Medical school debt outpacing cost of living increases
Residency Program Insider, May 20, 2016
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The average medical school debt for emergency medicine residents is $212,000, which is about 25% higher than the average mortgage in the United States, according to a study published in the Annals of Emergency Medicine. Researchers conducted in-depth interviews with emergency medicine residents in California and found that 73% had more than $150,000 in debt. In 2001, less than 20% had $150,000 or more in debt.
The researchers found that residents’ career and life decisions were influenced by their amount of debt, which also caused them persistent stress. Most residents in the study were taking advantage of some form of debt repayment delay. Without the delay, residents would be required to allocate about 37% of their gross pay to debt repayment.
Source: Becker’s Hospital Review
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