provide subsidy you are helping to solve the problem. Why should we not be entitled to the same subsidy as other graduate students? Do you mean to imply that anyone who seeks graduate education and takes a subsidized loan is “stealing”? If you want to have that discussion find a socialized medicine forum. And most people will tend to get up in arms when you state that we are all theives. If you continue stating that you probably won’t find too many people who share your opinion.
In the event that I am forced to go into repayment of the greater than $150,000 I owe while in my residency making less then $10 an hour, I will be ruined financially. I have already sacrificed eight years of my life with another 4 years of residency to complete. Meanwhile, my friends who chose other more lucrative careers are buying second homes on the beach and planning their month-long summer vacations. I am not nitter about this because I love what I do. However, this revision of the law is just further punishment for those who have chosen to pursue their dreams to become a physician by sacrificing careers in business, law, or technology. If you value the health of our nation, you should value the fiscal viability of its physicians. If I am forced into repayment, I will default on it and leave the country to practice somewhere that I am appreciated.
Dearest Aleitheiei,
When you’re hit by a car and arrive on the doorstep of my ER via your FREE ambulance ride, bleeding and on the verge of death, let’s you and me have a nice discussion of why I should be required to save your life, for FREE, in full knowledge that you can’t pay for the ambulance, the paramedics, the lifesaving drugs, the surgery, the nursing care… let alone my bill. Doctors are the only people who put in 10-20 years of postsecondary education, rack up tremendous debt, and are then expected to smile and work for free. I’m also very tempted to abandon all of this crap and move somewhere where doctors are fairly compensated for every single patient encounter. See you in Canada, moron.
Anonmyous, nobody held a gun to your head forcing you into medicine. Except maybe your parents?
The government subsidizing everything, creating situations where it would be otherwise unwise to do something, as many of you described when going into medicine, is the problem.
I know that many of you need the deferment. I’m just saying that it is stealing from your fellow citizen, and you should view it as such. Let’s be truthful regarding the whole situation: the entire system is corrupt.
I think the word “stealing” is a strong word. Other methods to help education become affordable is in place, with declining salaries of health professionals, why should they not be included? Its not just medicine that’s affected, its ALL health professions that will be affected by this!
Aleitheiei–you have a right to believe what you’d like, but you’re gravely mistaken to believe that “stealing” can be accurately attributed to the situation. It’s actually an investment. The rest of the country is investing in us, in the hopes that we will become effective doctors and will alleviate the shortage of healthcare professionals.
We’ll end up paying far more into the system then we borrowed from it, and that in turn will help other students gain an education. If you ask me, it’s truly a gift–I’d sure be happy to know a my tax money went to help some struggling students gain an education.
Aleitheiei,
You’re a moron. I can’t believe people here are dignifying the crap you have spewed on this page with responses. Please…re-evauluate your life.
Aleitheiei-
Ok, let me get this straight, anyone who is using government financial assistance or “subsidies”, in your mind, is stealing? WOW! That is absurd! So even the single mother of three doing the best she can to provide for her kids on welfare, food-stamps, and Medicaid is to be considered a thief. We all in some way or another use other tax payer’s dollars to fund our ambitions, whether it be through tax deductions or building a park in a nearby neighborhood. We live in a democracy, and as such, the tax payer dollars should go to something as beneficial as future physicians, that regrettably will be caring for you and your children. I would like to believe that a person with your “grand intellect” and mastery of the health care system, would be in support of it. Do not imply that physicians should be the ones to take the cut, when clearly you have no idea concerning the amazingly difficult regimen followed to become one.
Newmexdent has a good point…”The portion of my subsidized loans paid for by others will be much less the portion of my future income that will go back to others. It all comes full circle.”
Correct me if I’m wrong, but I believe the statistic says that
I’m not sure I understand your logic Aleitheiei. Are our children stealing from “fellow citizens” when they go to public schools? The government intervenes when it feels like doing so. They spend billions and billions of dollars on various programs, all of which (though it doesn’t always work out) are made to benefit its citizens in one way or another. If you feel taxes (collected for this reason) are “stealing” from the people, you have misunderstood the system. Helping students who want to become doctors or other health care providers is a much better plan (in my opinion) than funding $200,000/year third-party mercenaries to serve in Iraq, for example. In my opinion, this is “stealing.”
Aleitheiei has delineated him/herself as a conversative idealogue. Point taken. As Utah Phillips once said, “Conversatives are like refrigerators, the light goes on, the light goes off- and so I’m not going to talk to a conversative any more than I talk to my damn refrigerator.” Pure conservatives are convinced that the market system solves everything, and that government muddles everything up, as A. reveals:
“The problem is precisely what you said earlier: government is too involved in healthcare with subsidies, making it difficult for physicians to provide the level of care necessary for their patients. They deem what value should be paid to doctors for services, and they cut whatever benefits they would please at a whim.”
The problem is that this sounds much more like the HMOs than any government-directed aid.
There really ought to be more local measures to assist residents with the debt load. Measures which include state subsidies, interest-payments for working in underserved areas, or debt repayments for committing to an underserved area for a certain length of time.
Many would consider it a “federal” investment regarding physician shortages, but it ultimately contributes further to shortages where it really matters: underserved areas. The federal government is making a “no strings attached” approach to financing education, versus local commitments to underserved areas. Imagine the good that can come of doctors who have interest payments or debt forgiveness from local areas to put doctors to work where there are too few doctors to make a difference.
Frankly, making it easier for residents at a federal level takes away from local underserved allocation of physician resources. Sadly, this is the truth of the matter.
In reality, some poor person in rural underserved America, through their federal income taxes, is paying interest for residents who will subsequently, more likely than otherwise, work in medically overserved areas. I have a HUGE problem with that issue. The ideal would have been no federal support, but rather local support to place doctors to serve in underserved rural America, with direct benefits from income taxes. That’s a very real benefit that individuals pay for through their taxes, which is morally good.
You make some noteworthy points that we should give serious thought to (Ron Paul supporter I presume), but are mistaken to say that medical students who accept subsidized loans are stealing from their fellow citizens. Your points would be better received if you refrained from accusing your classmates of being theives.
People living in urban areas also pay for things that only benefit rural residents; as someone mentioned earlier, we all pay taxes and parts of what we pay will go to either things that do not benefit us, or things that we don’t believe in. I have an extremely huge problem financing the war in Iraq, which might I add I am paying much more towards than you will ever pay towards future physicians. The education of a future medical doctor, who can much better bring peace to the world via medical care to communities even more grossly underserved than your own, is a much nobler ideal than a war that has so adversely impacted so many innocent lives. Unfortuantely that’s how our system works–I disagree with the war, you disagree with federal support of medical students. Live with it–and contact your representative and senator, and protest and advocate for what you believe in.
There already are a lot of programs in place to bring physicians into rural and inner-city areas, both of which do lack physicians. It is possible to get full scholarships if you commit to serving in one of these areas. To my understanding a lot of these scholarships are handed out.
They put me into repayment as an intern trying to support my two kids and I am going to move to South America, make a good living working for people who actually appreciate it, and Sallie Mae can eat the 150k I owe them.
WASHINGTON (AP) - Shares of Sallie Mae tumbled 13 percent on Friday, hitting a 52-week low… business because of market conditions and the landmark student-loan law that took effect last October, cutting billions of dollars in federal subsidies for student lenders.
Meanwhile, defaults are rising on student loans, and credit-market tremors similar to those linked to the mortgage crisis have recently started to surface in the $85 billion student-loan market.
In a stormy conference call with analysts, Sallie Mae chief executive Albert L. Lord brushed aside several questions and ended the session with an expletive.
Well there you go… The previous poster isn’t the only one who is going to fold when the house decides to change the rules of the game mid-deck. I have to say, if they do not extend the economix hardship deferment, I am dropping out of my fellowship to go practice in New Zealand. I spent a year there and I have to say it is nice to practice somewhere that medicine is performed on the basis of logic rather than litigation.
There have been many great points made in the above postings. Interestingly enough, the U.S. Dept. of Health and Human Services (DHHS) via it’s Bureau of Health Professions offers the National Health Service Corps (NHSC) as an opportunity to forgo medical school expenses in exchange for primary care service in a physician shortage area equal in years to the number of years they paid for your schooling. This is a great program for those people who will pursue primary care, but what about those who pursue a “specialty field” such as radiology, ophthamology, or anesthesiology and practice in an area underserved by the medical field? What hospitals all of the sudden don’t exist in a physician shortage area? I doubt that there will be a surge in opportunities for an orthopaedic surgeon much like those that are availabe for a general internist or OB/GYN. A program like the NHSC from DHHS only solves part of the problem; it’s only a band-aid.
Loans are a necessary evil for those of us who don’t have a recently deceased rich uncle or hefty college trust fund… which includes most medical students. Yes there are doctors who go into medicine for the money but they are the exception not the rule. The majority of us choose this as a life of service to sick and dying people. Yeah, some people may have to “foot the bill” for my medical education for a few years… but I’ll be damned if it weren’t the least I could do for the person taking care of my dying family member. Face it, people want to talk about the federal government’s OVERinvolvement in subsidies on our education financing but I certainly don’t see things changing for the time being. Again I say loans are a necessary evil and making people feel like a door mat for having to borrow is not only disrespectful, but it’s also ungrateful. If you (Alethe… whatever your name is) want to stop paying your taxes and start giving me your money so I can pay for medical school I would be happy to accept and I would be one less person putting a bee in your bonnet. So if you’re not in medical school or dental school, please stop pissing on our parade… you haven’t enlightened us, we know how “evil” our loans are.
I don’t see what the doctors are whining like babies when they well know they will be making $300,000-$500,000 a year when they are full-fledged doctors. That’s more than most people make in 5-10 years. Give me a break idiot savantes!
I am a neurosurgeon and make about $550,000 a year after taxes. Believe me, physicians should not worry about a subsidy. Get over the greed, you schmucks!
Wow, you two have really missed the point. Sure on your 550,000 a year salary you have no troubles paying off your loan debt. But what if you had to start paying them back at 2300 a month while you were going through your long neurosurg residency (which is what this legislation is ACTUALLY about). Everyone knows that doctors are compensated well, but that is not what this about.
I am assuming that Aleitheiei is not even a med student or is one that has everything payed off by his/her wealthy parents. I am med student in a private med school and looking at $250000 (before interests)and please tell me how i am supposed to pay $2000/month during residency.
And for Melvin, not every physician is a neurosurgeon.
I very much agree with the above regarding Aleitheiei & Melvin. Especially ignorant are the words of Melvin. Are you aware, Melvin, that the average family physician makes $150,000 a year? Add to that the ~ $2,0000/month in loan repayments, the fact that many physicians have sacrificed potentially well-paying careers to puruse medicine in the first place, and the continuously worsening reimbursement & malpractice issues, and I (as well as the AMA) predict a future physician shortage ESPECIALLY in the primary care disciplines. Don’t get me wrong, it will be wonderful no doubt to have a bunch of neurosurgeons sitting around talking about the hippocampus all day and what not, but don’t come yelling at me when your grandchildren can’t get a doc to check out their sore throat and make sure they get all their pediatric immunizations.
Also, can i get a response from the neurosurgen? listen to him.Harold Melvin on January 6th, 2008 3:45 pm
I am a neurosurgeon and make about $550,000 a year after taxes. Believe me, physicians should not worry about a subsidy. Get over the greed, you schmucks!
………………………………………….
anyone on this comment live in oklahoma? i am thinking of applying there to OU.
Also, like when in high school, The ACT, the only section, you had to know to do good was the math part. The other sections you couldn’t really study a lot for.
same way, what courses should i put a lot of emphasis in so that i can do excellent on the MCAT?
what courses do i have to have before taking it? hope someone can help.
First of all, Aleitheiei, I have worked my way through undergrad and havent had to take out any loans, so I havent “stolen” anything from you. If anything, according to you, everyone else has been stealing from me. I have also taken a year off to save up for med school. I have enough for two years but I’ll still have around $100,000 in debt plus the cost to start up a practice. I work in an ER right now and more than half the people that come in are on medicaid or medicare, they dont pay a cent, my taxes pay for them! Half of the remaining people dont even pay their bills and the hospital is located in a very rich area. We loose soo much money everyday the hosiptal is up for sale now. There are many doctors everywhere that are not getting adequate compensation for their work. So how are they suppose to support themselves and their families while paying off outstanding loans. As Josh said earlier, not everyone is a neurosurgeon! You also have to consider those students in other health professions, like nursing, podiatry, dentistry, pharmacy, and veterinary medicine. These people dont make nearly as much as neurosugeons. I dont think that it is unreasonable at all to ask for a little help in paying some of the interest while we are still in our residencies making pennies. With the weakening US dollar, inflation, a resession looming, and the rising costs of education how are we suppose to pay our loans and survive on a resident’s salary? The new law won’t decrease your taxes, it will only allocate it to something else like the war. So why not help the people that are going to be taking care of your lives in the future instead of wasting it on a war that was started by a puppet for a president with a hand stuck up his ass.
Also, can i get a response from the neurosurgen? listen to him.Harold Melvin on January 6th, 2008 3:45 pm
I am a neurosurgeon and make about $550,000 a year after taxes. Believe me, physicians should not worry about a subsidy. Get over the greed, you schmucks!
………………………………………….
anyone on this comment live in oklahoma? i am thinking of applying there to OU.
Also, like when in high school, The ACT, the only section, you had to know to do good was the math part. The other sections you couldn’t really study a lot for.
same way, what courses should i put a lot of emphasis in so that i can do excellent on the MCAT?
what courses do i have to have before taking it? hope someone can help.
Lets talk about the fact the a doctors income places them in the tax bracket that pays 90% of the taxes in this nation. Any doctor, over the course of their lifetime, will more than pay for the interest the government subsidized during a deferment period. Medical students are not stealing from anybody as they will be paying it back big time in the future. The government sees fit to grant subsidies to corporations knowing that they will receive a greater return from those companies in tax revenue. Government aid for future physicians fits in the same category.
Also, like when in high school, The ACT, the only section, you had to know to do good was the math part. The other sections you couldn’t really study a lot for.
same way, what courses should i put a lot of emphasis in so that i can do excellent on the MCAT?
what courses do i have to have before taking it? hope someone can help.
Hi all,
Come to France,or Belgium, or spain, or Italy, med school only costs 400 euros a years!!! can you imagine that? I don’t think so…and medicine is high level too…
Instead of arguing with each other you should probably realise that you are experiencing a “side effect” of the most outrageous, and corrupted economical system you live in….the US capitalism and individualism that exist in the US….
When I hear “god bless america” and I see that 45 millions americans with no healthcare insurance…my god!!!! this 2/3 third of the french population….are you sure god blessed your country?
and your goal is to cure people?????…well changing your political and social system would certainly cure more people than being 160 000 dollars in debt at a screwing bank , don’t you think so?
Sort yourself out and be more human being oriented instead of money oriented, things will become more fair to everyone…don’t you htink so?
med student would pay less expensive med studies, and fellow citizen would not have to pay for med student’s debt…
It is always surprising and almost funny to watch people being surprised by the negative consequences of a political and economical system they have voted been for for awhile…..
suddenly that struggling life is knocking at your doors then you start to wonder:”heyyy what’s going on to me myself and I?”….
Had you been less individualist you would not go to med school and would figure out you can help people far better than by studying medicine at a cost of 160 000 dollars….you could at least study overmedicine overseas…
basic maths: how many people can you help with 160 000 bucks?….160 000 it is 16000 people giving 10 each to help….see what I mean?
ethically speaking beware that when you accept to take 160 000 dollars from screwing banks for med school you accept to maintain the vicious spiral of your corrupted financial system………
alternatively, it your own choice…so stop complaining and accept what you signed up for….
Its a fact, doctors deserve more all the work they put into medicine is undermined by the common man. Non-health care people should keep their criticism to a certain level..try going through all the training to become a physician and then comment on these issues. Physicians sacrifice quite a lot throughout their lives.
While there seem to be some very passionate people here on both sides of this argument, it seems there are only intelligent people on one side of it. To expect ANY student to try to pay that hefty amount of student loan payments while going to school full time and not being able to hold another job is without a doubt the most unrational thing I have heard in a long time.
Fact: There is a Physician shortage in the United States that is increasing to the point that Medical Schools are loosening up their restrictions.
Fact: Medical School in a foreign country is not as regarded as those in America because they do not follow the same criteria. This means the “cheaper” schools that were mentioned earlier do not help the American public.
Fact: There are programs in place for underserved areas with high HPSA scores, but there are also not enough physicians to work in these areas because many people don’t want to go to school and accumulate $160,000 in student loans… nor do they want to work with idiots like the Neurosurgeon (I don’t actually think he is a Neurosurgeon… maybe a med student daydreaming, but I doubt I would ever put any stock in anyone that leaves a comment like that).
Fact: Primary Care residencies are noticing startling rates of reduced admissions due to the fact that there is not enough compensation in these areas and the ease of getting into other specialties.
Fact: This physician shortage will get worse, and if Americans want health care, they had better buck up and pay for it. Conservatives and Liberals alike can bet their bottom dollar that if physicians are forced into uncomfortable (more than they already are) situations in Medical school and residency, they will leave the health care field and move to something easy… like Law!
Fact: Illegal immigration is destroying reimbursements.
Riddle: A resident makes about $2,200 a month but is expected to pay $2,000 in student loans and has no time to actually get another job because school is kicking his/her @$$… how do they eat, pay rent, own a car, or even afford to bath and practice personal wellness? And if they can manage to somehow scrape by, how do they actually make the transition to becoming a “Good” physician when they could barely concentrate on their studies?
Question: When did education become so expensive? It has always cost us time, patient, and attentiveness… we have always had to sacrifice so much to become educated, but now we also have to go broke to do it?
Question: Don’t those living and growing up in underserved areas have the right to learn to practice medicine as well as those that grow up in significantly better financial situations? Anyone going into medicine under these guidelines would need to have the backing of someone like in Northern Exposure.
In my opinion those that are for students being required to start paying back their student loans while in residency are not thinking on a large scale. This tells me their narrowed views probably have left them lonely and facing the world as outcasts. I don’t care if you are a Conservative (which I am fiscally conservative) or a Liberal, it makes no sense what-so-ever to promise someone FINANCIAL AID (think of the meaning financial aid, don’t just hear it as a word) and then strip that in the time when they need it most.
Without going on to much further, I pitty those people that truly do not understand how humane medicine is, and how beneficial it is to society. If we do not want medical services to go out of the country, we will need to do something about this crisis that will increase attendance into medical school not decrease it.
My parents are not wealthy. Not poor, but not all that well-off either. I went to a private college - a $40,000/year private college - and, because I worked incredibly hard in high school and earned good grades and a lot of awards, the college itself paid for the vast majority of my attendance. NOT your taxes, but the donations of the alumni. I borrowed $4000 total and my parents paid perhaps an equal amount for my entire tuition.
Now, I go to a private medical school. A $40,000/year BEFORE cost of living medical school. By the time I graduate, I will have accrued nearly a quarter of a million dollars in debt (before interest). I have been given less than $5000/year in grants, and forced to borrow the rest of it if I am to do the only thing I ever wanted to do with my life.
I worry about that constantly. It’s the price I have to pay for my dream, so I’ve come to terms with it. But it wasn’t a cavalier decision. I could have gone into law, or business, or something else more lucrative. Someday, when I keep your teenage child from killing herself, won’t you be glad that I decided to go into psychiatry instead? When the government pays me a pittance for that service because you can’t afford to, won’t you be glad that you, too, get to “steal” from your fellow citizens?
Had my parents been poor, instead of simply not rich, odds are I wouldn’t even be asking you these questions. The answer is not to subsidize loan repayment. The answer is to socialize education, as many other countries have done, and to improve the education system. If a child growing up in poverty in the inner city wanted to go to medical school, and didn’t have to decide to take on a debt burden greater than their parents’ lifetime incomes combined, wouldn’t he/she be more likely to graduate from high school and pursue his/her dream? If education was free, for everyone, as far as they wanted to go, I would be d*mn happy to pay more taxes. And I think the US would be a lot better off.