Digging deeper to pay for medical school
Quick View. April 18, 2005.
| Median medical
education debt |
|
Public
school |
Private
school |
| 1984 |
$22,000 |
$26,500 |
| 1985 |
$25,000 |
$32,000 |
| 1986 |
$25,000 |
$38,000 |
| 1987 |
$27,000 |
$40,000 |
| 1988 |
$30,000 |
$45,000 |
| 1989 |
$33,000 |
$50,000 |
| 1990 |
$37,000 |
$55,000 |
| 1991 |
no data |
no data |
| 1992 |
$45,000 |
$68,000 |
| 1993 |
$50,000 |
$75,000 |
| 1994 |
$53,000 |
$77,000 |
| 1995 |
$58,000 |
$85,000 |
| 1996 |
$65,000 |
$92,000 |
| 1997 |
$70,507 |
$100,000 |
| 1998 |
$76,000 |
$100,000 |
| 1999 |
$80,000 |
$110,000 |
| 2000 |
$81,500 |
$120,000 |
| 2001 |
$86,000 |
$120,000 |
| 2002 |
$92,000 |
$127,000 |
| 2003 |
$100,000 |
$135,000 |
| 2004 |
$105,000 |
$140,000 |
Medical school costs are rising so sharply that future generations may have a tough time pursuing medical careers.
Since 1984, median tuition and fees rose 312% at public schools and 165% at private schools. In constant-dollar terms, that means a public school medical education costs 50% more today than it did in 1984 and a private school education costs 133% more. In 2004, new physicians graduated with an average $115,000 debt, which at current interest rates results in a $1,242 monthly payment. These are medical school debt figures for a 20-year period. The numbers have not been adjusted for inflation.
Source: Assn. of American Medical Colleges. The "Medical Education and Student Debt" report can be found online (https://services.aamc.org/Publications/showfile.cfm?file=version35.pdf), in pdf.
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Copyright 2005 American Medical Association. All rights reserved.
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