On August 31, the current pause on student loan repayment, interest, and collections will expire. This pause was implemented in response to the COVID-19 pandemic and has provided much needed short-term relief, which has been particularly helpful to family physicians who were financially strained by disruptions to their practice.
Additionally, The American Academy of Family Physicians (AAFP) recognizes that a long-term solution is needed to comprehensively address the student debt issue, and it has been urging Congress to pass common sense solutions – such as the Resident Education Deferred Interest (REDI) Act (H.R. 4122/S.3658). The REDI Act would allow medical students to qualify for interest-free deferment on their student loans while in a residency training program, creating more financial viability for physicians to specialize in family medicine and primary care. Providing interest accrual relief during residency would make opening practices in underserved areas, becoming faculty, or entering research more attractive and affordable to residents, as well as address the cost barrier for medical students entering primary care.
Join the AAFP in urging Congress to immediately address medical student debt by Speaking Out today!