REPORT OF BOARD OF TRUSTEES
BOT Report 5-A-07
Subject: Medical Student and Resident Physician Loan Funds
Presented by: C. Bruce Malone, MD, Chair
Members of the Board of Trustees serve as trustees or as members of the boards of trustees for five student loan funds: Dr. S. E. Thompson Scholarship Fund, May Owen Irrevocable Trust, Texas Medical Association Alliance Student Loan Fund, and, through the TMA Special Funds Foundation, Durham Student Loan Fund, and Medical Student Loan Fund. From June 1 to Dec. 31, 2006, 137 loans totaling $402,300 were awarded from the five funds.
The Dr. S. E. Thompson Scholarship Fund and the Patricia Lee Palmer, MD, Memorial Resident Loan Fund offer loans to resident physicians. Seven resident loans totaling $21,000 were awarded from June 1 to Dec. 31, 2006.
In February, the board approved allocations for the 2007-2008 school year totaling $778,000, including $36,000 for resident physicians. The loan allocations to the eight medical schools are based on availability of funds and the history of each school's utilization.
The 2005-2006 allocations totaled $830,000, including $51,000 for resident physicians. As of Dec. 31, 2006, 61 percent, or $478,300 of the $779,000 allocated for medical student loans, was utilized. Thirty-five percent of the amount allocated, or $18,000 of the $51,000 allocated, was issued in loans to resident physicians. Of the total $830,000 allocated, $496,300 or 60 percent had been utilized.
TMA House of Delegates: TexMed 2007