- The Honorable Jacky Rosen
U.S. Senate
713 Hart Senate Office Building
Washington, D.C. 20510 - The Honorable John Boozman, OD
U.S. Senate
555 Dirksen Senate Office Building
Washington, D.C. 20510 - The Honorable Brian Babin, DDS
U.S. House of Representatives
2236 Rayburn House Office Building
Washington, D.C. 20515 - The Honorable Chrissy Houlahan
U.S. House of Representatives
1727 Longworth House Office Building
Washington, D.C. 20515
Dear Senators Rosen and Boozman and Representatives Babin and Houlahan:
On behalf of our organizations, we thank you for reintroducing the “Resident Education Deferred Interest (REDI) Act” (S 942/HR 2028) that, if passed, will allow borrowers to qualify for interest-free deferment on their student loans while serving in a medical or dental internship or residency program.
The cost of graduate-level medical and dental education is substantial for the vast majority of students. Further, those who spend years in residency with very low pay often cannot begin to repay their student loans after graduation. While they may qualify to have their payments halted during residency through deferment or forbearance processes, interest continues to accrue on their loans and is added to their balance.
The REDI Act addresses this issue by ensuring physicians and dentists are not penalized during residency. The bill prevents the government from charging interest on their loans during a time when they often are unable to afford to make payments on the loan principal. The REDI Act does not provide any loan forgiveness or reduce a borrower’s original loan balance.
Click here to read the full letter.
