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  • sdadmin
    Keymaster
    February 21, 2019 at 1:58 pm #2334
    1. WHEREAS, A student attending a college of osteopathic medicine can expect to pay on average
    2. $301,704 in approximate total cost of attendance as an in-state resident, and $318,216 as an out of
    3. state resident over a four-year period1; and
    4. WHEREAS, medical and other health professions students requiring student loans utilize Federal
    5. Direct Unsubsidized Loans in combination with Federal Direct Graduate PLUS Loans; and
    6. WHEREAS, the 2017-2018 academic year interest rates for these loans for are 6% and 7%
    7. respectively for graduate or professional students1; and
    8. WHEREAS, the average osteopathic medical student graduates with an average of $247,218 of
    9. debt2; and
    10. WHEREAS, medical student loan debt may play an increasing role in negatively impacting the
    11. specialty choices of physicians and practice, and equitable access for patients; and
    12. WHEREAS, student loan repayment must begin within six months of graduating from an
    13. accredited medical or other health professions school; and
    14. WHEREAS, student debt has been shown to be a factor in stress and burnout in health
    15. professionals4; now, therefore, be it
    16. RESOLVED, that the American Osteopathic Association (AOA) collaborate with the American
    17. Association of Colleges of Osteopathic Medicine (AACOM) and its ED to MED campaign to
    18. advocate for federal policies to help osteopathic medical students – the future physician workforce –
    19. better afford their medical education and have the financial incentive and security to serve the
    20. nation’s underserved communities and patients; and be it further
    21. RESOLVED, that the AOA work in collaboration with and support efforts of the AACOM to
    22. advocate for federal policies that lower federal graduate student loan interest rates and protect
    23. graduate student loan programs to include loan forgiveness and repayment programs; and be it
    24. further
    25. RESOLVED, that the Student Osteopathic Medical Association (SOMA) work in collaboration
    26. with and support efforts of the AACOM to advocate for federal policies that lower federal graduate
    27. student loan interest rates and protect graduate student loan programs to include loan forgiveness
    28. and repayment programs.

    Explanatory Statement
    To address the burden of debt for medical and other health professions students and the ensuing impact on the future health care workforce.

     
    References

    1. Tuition and Fees—First Year – AACOM. (n.d.). Retrieved from http://www.aacom.org/docs/default-source/data-and-trends/tuition-amp-fees_2017-18_2008-09.pdf
    2. 2016-17 Osteopathic Medical College Cost of Attendance. (n.d.). Retrieved from http://www.aacom.org/docs/default-source/data-and-trends/2016-17cost-of-attendance.pdf
    3. Interest Rates and Fees. (2017, December 18). Retrieved from https://studentaid.ed.gov/sa/types/loans/interest-rates
    4. Survey of Graduating Seniors 2016-2017 Academic Year – AACOM. Retrieved from https://www.aacom.org/docs/default-source/data-and-trends/aacom-2016-17-graduating-seniors-survey-summary-report.pdf?sfvrsn=8
    5. Coffey, D. S., Eliot, K., Goldblatt, E., Grus, C., Kishore, S. P., Mancini, M. E., . . . Walker, P. H. (2017). A Multifaceted Systems Approach to Addressing Stress Within Health Professions Education and Beyond. National Academy of Medicine,1-7. https://nam.edu/wp-content/uploads/2017/01/Multifacted-Systems-Approach-to-Addressing-Stress-Within-Health-Professions-Education-and-Beyond.pdf
    6. Tuition and Fees—First Year – AACOM. (n.d.). Retrieved from http://www.aacom.org/docs/default-source/data-and-trends/tuition-amp-fees_2017-18_2008-09.pdf?sfvrsn=6
    7. 2016 – 2017 Osteopathic Medical College Cost of Attendance – AACOM. Retrieved from http://www.aacom.org/docs/default-source/data-and-trends/2016-17cost-of-attendance.pdf?sfvrsn=17
    8. AOA Physician Wellness Strategy. (2017, October 26). Retrieved from http://www.osteopathic.org/inside-aoa/development/research-and-development/Documents/aoa-physician-wellness-strategy.pdf (CONFIRM LINK)

    Submitted by:
    Jamie Beckman, OMS III – Edward Via College of Osteopathic Medicine -Carolinas
    Christopher Walker, OMS III – Campbell University School of Osteopathic Medicine

    Action Taken:

    Date:
     
    Effective Time Period:
    (If this resolution represents a permanent change, declare “Ongoing”. If the
    resolution is of a short-term nature, specify a date that this resolution could be removed from the
    Policies Section since the resolution would no longer be in effect.)

  1. Scott Given
    Marian University College of Osteopathic Medicine
    Posts:
    February 28, 2019 at 8:42 pm #2427

    My name is Scott Given, and I am an OMS-2 at Marian University College of Osteopathic Medicine in Indianapolis. Several classmates and I recently founded a Student Organization at our COM in the Spring of 2018 that encompasses the financial, managerial, and entrepreneurial aspects of medicine. One of our primary goals is to bring awareness to these issues discussed in the resolution above. We are working closely with administration at our COM to advocate for improved business/financial literacy among the medical student body, and we are currently in the process of designing a foundational education series to address these very needs. Medical education is an enormous investment, and a combination of proper student acumen and policy advocation will help to make vast improvements to these issues. We support this resolution, and would love the opportunity to connect and work with the greater osteopathic community in achieving these goals.