Debt levels for indebted medical school graduates and medical school cost of attendance have both increased faster than inflation over the last 20 years, according to an AAMC report, with 45 percent of graduates owing $200,000 or more in educational debt.
The cost of medical school continues to rise
The price of higher education has grown steeper for all students in recent years, but attending medical school remains the most expensive form of post-secondary education in the United States.
Median annual tuition and fees at U.S. medical schools (2015)Private Schools $55,259 Public Schools $35,287
Median 4-yr cost of attendance (2015)Private Schools $306,171 Public Schools $232,838
Medical school students are graduating with unprecedented debt
In the early 1960s, family contributions accounted for 83% of students' total income, and only 31% of students incurred any educational debt, according to the AAMC. By 1984, medical education had become loan dependent, with over 86% of students graduating in debt.
Medical college graduates with pre-med and medical school debt in 2015
Physician specialty and debt
Although family physicians are toward the bottom in earnings, there is no obvious relationship between school debt and earnings among other physician groups, according to Medscape.
Resident stipends have remained fairly stable
The average U.S. resident earned $52,000 in the first year, with salaries increasing to a high of $66,000 by the seventh year. The largest increase was between years 6 and 7.