The Budget Control Act of 2011 leaves the Pell Grant program roughly $1.3 billion short for 2012-13, and eliminates the federal subsidy of loans for graduate students.
As Congress is in recess until early September, the best way that medical students can take action now is to personally contact their local members of Congress while they are back in their districts for the summer. Urge them to consider alternative solutions to student loan reforms that would not impose an additional debt burden on medical students.
If you are unable to personally visit or call them while they’re in your local legislative district, you also can contact your members of Congress through PAMED’s Grassroots Action Center.
On average, medical students currently graduate with $160,000 of educational debt. Many graduate with school loans in excess of $250,000. Eliminating these loan subsidies would increase this amount by $10,000 or more.
“This has come just behind recent announcements of several states slashing funding to universities, resulting in increased tuition costs,” said Alan Rosenbaum, Pennsylvania Medical Society (PAMED) medical student trustee, member of the Medical Student Section Governing Council, and a medical student at the University of Pittsburgh College of Medicine. “This legislation affects all areas of graduate and professional work, even those with less earning potential.”
Mr. Rosenbaum said, “In a society that relies heavily upon services, research, and development, it is vital for us as a country to remain competitive in the global market by fostering the kinds of programs that promote high level innovation. Our country depends upon new findings and applications in mathematics, computer science, medicine, and engineering more than ever, and barriers to accessing that education—like loan burdens and tuition prices—should be removed, not entrenched.”
Pennsylvania is among one of the states with the highest cost of liability insurance. Many physicians across the state already find it difficult to recruit young physicians to practice in Pennsylvania, and increasing the debt burden would only add to that difficulty. For some medical students, such large debts may mean forgoing a medical career altogether.
“While some may counter that future doctors can well afford such increases and loans, the rising debt load has had and will have repercussions on patients, particularly those in greatest need,” said Pauline Chen, MD, in a recent article in the New York Times.
As PAMED leaders consider ways to help the students oppose these cuts, stay tuned for more information on this issue.