What is the average medical school debt? Right now, we’re talking
about $192,000 or so is the average that the
American Association of Medical Colleges reported. That’s now just for people
who have student loan debt and I think that figure is
not necessarily the reality. First off, that’s the median. So that’s just the 50th percentile result. And then another thing to consider is that people go to med school with hugely different financial positions. You can go to med school
and come out with $50,000 of student loan debt because
you get a great scholarship or maybe your family’s wealthy and you don’t really need
to take out that much debt. Or maybe you have a spouse
who’s supporting you while you’re going to medical school. So something like the average
medical school loan debt is not a great statistic to look at. I will say this, our clients that, and we’ve consulted with
around 300 physicians, have had an average loan
debt of about $318,000. For medical school. That’s a big, big sum. Most people are doing public
service loan forgiveness but a large minority of folks are also refinancing their loans as well through our refinancing links at studentloanplanner.com/refi. And the thing to consider
is while it really depends on what school you’re gonna go to, how much debt you’re going
to come out with of course. So if you go to a private medical school, while the American Association
of Medical Colleges says only 21% of people graduate with more than $300,000
of student loan debt, it certainly seems like
there’s more people graduating with that
amount of debt, on my end. I’ve seen all kinds of people coming out with $300-350 even $400,000
of medical school loans and then that debt grows
while you’re in residency making payments that are
based on your income, which is only a fraction of your interest. So keep that in mind that
average medical school debt can be also something
that goes up over time. The people who have medical
degrees now, MDs and DOs, you cannot buy that
education at today’s prices. You’re gonna have to pay
future prices for tuition which is probably gonna go up. And the cost for residents
per public medical schools is around $36,000 a year or so. For out of state residents
it’s about $60,000. That’s roughly the same as
for private medical schools. And that’s just tuition costs. You have to borrow for living expenses, for various fees, for health insurance, and if you have dependents,
you might even need to borrow an additional amount of money to be able to afford things like childcare and other things like that. So if you’re going to medical school, know that the average medical school debt that you’ll come out with, I would predict would be around $250,000 on average for four years from now. And I think that the range
in that medical school debt can be anywhere from maybe
$150,000 or a little bit less if you go to a cheap school and
maybe have some family help. To as much as $400,000 or
$450,000 or even $500,000 if you go to some of the
most expensive schools. Of course, some med
schools are coming out with free tuition or discounted tuition with very wealthy backers
because of the prestige of naming a medical school after yourself. That’s really wonderful,
while I think that’s great, it’s not really reflecting the reality of the average person that’s
going to medical school these days that’s coming out owing more than a really solid
attending level income. So medical school is not the financial bet that it used to be. It can still be very successful and we can help you probably save money and find more savings than
what you’re doing currently. But still average amount
of medical school loan debt does not get covered
enough about how really bad some of the cases are out there. And how much schools are charging.