Proposal would pause radiologists’ student loan interest accrual, principal payments during residency
A bipartisan bill introduced in the U.S. Senate would pause student loan interest accrual during residency or medical internships to ease economic burden and reduce provider shortages.
The Resident Education Deferred Interest (REDI) Act would also suspend principal loan repayment during the same timeframe and include dental students, radiologists and other physician specialists. It’s supported by the American College of Radiology, American Medical Association and several other trade groups.
“As our population ages, it’s important to have healthcare providers who can care for patients, no matter where they live,” said Sen. John Boozman, R-Ark., who introduced the legislation alongside Sen. Jacky Rosen, D-Nev, on Feb. 16. “With the predicted shortage of medical professionals, we must encourage students to pursue careers in medicine and make it easier for them to manage the financial burdens generated during their education.”
ACR announced its support for the REDI Act on Thursday, charging that it will encourage students to pursue careers in medicine. If passed, the bill could potentially make the financial burden of medical school easier to manage, level the playing field between disparate practice settings, and bolster patient access.
“It would save medical and dental residents thousands of dollars in interest and reduce a significant financial burden for radiology residents who typically pursue at least one fellowship and are often unable to begin repaying student debt immediately,” ACR said in a Feb. 24 news update.
Others supporting the bill include the American Academy of Family Physicians, the American College of Physicians, the American College of Emergency Physicians, and the American Psychiatric Association. Earlier this month, Margaret Flinter, PhD, founder of the National Nurse Practitioner Residency and Fellowship Training Consortium, praised the proposal as a “pragmatic and useful” way to ease staffing shortages.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.