Support Student Loan Reform
The ADA is asking you to urge your members of Congress to take action today to support the following bills:
- H.R. 4631, the Protecting Our Students by Terminating Graduate Rates that Add to Debt Act (POST GRAD Act), would reinstate eligibility for graduate and professional students with financial need to have their student loan interest subsidized while attending school.
- H.R. 4122/S. 3658, the Resident Education Deferred Interest Act (REDI Act), would allow medical and dental residents to defer payments on their federal student loans—and delay the point at which interest begins to accrue—until after completing their residency.
- H.R. 2160, the Student Loan Refinancing Act, would enable borrowers to refinance their federal student loans on multiple occasions to take advantage of lower interest rates.
- H.R. 1918, the Student Loan Refinancing and Recalculation Act, would provide a chance for borrowers to refinance their federal student loans when interest rates are lower. It would also eliminate loan origination fees and allow medical and dental residents to defer payments until after completing their residency programs. Additionally, it would delay the accrual of interest for many low- and middle-income borrowers while they are in school.
- H.R. 4726, the Student Loan Interest Deduction Act of 2021, would double the student loan interest deduction (from $2,500 to $5,000) and eliminate the income limits that disqualify those with higher incomes from reaping the benefit.
- H.R. 7539/S. 2874, the Indian Health Service Health Professions Tax Fairness Act of 2022, would allow dentists participating in the Indian Health Service Loan Repayment Program to deduct interest and principal payments from their federal income taxes, as well as certain benefits received by those in the Indian Health Professions Scholarships Program.
- H.R. 1285/S. 449, the Dental Loan Repayment Assistance Act, would allow full-time faculty members participating in the Dental Faculty Loan Repayment Program (DFLRP) to exclude the amount of the loan forgiveness from their federal income taxes.
- H.R. 2295, the HIV Epidemic Loan-Repayment Program Act (HELP Act), would offer up to $250,000 in educational loan repayment to dentists, physicians, and other health care professionals in exchange for up to five years of service at Ryan White-funded clinical sites and in health profession shortage areas.
As you know, new dentists are starting their careers owing nearly $305,000 in educational debt ($270,125 for graduates from public dental schools and $349,730 for graduates from private dental schools). Although the Biden Administration recently introduced its plan to help mitigate the burden of federal student debt, as you know, more comprehensive student loan reform through Congress is still needed.
A new dentist’s educational debt may influence their career choices, such as pursuing an associateship or corporate career, pooling resources to purchase a retiring dentist’s practice, or practicing in underserved areas. It can also affect other areas of their life, even decisions about starting a family. They also align with the ADA policies on student loans, which can be found here.
Urge your members of Congress to take action today to support their dentist and dental student constituents with the financial burden of their federal student loans.