L A N C A S T E R M E D I C A L S O C I E T Y.O R G
LMS Foundation Updates
Elimination of Federal Subsidies for Student Loans**
Since 1991, the Foundation has
awarded over $250,000 in scholarship funds
According to the Association of American Medical Colleges, which has been trying to address the problem for nearly a decade, young doctors who graduated from medical school last year had an average debt of $158,000, or $2.3 billion for the group as a whole. Almost a third of students owed more than $200,000, a number that will only increase with the addition of interest over payback periods of 25 to 30 years.
Lancaster Medical Society Foundation PAYING-IT-FORWARD TO STUDENTS PURSUING A CAREER THAT LEADS TO CARING FOR PEOPLE FIRST, WHILE STRENGTHENING COMMUNITIES AND THE PRACTICE OF MEDICINE.
T
he board of the Lancaster City & County Medical Society knows that a medical education isn’t cheap, and it’s not getting any cheaper. With decreased funding for graduate school and a physician shortage predicted for Lancaster County* in the coming years, LCCMS is determined to pay-it-forward to students following the career path that leads to caring for people first, strengthening communities, and strengthening the practice of medicine. In 1991, the Lancaster City & County Medical Society established the Lancaster Medical Society Foundation. Since then, the Foundation has awarded over $250,000 in scholarship funds to Lancaster County residents attending medical school.
In 2012, the Foundation Board received the greatest number of applications to date. This seems to point to what is already known: there is an increased need for medical students to receive financial assistance. The Lancaster Medical Society Foundation hopes to be able to provide greater assistance to more Lancaster County students in the future. The Foundation is taking seriously the need to raise funds for this goal. In 2012, a record-breaking $29,100 was raised at the medical society’s Annual Holiday Social event. Members, physician practices, and community partners contribute funds directly to the scholarship and sponsor the event. The 2012 Scholarship recipient is Michael Stengel. Michael grew up in
The Budget Control Act of 2011 leaves the Pell Grant program roughly $1.3 billion short for 201213, and eliminates the federal subsidy of loans for graduate students. On average, medical students currently graduate with $160,000 of educational debt. Many graduate with school loans in excess of $250,000. Eliminating these loan subsidies would increase this amount by $10,000 or more.
Pennsylvania is among one of the states with the highest cost of liability insurance. Many physicians across the state already find it difficult to recruit young physicians to practice in Pennsylvania, and increasing the debt burden would only add to that difficulty. For some medical students, such large debts may mean forgoing a medical career altogether. “While some may counter that future doctors can well afford such increases and loans, the rising debt load has had and will have repercussions on patients, particularly those in greatest need,” said Pauline Chen, MD, in a recent article in the New York Times. PAMED, March 28, 2013 pamedsoc.org
*Pennsylvania Medical Society, “State of Medicine,” pamedsoc.org LANCASTER
22
PHYSICIAN