The Debt and the Cash Flow of Residents: I. The Grim Present

Thomas B. Corkery, DO
JAMA. 1990;264(10):1248-1249. doi:10.1001/jama.1990.03450100037011.
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To the Editor.—  I am a new physician in practice who recently completed 4 years of medical school in addition to 4 years of postgraduate training. Like most of my colleagues, I have incurred an extraordinary amount of debt to become a physician. I do not regret my decision, but I am troubled by the recent laws that have made low-interest loans unavailable and, most notably, have made the large amount of interest accruing on highinterest loans no longer tax deductible.I understand the need for increased federal revenues, although I believe that it is unfair to apply these new tax law changes toward the loans that were assumed under the old tax laws. The interest on these previously assumed variable-rate educational loans is excessive. Unfortunately, these loans are necessary because of the high cost of our medical training and the absence of low-interest funding. It is true that


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