Student Debt: Ensuring Medical School Remains Affordable
Medical education is a significant investment. Yet despite the expense, more and more students choose to pursue a career in medicine so that they can provide patients with the care they need. This likely means students take on debt in order to finance their medical education – an average of approximately $180,000.
The AAMC advocates to help ensure medical education remains affordable for students from all backgrounds. Federal income-driven repayment plans guarantee that physicians, in any specialty, can comfortably repay their student loans, and programs like Public Service Loan Forgiveness (PSLF) can dramatically reduce physicians' total loan repayment.
As the nation faces growing workforce shortages, public service programs provide a crucial incentive for physicians to care for vulnerable patient populations and underserved areas. The AAMC coordinates a coalition of more than 50 National Health Service Corps (NHSC) Stakeholders to advance the program. Additionally, the AAMC supports the loan repayment programs available through the Department of Veterans Affairs, the National Institutes of Health, the Indian Health Service, and multiple branches of the U.S. Military.
The AAMC also endorses thelegislative proposal of the Federation of Associations of Schools of the Health Professions.
The AAMC seeks to elevate the voice of medical students to advocate for the best possible borrowing and repayment options under the Higher Education Act, including lower federal student loan interest rates. Medical school applicants, students, and residents can get involved and engage with elected representatives through AAMC Action and the Student Aid Alliance’s Save Student Aid campaign.
To learn more about the various programs and repayment options,and for more information on student debt and financial aid, visit AAMC's FIRST (Financial Information, Resources, Services and Tools).