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Average Debt of Medical School Graduates
Average: a single value (as a mean, mode, or median) that summarizes or represents the general significance of a set of unequal values
Graduate Medical School Indebtedness: Source: LCME Part I-B Student Financial Aid Questionnaire Note: Medical School Indebtedness only includes the debt incurred while in medical school. Premedical debt and personal debt are excluded.
You as an individual will have your own unique set of circumstances that will dictate how much if any loans you will borrow while attending medical school. There are factors that we do not know about the future that will affect your borrowing. Such as possible tuition increases, economic circumstances like inflation, financially available resources, and a host of other variables.
You should not take from looking at an average that you will borrow the average amount of loans while in medical school.
* Note this is 2010 graduate debt. You will graduate in the future when conditions may change.
What you can take away from this is, where students may be in comparison if they attended SUNY Downstate or another private or public medical school.
Does how much I borrow matter?
If you borrow $150,000 in total, your repayment(s) will be $1,726.20 a month on a ten year repayment plan. You total payments for interest and principal will be $207,144.85.
If you borrow $180,000 in total, your repayment(s) will be $2,071.45 a month on a ten year repayment plan. You total payments for interest and principal will be $248,573.31.
Borrowing $30,000 more you will pay back $41,428.46 more on a ten year repayment plan. If you choose a 30 year repayment plan that additional $30,000 will result in paying back an additional $70,395.93 (more then twice the original amount borrowed).
How much you borrow really does matter!
This graph shows that for a majority of students they do need to borrow to fund their education.
So borrow wisely, live like a student now so you do not have to live like a student after you graduate!