Reducing medical student debt: 12 practical tips for innovative service commitment awards.
Michelle Schmude1, Suzanne McNamara1, Roxanne Seymore1
1Geisinger Commonwealth School of Medicine.
Mededpublish (2016)
|December 13, 2023
Summary
Geisinger Commonwealth School of Medicine created the Abigail Geisinger Scholars Program to reduce medical student debt. This initiative offers an innovative service commitment award, decreasing student debt by $3.9 million for 20 scholars.
Area of Science:
- Medical Education
- Health Services Research
- Public Health
Background:
- Rising medical student debt poses a significant financial burden.
- Physician shortages persist in primary service areas.
- Innovative solutions are needed to address these challenges.
Purpose of the Study:
- To introduce the Abigail Geisinger Scholars Program, an innovative service commitment award.
- To reduce the financial debt of medical students at Geisinger Commonwealth School of Medicine (GCSOM).
- To mitigate physician shortages in Geisinger's primary service areas.
Main Methods:
- A collaborative and iterative development process involving diverse stakeholders.
- Selection of 20 medical students for the Abigail Geisinger Scholars Program (10 in spring 2019, 10 in fall 2019).
- Implementation of a service commitment award structure.
Main Results:
- The program is projected to decrease student debt by approximately $3.9 million for the 20 enrolled scholars.
- The program aims to enhance physician availability in underserved Geisinger service areas.
Conclusions:
- The Abigail Geisinger Scholars Program demonstrates a strategic approach to reducing medical student debt.
- This model offers a potential solution for other medical schools facing similar financial pressures.
- Addressing student debt is crucial for maintaining the medical school's mission and workforce stability.
Keywords:
financial aidgift aidloan forgiveness awardsmedical school debtmerit-based financial aidneed-based financial aidservice commitment awardsMore Related Videos
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