Medical Student Loan Profits and a Lifetime of Debt

PolicyKina Excerpt: Mortgaging Your Life: The Hidden Costs of Medical School Loans.”

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Image Credit: Dreamstime.com/Eti Swinford

“I recently tweeted about a blog post, ‘The High Cost of Profiting from Student Loans,’ that discusses the tens of billions of dollars in profits that the government is making from student loan borrowers. Among these borrowers are medical students who are literally mortgaging their lives away under millions and millions of dollars in debt……

United States Capitol Dome.
Image Credit: Wikipedia

The Problem
……It is estimated that the average medical student owes $161,270 upon graduation. This amount often includes money borrowed to finance their undergraduate education, as well.  The exorbitant financial loan weight can be a significant determinant of specialty choice. A student who would have otherwise chosen a primary care career may opt for a higher-paying specialty, regardless of whether or not the specialty is truly right for the student. This drastic shift in career choice would enable the student to expedite the resolution of the educational debt.

High Student Debt Loads and Personal Sacrifices
High amounts of debt encroach upon other areas of life, as well, delaying or hindering plans for marriage, starting a family, and/or investing in major purchases, such as a home………”

Read more at the new PolicyKina blog post, Mortgaging Your Life: The Hidden Costs of Medical School Loans.”

 

Updated June 10, 2013



Categories: Policy

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