Published In

Analysis in Brief

Document Type

Article

Publication Date

8-2017

Subjects

Medical education -- United States -- Costs -- Statistics, Medical students -- Loans, Medical students -- Personal finance

Abstract

Medical school tuition and fees, cost of attendance (COA), and medical student debt have increased over the past decades. In 2016, 76% of medical school graduates had education debt, with a median amount of $190,000. After residency, a borrower at that debt level would have monthly payments ranging from $1,500 to $2,800 or more, depending on their repayment plan, residency length, and future income. Most medical students continue to borrow six-figure amounts to help finance their education costs, making issues related to attendance cost and debt of great interest to numerous stakeholders.

In this Analysis in Brief, we examine three research questions. First, we conduct trend analysis to examine how the COA at medical schools has changed from 2009 to 2016, updating prior research in this area. Second, we examine how medical education debt levels for graduating students have changed in that same time period. Third, we examine how medical school COA trends compare to undergraduate higher education COA trends, given that the majority of medical schools are financially integrated with their parent institution. In recent years, repayment options have expanded, including more plans that link monthly payment amounts to income, not debt level. This research will help stakeholders understand current trends so that repayment scenarios that graduates face today can be better understood.

Description

At the time of publication Sarah Bunton was associated with the Association of American Medical Colleges

Persistent Identifier

https://archives.pdx.edu/ds/psu/30572

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