Ontario Medical Students and Residents Need Patients, Not Debt, To Be Their First Priority
Toronto - September 5, 2006 – The Ontario Medical Association (OMA) and the Professional Association of Internes and Residents of Ontario (PAIRO) are calling on the provincial government to alleviate the intense financial pressure of medical student debt. By deferring interest on student loans until after residency training is completed, Ontario will become a more attractive place to practise medicine. This action will put the province in line with other jurisdictions in Canada.
“Residents are still trainees, not full-time practising physicians. Forcing them to start repaying loans during training puts tremendous pressure on our future doctors,” said Dr. David Bach, President of the OMA. “We need to ensure that tuition and debt do not become deterrents to attracting the best and brightest students to medical school.”
This fall, over 900 medical school graduates will be entering Residency in Ontario. Residency marks the end of formal classroom education and signifies the beginning of apprenticeship-style training in family medicine or another specialty.
Newfoundland, Quebec and Saskatchewan have already recognized the importance of deferring the interest on student loans.
The Student Section of the OMA highlights the fact that postponing interest on student loans is being recognized for its value of attracting medical students to positions for which they are best suited, but not necessarily best compensated, by removing the pressure to repay student loans immediately.
The Student Section also points to the fact that medical students are increasingly choosing higher paying specialties instead of family medicine in order to deal with their crushing debt.
The average student debt from medical school has reached over $100,000 dollars and is still rising. A recent survey of Ontario residents reported that greater than 60% described their financial situation as extremely stressful.
“As a result of these excessively high debt loads, residents have a great deal of difficulty just making ends meet. It is an unnecessary burden during a crucial time in their medical training,” said Dr. Kris Lehnhardt, President of PAIRO. “Deferring interest repayment until after residency will mean that residents can concentrate their efforts on meaningful pursuits, such as how best to treat their patients.”
For more information please contact OMA Media Relations at (416) 340-2862 or toll-free at 1-800-268-7215 ext. 2862.
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