Average Medical School Debt

Medical school can cost a quarter of a million dollars or more. Students can rarely afford to pay without taking out student loans.

While doctors can end up making a lot of money, many still spend over a decade in debt. And doctors who come from less wealthy families face the highest debt levels.

This report dives into the typical medical school debt and the average time to pay off medical school debt, plus factors that make a difference in the amount of debt doctors owe.

Medical School Debt Statistics

The Association of American Medical Colleges (AAMC) surveys nearly 17,000 medical school graduates each year, representing roughly 80% of all medical school graduates. Most of the data in this report comes from these surveys.

• Each year, about 75% of medical students borrow federal student loans, amounting to roughly $3 billion borrowed per year.^{Note Reference [1]}
• In 2023, 68% of medical school graduates had student loan debt for medical school.^{Note Reference [2]}
• The median amount owed was $200,000.^{Note Reference [2]}
• 31% of medical school graduates also owed student debt from before medical school.^{Note Reference [2]}

Medical School Debt Over Time

• The median medical school debt has increased 25% since 2009^{Note Reference [1], Note Reference [2]}, which is less than inflation in the same period (42%).^{Note Reference [3]}
• The percentage of medical school graduates who have debt has dropped 19 percentage points since 2009.^{Note Reference [1], Note Reference [2]}

Average Time to Pay Off Medical School Debt

• The standard federal student loan repayment time is 10 years.^{Note Reference [5]}
• Due to the size of most medical school debts, students may enroll in an income-driven repayment plan (IDR). IDR plans can last 20-25 years.^{Note Reference [6]}
• Physicians typically make a lot of money (over $220,000 a year)^{Note Reference [7]}, but only after 3-8 years of earning relatively smaller incomes as a resident ($60,000-$90,000).^{Note Reference [8]}

The AAMC offers scenarios of how medical school graduates can lower their loan payments during residency. These terms depend on the repayment plan, how long a medical school graduate spends in residency, and how much they end up earning in their field. Here's a summary of four options:^{Note Reference [1]}

Example 1: A primary care doctor takes 20 years to repay loans on an IDR plan.

Let's say a primary care resident enrolls in an IDR plan. We'll assume they have the median amount of medical school debt and earn median incomes in their residency and professional practice.

They would make monthly payments of $320-$370 for the 3 years of their residency. As a full-fledged physician, they would make $1,600-$2,500 monthly payments for the next 17 years, until the remainder of their loan is forgiven.

Including their initial loan amount plus interest, they would pay $416,000 over 20 years.

Example 2: A non-surgical specialty doctor takes 15 years in IDR.

These specialty doctors typically earn higher incomes after residency than primary care physicians. So, they make higher monthly loan payments on an IDR plan ($2,400-$3,000) and pay off their loans faster.

They end up paying $364,000 over 15 years.

Example 3: A surgical specialty doctor spends 10 years in repayment after going into forbearance during their residency.

Surgical specialty doctors have lengthy residencies, sometimes seven or eight years. A resident in this field could request forbearance, meaning they temporarily suspend loan payments while their interest still accrues.

After residency, they would make monthly payments of $3,700. That's roughly 15% of some surgeons' monthly incomes.^{Note Reference [7]}

They would pay $440,000 over 10 years — a total of 17-18 years in debt.

Example 4: Physicians working in nonprofits may qualify for loan forgiveness after 10 years.

Doctors may make less money working for non-profit, community-based organizations. But they can qualify for Public Service Loan Forgiveness (PSLF) after making 10 years of qualifying payments on their federal student loans.

About 56% of medical school graduates surveyed by AAMC said they planned to enter a student loan forgiveness program.^{Note Reference [2]}

Factors Affecting Medical School Debt

Medical School Debt by School Type

Slightly fewer students go into debt at private medical schools than at public ones. However, their median debt is a little higher. Among the medical school class of 2019:^{Note Reference [1]}

Medical School Debt by Race

Student loan debt varies drastically by race and ethnicity. For 2019 medical school graduates:^{Note Reference [1]}

• More than 9 in 10 Black medical school graduates had student loan debt. Their median education debt was $230,000.
• 84% of Hispanic graduates had debt.
• 8 in 10 American Indian and Alaska Native medical school graduates accrued debt.
• Three-quarters of white medical school graduates had education debt, with a median debt of $200,000.
• 61% of Asian graduates had education debt.

Medical School Debt by Family Income

Most medical school graduates come from very wealthy households — a pattern that hasn't changed in more than 30 years.^{Note Reference [9]}

• More than half (56%) of medical school graduates in AAMC's survey came from families in the wealthiest 20% of all U.S. households.^{Note Reference [1]}
• Over a quarter (26%) came from families in the richest 5% of U.S. households.^{Note Reference [1]}

Medical school graduates from wealthier families are less likely to graduate with debt and have lower debt amounts. Medical school debt is more common — and higher — among lower and middle-income students. In AAMC's survey:^{Note Reference [1]}

• 55% of medical school graduates from the top 5 percentile of wealth had student debt. Their median debt was just under $190,000.
• 86-91% of low- and middle-income medical school graduates had student debt. Their median debt was $200,000-$212,500.

Medical School Student Opinions About Cost

Medical school costs play a role in students' school selection. However, student loan debt doesn't seem to impact their medical specialty choice.

• In a 2023 AAMC survey of 15,000 new medical school students, half (50%) of students who were accepted to multiple schools said the cost of attending was a very important factor in their school choice.^{Note Reference [10]}
• Only 7% said cost was not a factor.^{Note Reference [10]}
• More than half (54%) of medical school graduates in 2023 said that medical school debt had no influence on their specialty of choice.^{Note Reference [2]}
• About 7% said medical school debt strongly influenced their specialty of choice.^{Note Reference [2]}