I would like to find out the range of total med school student loan debt after 4 years. I will have approx. $120,000. Is this average?? I'm trying not to freak out but it's hard. Thank god I'm able to defer these loans through residency.
total debt after med school
- Thread starter drlee
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Average medical student debt for graduates of U.S. allopathic medical schools last year was $103,855. More than 20% of students had debt over $150,000. You will not be alone...
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I think mean figures may be misleading because they can be skewed by those students that graduate med school with little to no debt. I'll be attending a state school in NY and based on my first year "financial aid package"(100% loans), I'll be looking at 140-160K in debt, which is pretty freakin pathetic. I guess that most people either qualify for grants/scholarships or get a whole lot of help from their parents. Anyhow, I def feel a bit mislead/naive about debt statistics.
Even w/help from my parents (everything but the tuition), I'll still be looking at 140K in debt since I go to a private school. That's 140K w/o interest and undergrad loans, so I think the 103K figure might be on the lower side.
Those amounts I quoted are for people that graduated in 2002 meaning they started medical school in 1998. Cost of medical education (and the cost of living) rises each year and therefore the mean average debt for graduates will be higher for later years.
The best total breakdown I could find were for graduates in 1999:
Less than $50,000 - 20%
$50,000 - $99,999 - 40%
$100,000 - $150,000 - 26%
Greater than $150,000 - 14%
Obviously this continues to shift upwards (such that the 2002 figures i could find have 20% in the top bracket).
The best total breakdown I could find were for graduates in 1999:
Less than $50,000 - 20%
$50,000 - $99,999 - 40%
$100,000 - $150,000 - 26%
Greater than $150,000 - 14%
Obviously this continues to shift upwards (such that the 2002 figures i could find have 20% in the top bracket).
Found some more recent data from 2001:
PRIVATE SCHOOLS
URM:
No debt - 8%
<$25k - 5%
$25-50k - 5%
$50-75k - 10%
$75-100k - 13%
$100-150k - 29%
>$150k - 30%
NON-URM
No debt - 20%
<$25k - 5%
$25-50k - 8%
$50-75k - 8%
$75-100k - 9%
$100-150k - 22%
>$150k - 29%
PUBLIC SCHOOLS
URM:
No debt - 8%
<$25k - 4%
$25-50k - 5%
$50-75k - 10%
$75-100k - 16%
$100-150k - 20%
>$150k - 6%
NON-URM
No debt - 17%
<$25k - 5%
$25-50k - 11%
$50-75k - 15%
$75-100k - 20%
$100-150k - 27%
>$150k - 6%
source
PRIVATE SCHOOLS
URM:
No debt - 8%
<$25k - 5%
$25-50k - 5%
$50-75k - 10%
$75-100k - 13%
$100-150k - 29%
>$150k - 30%
NON-URM
No debt - 20%
<$25k - 5%
$25-50k - 8%
$50-75k - 8%
$75-100k - 9%
$100-150k - 22%
>$150k - 29%
PUBLIC SCHOOLS
URM:
No debt - 8%
<$25k - 4%
$25-50k - 5%
$50-75k - 10%
$75-100k - 16%
$100-150k - 20%
>$150k - 6%
NON-URM
No debt - 17%
<$25k - 5%
$25-50k - 11%
$50-75k - 15%
$75-100k - 20%
$100-150k - 27%
>$150k - 6%
source
