Cabinet introduced a promised 50% bonus on loan forgiveness for medical students who agree to work in rural Canada, according to Blacklock’s Reporter. “While there are many reasons for doctors and nurses to work in rural and remote areas, research demonstrates monetary incentives are an important factor in recruiting doctors and nurses to these communities,” said Employment and Social Development Canada (ESDC) in a regulatory impact analysis statement. The Canadian Institute for Health Information said Canada has 94,000 doctors. More than nine-tenths of these doctors work in cities. ESDC said loan forgiveness should attract 5,257 family doctors and nurses to rural areas. Under Canada Student Loans Act regulations from 2013, medical students who agree to live and work in communities of fewer than 50,000 people qualify for loan waivers totalling $40,000 for doctors and $20,000 for nurses over five years. Amendments that took effect raised five-year loan forgiveness up to $60,000 for doctors and $30,000 for nurses. “Amendments will forgive the federal student debt of family physicians, nurses and nurse practitioners who work in rural and remote communities,” said ESDC. “Research demonstrates that loan forgiveness and loan repayment programs are strong incentives that may influence medical residents’ career choices.”Costs to taxpayers were estimated at $2.3 million annually. It acknowledged an increase in the number of doctors and nurses in rural and remote regions “is likely to result in better health outcomes in rural and remote areas of Canada.”The University of Alberta said in a report in 2022 a four-year medical degree costs about $160,000. Expenses included $83,000 in tuition and fees. Health Canada pointed out in a briefing note in June shortages of doctors and nurses across Canada were serious. “The shortage is expected to get worse,” said Health Canada. “The workforce could see a 16% loss in the nursing profession within the next year.”ESDC confirmed in July it was working on a 50% bonus on loan forgiveness for medical students willing to serve in rural areas. READ MORE: Boosting rural healthcare, 50% loan forgiveness bonus to help doctor shortageThis initiative, which is expected to cost $3.2 million annually, addresses the shortage of doctors and nurses in rural areas. “Among the many factors that contribute to the limited access to healthcare services in rural and remote areas is the challenge of attracting family physicians, nurses and nurse practitioners to these communities,” it said.
Cabinet introduced a promised 50% bonus on loan forgiveness for medical students who agree to work in rural Canada, according to Blacklock’s Reporter. “While there are many reasons for doctors and nurses to work in rural and remote areas, research demonstrates monetary incentives are an important factor in recruiting doctors and nurses to these communities,” said Employment and Social Development Canada (ESDC) in a regulatory impact analysis statement. The Canadian Institute for Health Information said Canada has 94,000 doctors. More than nine-tenths of these doctors work in cities. ESDC said loan forgiveness should attract 5,257 family doctors and nurses to rural areas. Under Canada Student Loans Act regulations from 2013, medical students who agree to live and work in communities of fewer than 50,000 people qualify for loan waivers totalling $40,000 for doctors and $20,000 for nurses over five years. Amendments that took effect raised five-year loan forgiveness up to $60,000 for doctors and $30,000 for nurses. “Amendments will forgive the federal student debt of family physicians, nurses and nurse practitioners who work in rural and remote communities,” said ESDC. “Research demonstrates that loan forgiveness and loan repayment programs are strong incentives that may influence medical residents’ career choices.”Costs to taxpayers were estimated at $2.3 million annually. It acknowledged an increase in the number of doctors and nurses in rural and remote regions “is likely to result in better health outcomes in rural and remote areas of Canada.”The University of Alberta said in a report in 2022 a four-year medical degree costs about $160,000. Expenses included $83,000 in tuition and fees. Health Canada pointed out in a briefing note in June shortages of doctors and nurses across Canada were serious. “The shortage is expected to get worse,” said Health Canada. “The workforce could see a 16% loss in the nursing profession within the next year.”ESDC confirmed in July it was working on a 50% bonus on loan forgiveness for medical students willing to serve in rural areas. READ MORE: Boosting rural healthcare, 50% loan forgiveness bonus to help doctor shortageThis initiative, which is expected to cost $3.2 million annually, addresses the shortage of doctors and nurses in rural areas. “Among the many factors that contribute to the limited access to healthcare services in rural and remote areas is the challenge of attracting family physicians, nurses and nurse practitioners to these communities,” it said.
