On June 10, the Senate Health, Education, Labor, and Pensions Committee released reconciliation recommendations that would direct sweeping cuts to federal student loan programs, including those relied upon by pharmacy students nationwide. This proposal includes language terminating the federal Grad PLUS program, capping federal graduate student loan assistance at $200,000 per borrower, and eliminating subsidized loans for future borrowers.
Elimination of the GRAD Plus Loan program could shift a significant number of borrowers toward private, higher-interest loans. These private loans often lack the safeguards built into federal student loan programs, while leaving America’s future pharmacy workforce saddled with higher interest rates. The strict credit checks required by these programs also stand as a significant barrier to entry for prospective students seeking a career in pharmacy.
And crucially, the consequences of these limitations to federal student loans extend far beyond the plight of pharmacy students. According to a recent health care workforce analysis by the National Institute of Health Care Management Foundation, health care workforce shortages in the United States are predicted to rise significantly by 2037, with rural communities facing an outsized portion of this burden. These cuts will only exacerbate future workforce shortages, limiting access to care while generating significant strain on the greater health care system.
Join AMCP, ASHP, AACP, and APhA in urging Congress to ensure that the budget reconciliation bill does not terminate the Grad Plus Loan Program or unreasonably cap the amount that student pharmacists are able to borrow to attend pharmacy school.