Do doctors struggle to pay off student loans?
Asked by: Rudy Stokes | Last update: July 31, 2025Score: 5/5 (16 votes)
Throughout various medical career paths, a physician with an initial $200,000 federal loan can expect to pay upwards of $350,000 in repayments, including interest, through the lifetime of the educational loan. Interest payments alone can account for $164,000 – $254,000 of repayments.
Do doctors struggle with student loans?
A doctor's average student loan debt is $243,483, more than seven times that of the average four-year college graduate. Paying off medical school debt can take 10–30 years, excluding undergraduate student loans.
How long does it take for a doctor to pay off student loans?
Data Summary. Each year, thousands of medical school students graduate with roughly $3 billion in total student loan debt. In 2023, the median medical school debt was $200,000. Borrowers with medical school debt may take 20-25 years to repay federal loans in income-driven repayment (IDR) plans.
Are most doctors able to pay off their debt?
Of the physicians surveyed, about one-third (31%) of respondents reported having already paid off their medical school debt. Of those, 16% took 10 years or more to pay it off while over half (56%) took six years or more.
What age do most doctors pay off their student loans?
Consistent and on-time payments will see an average medical graduate concluding loan repayments around age 50. This long-term commitment underscores the need for strategic financial planning, as it will significantly influence the personal and professional aspects of a physician's life for decades.
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How much does the average doctor pay in student loans?
Loan and Repayment Statistics
Throughout various medical career paths, a physician with an initial $200,000 federal loan can expect to pay upwards of $350,000 in repayments, including interest, through the lifetime of the educational loan. Interest payments alone can account for $164,000 – $254,000 of repayments.
What is the average debt for doctors?
Average medical student debt: the data
On average, students graduate from medical school with about $227,000 in student loan debt, including both graduate school and undergraduate pre-medical programs, the Association of American Medical Colleges (AAMC) reports.
How much does 8 years of medical school cost?
The cost of eight years of medical school, which includes four years of undergraduate education and 4 years of medical school, can be substantial. The combined cost for eight years of education can range from $309,232 to $442,384, excluding additional expenses such as room, board, and books.
Can doctors get student loan forgiveness?
Through this program, physicians working at eligible nonprofit or government organizations can have the remaining federal student loan debt forgiven after 10 years of repayment (120 qualifying payments) and you'll also be able to enroll in an IDR plan.
How long does it take to pay off 30k in student loans?
For example, if you had $30,000 in student loans at 7% interest and a 10-year loan term, your monthly payment would be $348. Over the life of your loan, you'd repay a total of $41,799; interest charges would cause your balance to grow by over $11,000.
How many years is med school?
Medical school typically lasts four years, but three-year accelerated programs have been emerging. Once someone receives either an M.D. or D.O. degree, they go on to the next phase of their medical training, typically a residency in their desired specialty, such as surgery or radiology.
What is the average student loan debt?
The average federal student loan debt balance is $38,375, while the total average balance (including private loan debt) may be as high as $41,520. 4.86% of federal student loans dollars were in default as of 2024's fourth financial quarter (2024 Q4); 1.61% of private student loans were in default as of 2024 Q1.
Why do med students have so much debt?
While there are a multitude of causes for the growing debt burden, the most significant remains the massive increase in tuition costs across the country's medical institutions: Over the past twenty years, median medical school tuition and fees have increased by 165% in private schools and by 312% in public schools.
Is student loans considered bad debt?
Some loans are better for your finances than others. “Good debt” includes funding that puts you in a better financial situation in the long run, while “bad debt” leads to credit problems. Student loans are typically considered good debt because a higher education can lead to the career or income you want.
How much does it cost to become a doctor?
According to the AAMC, the median four-year cost of public medical schools is $268,476 for resident students, while students at private medical schools pay a median of $363,836.
Do you get paid during residency?
Some larger healthcare organizations offer competitive residency programs with supplemental compensation networks in addition to a base salary. Kaiser Permanente's Southern California residency program, for instance, provides benefits such as a housing stipend and meal allowance.
What is the average age to finish medical school?
What is the average age of medical students? The average age of first-year medical students is 24, and most students are 28 years old upon graduating. However, there is a wide age range for medical students. For the 2023-2024 medical school class, matriculants ranged in age from 18 to 62.
Do most doctors pay off their student loans?
Nearly three-quarters (74%) were medical school debt-free in five years or less, while 47% had paid off their loans in two years or less.
How much is the average doctor worth?
In comparison, physicians as a whole are doing very well. More than half of respondents report a net worth exceeding the national net worth average figure of $748,800. Nearly six in 10 (59%) of respondents said they are worth more than $1 million, consistent with physicians surveyed in 2022.
What is considered high medical debt?
We define high medical debt burden as debt that exceeds 20% of a household's annual income. Although just 4% of all households reported high medical debt burden, health and economic factors can also contribute to which households carry a high burden of medical debt.
Do hospitals pay off student loans?
Some hospitals and other employers will offer student-loan repayment in an effort to recruit physicians. This can be a substantial benefit for a resident with significant residual medical education debt. Many loan-repayment programs come with strings attached.
Can med school loans be forgiven?
Even if you take out a high number of loans to pay for medical school, your overall debt burden might be low if you participate in a service program once you graduate. Due to the exceptional need for primary care physicians, loan forgiveness programs in these fields are more widely available than for other specialties.
How hard is it to get into medical school?
Medical schools are highly competitive. The national acceptance rate is 43 percent. If you're wondering "How do I get into medical school?" use these top 10 tips from doctors and medical students to help you prepare for your pre-health professions program.