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Average Medical School Debt
The average medical student graduates with $200,000 in debt. Find more stats about medical school debt in our report.
by Christopher Pratts and Lyss Welding
Edited by Jordan Stewart-Rozema, Ph.D.
Fact-checked by Marley Hall
Published October 13, 2022
Data Summary
- Each year, thousands of medical school students graduate with roughly $3 billion in total student loan debt.[1]
- In 2022, the median medical school debt was $200,000.[2]
- Borrowers with medical school debt may take 20-25 years to repay federal loans in income-driven repayment (IDR) plans.[1] Some doctors may repay student loans in less time.
- Medical specialty (e.g., surgery, family medicine, radiology, etc.) can influence the average time to pay off medical school debt.[1]
- But, debt does not influence most medical students’ specialty choice.[2]
- Medical school debt is highest and most common among Black med school graduates.[1]
- Medical school debt is higher and more common among low- and middle-income students.[1]
Medical school can cost a quarter of a million dollars or more. Students can rarely afford to pay without taking out student loans.
While doctors can end up making a lot of money, many still spend over a decade in debt. And doctors who come from less wealthy families face the highest debt levels.
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This report dives into the typical medical school debt and the average time to pay off medical school debt, plus factors that make a difference in the amount of debt doctors owe.
Read More:
https://www.bestcolleges.com/research/average-medical-school-debt/
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