CHICAGO — With the American Medical Association’s strong backing (PDF), the Senate Finance Committee today approved S. 1443, the “Retirement Parity for Student Loans Act,” that will strengthen the retirement options for medical students and others struggling with student debt.
The following statement is attributable to:
Jack Resneck Jr., M.D.
President, American Medical Association
“With medical students forced to take on low-paying residency and fellowship positions for up to eight years post-graduation, this debt-burdened generation of trainees often must forego contributing to their retirement to make student loans payments. This legislation wisely allows retirement plans to make voluntary matching contributions to workers as if their student loan payments were salary reduction contributions.”
“Medical students come from all walks of life, and many accumulate debt every year as a student and post-graduate. We know that many rural and underserved areas are desperate for young physicians, and shouldering a mountain of debt threatens their ability to serve in those areas. This legislation would increase health care access for all Americans, and we look forward to working with Congress to move it forward.”
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About the American Medical Association
The American Medical Association is the physicians’ powerful ally in patient care. As the only medical association that convenes 190+ state and specialty medical societies and other critical stakeholders, the AMA represents physicians with a unified voice to all key players in health care. The AMA leverages its strength by removing the obstacles that interfere with patient care, leading the charge to prevent chronic disease and confront public health crises and, driving the future of medicine to tackle the biggest challenges in health care.