Need Financial Assistance? TMA May Have a Fund for That
By Sean Price

The Texas Medical Association oversees an array of funds designed to help physicians with financial needs at every step of their careers, from medical school to retirement. Yet many physicians don’t know about these funds or don’t fully understand how they can help.  

“As a member benefit of TMA, we’re really one of the best-kept secrets that shouldn’t be,” says Gail Schatte, TMA’s associate vice president in charge of the Office of Trust Fund Administration. “Many of our members don’t know that we offer student and resident physician loans. They don’t know that we have a benevolent fund for physicians experiencing personal financial trouble or scholarships, or a science teacher award program.”  

TMA’s Special Funds Foundation and various trusts offer these benefits thanks to generous contributions from physicians and organizations all over Texas. The TMA Foundation also provides funding for select programs. TMA trust funds are all 501(c)(3), which means contributions are tax-deductible.   

Here’s a rundown of the financial assistance available to TMA members and friends of TMA who support scientific literacy:  

• Medical student and resident physician loans – Since 1952, TMA has worked closely with Texas medical schools to offer low-interest loans to qualified medical students from several loan funds. These loans are great for students in need of money to pay for travel to resident interviews or other education-related expenses. TMA also provides loans to resident physicians to help them get started in their careers. For both, loans are available in amounts up to $6,000 with a fixed 4.4% interest rate. The terms are generous, and TMA does not sell its loans to third parties.  
• TMA Scholarship Funds – TMA currently offers six scholarships, the best-known of which is the Diversity in Medicine Scholarship (formerly the TMA Minority Scholarship). In 2023, the Diversity in Medicine scholarship will give $160,000 to the 16 Texas medical schools welcoming freshman classes. At each school, one incoming student will receive a $10,000 scholarship to help pay expenses. (The funding is provided in increments of $2,500 annually.) TMA’s 2023 Diversity in Medicine Scholarship Program is funded by TMA Foundation with generous support from its Bayardo Trust and Patrick Y. Leung, MD, Endowment and annual gifts from H-E-B, Baldemar Covarrubias, MD, TMA county medical societies, and gifts from physicians and their families. Other TMA scholarships provide students assistance in specific circumstances, such as medical students attending school in Harris County. 
• The Physicians Benevolent Fund – Established in 1961, this fund helps Texas physicians and their families in times of need. So far, more than 750 physicians have received assistance totaling more than $3.9 million. Each month, the fund provides financial help to recipients with expenses such as rent or mortgage, utilities, insurance, medical bills, clothing, and food. Some recipients are elderly and not practicing medicine, some are disabled or ill, and some are widowed and raising families. Payments can be provided on a recurring or one-time basis, but all assistance is considered a gift and does not need to be repaid. TMA also provides the Physician Wellness Fund for physicians who need treatment for conditions that affect their ability to practice medicine, and the Disaster Relief Fund for physician practices recovering from a natural disaster.  
• TMA Ernest and Sarah Butler Awards for Excellence in Science Teaching – Medicine is a science, and since 1990 TMA has honored elementary, middle, and high school teachers who use innovative methods to cultivate student interest in science. Physicians are encouraged to nominate candidates for these awards, but teachers also are free to enter themselves. These awards, which give away $62,000 each year, are funded by the TMA Foundation thanks to an endowment established by Dr. and Mrs. Ernest C. Butler of Austin.