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Like many doctors, emergency room doctor Stacie Solt graduated from medical school with a massive amount of student debt — $200,000 in student loans, to be exact.
Undue Medical Debt, formerly RIP Medical Debt, [1] is a Long Island City–based 501(c)(3) charity [2] focused on the elimination of personal medical debt. [3] Founded in 2014 by former debt collection executives Jerry Ashton and Craig Antico, [4] the charity purchases portfolios of income-qualifying medical debt from debt collectors and healthcare providers, and then relieves the debt. [5]
Medical debt is a major financial burden for millions of Americans, with amounts varying widely from state to state. Factors such as healthcare costs, insurance coverage, state policies, health ...
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Many students cannot get loans or determine that the cost of going to school is not worth the debt, believing that they would still be unable to make enough income to pay it back. [124] Some universities steered borrowers to preferred lenders that charged higher interest rates.
[17] [18] [19] By 2019, the total college debt exceeded US$1.5 trillion, and two out of three college graduates were saddled with debt. [27] Glenn Reynolds argued in his book, The Higher Education Bubble (2012), that higher education as a "product grows more and more elaborate—and more expensive—but the expense is offset by cheap credit ...
A group of med school students is going viral after sharing how much debt they'll be in when they graduate.
The nonprofit looks for bundled packages of debt from first or third party agencies which the group negotiates to purchase at discounted prices (pennies on the dollar). The two women initially raised $12,500 and used this money to purchase $1.5 million of medical debt through RIP Medical Debt, which was then forgiven. [33]