Average debt for medical students?

[DoctorWannaBe]

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I have read figures stating that the average debt of medical students is $100,000-$120,000. I don't understand how this is possible if private schools charge $30,000+ for tuition. Tuition alone would cost $120,000, and with the cost of living and interest figured in, $100,000 seems like a low number. Do a lot of people get scholarships or have significant savings? How do they manage to have such "low" debt at private schools?

 

[mpp]

According to the AAMC, the average debt for graduates of private schools in 2001 was $118,829. However, almost 30% had more than $150,000. There is a lot of scholarship money provided by the schools, and I suppose people get money from savings or family. If you are not yet in medical school, a good question to ask schools is the average debt of the most recent graduating class. Be wary of schools that will not provide you this information or if the debt seems too high for the situation. Unfortunately, for some good private schools in expensive areas, there is just no other way around it then to graduate with a lot of debt. Don't make it the only factor when deciding on schools, but it definitely should be taken into consideration.

 

[Blade28]

It's definitely going to be higher than that for me, once you factor in housing ($900/month), bills, etc. 🙁

 

[jon_jon]

Not to over-generalize, but from talking to many pre-meds, med students and residents, people with acceptances from both private and public medical schools tend to go to a private medical school if they have decent financial support from their families (e.g. parents are doctors). If they don't, they are equally happy to attend their state medical school, where they get just as good a medical education at a lower cost.

In this case, people attending private medical schools don't necessarily have higher student loan amounts, because of their family financial support.

I would also say this is also true for undergraduate student loans. A lot of people graduating from private colleges do not have any student loans thanks to their affluent parents.

 

[VitaminK]

Unfortunately for me by the time I get out of med school my debt will be well over $200,000. I go to a combined 6 yr program so I have to pay an outragous tuition for not only 4 years but 6. On top of that I have to pay for my own cost of living. Plus my school doesn't offer any scholarships, so that means I live entirely off of loans. The only plus side is that I will be out of school atleast 2 years sooner than everyone else, so I can start making that money to pay back my loans.

 

[Blade28]

Originally posted by VitaminK
Unfortunately for me by the time I get out of med school my debt will be well over $200,000. I go to a combined 6 yr program so I have to pay an outragous tuition for not only 4 years but 6. On top of that I have to pay for my own cost of living. Plus my school doesn't offer any scholarships, so that means I live entirely off of loans. The only plus side is that I will be out of school atleast 2 years sooner than everyone else, so I can start making that money to pay back my loans.

6 years for what? Just med school???

 

[Idiopathic]

Some schools (Duke comes to mind) offer sizeable grant packages to all students who fill out financial aid paperwork. My tuition there would have been about as much as my state school, even though it is 'listed' @something like 28K.

 

[Idiopathic]

Originally posted by Blade28
6 years for what? Just med school???

No, I think the poster is referring to a combined B.S/M.D. program.

 

[VitaminK]

Yes that is correct. It is a combined BS/MD program. I entered it straight out of high school. So instead of going to 4 years of undergrad, taking the MCAT, and then going to another 4 years of med school, I just went to go straight to med school.

 

[jon_jon]

VitaminK is lucky in that s/he will be out 2 years earlier and be able to pay back loans sooner.

However in my opinion, I think you do lose out by missing out on 2 years of college, the best years of your life where you grow a lot as an individual. As most people will agree, medical school is very different from college because you haev to be that much focused and you don't have as much free time to explore and expand your horizons as in college.

 

[gary5]

The average is probably $120k because 25+% of the students get everything paid for by their parents (doctors, business owners, asians etc). I'm expecting to hit $200k: 30+/yr for school, 15+/yr for living, insurance, etc.

 

[Amy B]

My tuition alone is $30,000 per year, so I am already at $120,000 before any living expenses added in. Plus I have $50,000 for undergrad. YIKES, I'm broke and I haven't even started.

I have found out something about being accepted.... IT FREAKS YOU OUT when you start thinking about the details!!!!!!!!!!!

 

[OrthoFixation]

Yet another benefit of being non-trad. I have repaid my undergrad loans (~$20K)

Now the meter will begin to run once again (when I matriculate). Boo, hiss. It is a good financial investment, depending on your area of practice.

I anticipate $120K total with in-state tuition in Texas.