A new bill introduced in Pennsylvania's House would make the state pay medical students' loan debt for graduates who agree to practice medicine in the state for 10 years.
Introduced by Rep. Josh Shapiro (D-Pa.), House Bill 1093 addresses the state's difficulty with keeping doctors within its borders, a factor likely to spur a shortage of physicians in the near future.
"The major problems we have are that 41 percent of our physicians will retire in the next 10 years; 3 percent are under the age of 35; and 8 percent of our medical students stay in practice, down from 50 percent 10 years ago," Shapiro said.
The "debt forgiveness" program would be available to physicians who pledge to stay in Pennsylvania for at least 10 years. The state would pay 10 percent of a physician's student loans each year.
Physicians who enter the program and then decide to leave to practice outside of Pennsylvania would be responsible for paying the rest of their debt. Additionally, such physicians would have to repay the state for the loan payments already made.
Any medical student is eligible for the program, as long as he or she agrees to the 10-year commitment, Shapiro said. The program is being re-examined to determine the amounts of money to be shouldered by the state.
The Pennsylvania Medical Society, the state's chapter of the American College of Physicians and the Hospital and Healthsystem of Pennsylvania supported the bill at a June 4 press conference in Harrisburg. ACP's John Derrickson said the bill addresses the "crushing burden of medical school debt for young doctors."
The estimated average debt for medical students typically ranges from $130,000 to $140,000, Shapiro said.