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For most applicants, acceptance into medical school is the first step on the way to a lifelong dream of becoming a doctor. Unfortunately, the cost of a medical school education is very high. According to the Association of American Medical Colleges (AAMC), the average cost of one year of medical school at a public university is close to $35,000, while the annual costs of a private medical school education tops $50,000. Very few medical students can pay their tuition in full, grants and scholarships are few and far between, so loans are the primary method of paying for medical school. Most medical school students graduate with a substantial amount of medical school debt, sometimes running into the hundreds of thousands of dollars. The average medical school debt is around $183,000.
On the other hand, physicians generally earn high salaries once they go into practice, so the expectation is that these medical school loans are not beyond the borrower’s ability to repay while maintaining a comfortable standard of living.
What Are Medical School Loans?
Since nearly all aspiring physicians need a way to pay for their education, the answer for most students is obtaining medical school loans. These loans pay for tuition as well as living expenses, although much depends on the specific loan terms. Many students take out loan from more than one lender to cover all of their needs.
When it comes to medical school loans, there is no one-size-fits-all. Every lender and loan type has specific requirements. Interest rates for medical school loans vary considerably.Continue reading