a very difficult question to answer, for now i'll say yes, but there're just so many things to consider.
By lowering the cost along with the payout of medical education, you're going to decrease the competition and even the quality of students that go into this field. Also, because the cost is low, i think people would take medicine less seriously as a career than they do now, because if they don't like it, they don't have to be committed. thus the students entering this career might not be as dedicated to begin with. As such, i don't know if i would like my peer group as a physician in this hypothetical universe.
although it greatly saddens me to admit this, money and respect are pretty intertwined in our society. Just look at teachers and professors, who have such an impact on people everyday and yet, aren't paid well, and aren't well respected. being paid less is associated with being less in demand and thus the dynamic between consumers (patients) and producers (doctors) would change entirely.
my point is, money is so deeply ingrained in our world that you can't just change the fiscal aspect of medicine without repercussions on the social or emotional aspects.