The ADA is asking members to encourage Congress to cosponsor the Resident Education Deferred Interest Act, which would allow medical and dental residents to defer student loan payments until the completion of their programs and suspend the accrual of interest during residency.
In light of the federal student loan interest and payments resuming this month, an Action Alert went out Sept. 28 highlighting the financial impact on new dentists and dental students – many of whom will for the first time be faced with hefty monthly payments. According to the ADA, new dentists start their careers with an average of $305,000 in student loan debt.
The ADA supports a number of student loan reform policies, the Action Alert email said, including lowering student loan interest rates, creating better refinancing terms, supporting loan repayment programs and increasing the deductibility of student loan interest. Additionally, the REDI Act is one of several bills the ADA supports to help future dentists manage educational debt.
“It will not eliminate the burden of educational debt, but it will help offset the unprecedented financial challenges that new dentists face at graduation,” the email reads. “Please email your members of Congress and ask them to support the REDI Act. In doing so, they can express their support for dentists and physicians who provide essential care to patients nationwide.”