Friday, February 14, 2014

Medical School Debt: I don't understand these numbers!


So, I just completed a questionairre administered by the AAMC, which they give all graduating medical students.  On completion of the survey they give you links to the survey data from prior years (can be found here: AAMC Graduating Medical School Survey Data). So I clicked on the link and started reading the data from 2013. I graduate this year (2014).

I was shocked to find the following above, as seen in the picture! 2013 medical student graduates have an average medical school debt of $135,084. Either a majority of medical students lied on the survey or everyone in school is getting alot more help from parents and scholarships than I ever imagined.

Personally, I am out $307,000 as of 2/14/14. My interest goes up every day, so my total gets a little higher every day.  I have no idea where the AAMC questionnaire figure is coming from. If I was only out $135,000 at the end of these 4 years that would be a huge sigh of relief.

My best guess is that students have either parents rich enough to pay for all of it, or maybe they had income before college and saved up enough.I know this:  there are not THAT many medical school scholarships.

Letters behind a name are pricey! I paid roughly $150,000 per letter, M and D. I will be there soon and that makes me happy. Also, my parents paid for my entire undergrad studies and apartment, so I came in debt free. I cannot imagine being a soon to be medical school graduate with $60,000 in undergrad debt (that is a low number) and then pay for Medical school on their own as well. I am blessed my parents took care of undergrad for me. They also bought me a 2012 Volkswagen GTI for graduation (it is in mint condition). I cannot complain about my situation, but I simply want to point out that the number on the survey seems fictitious.

Do I regret going to medical school because I am out over $300,000 dollars? At times I have been. I think as I get into residency and start doing what I enjoy that I will not regret it one bit. Overall though, I do not think I would change my decision to go to medical school. I have told many friends, family and strangers that I if I could do it over, I would instead have gone to pharmacy school. How true is that? I don't know. I may write a blog on that in the future. 

Side note: I somewhat envy the students in medical school who had Mommy and Daddy pay for medical school along with their cell phone bill, car insurance, groceries, etc while in medical school! They need to be judoslapped for they do not know the value of the dollar! ( I am NOT saying these students are ungrateful, but trust me, they do not know the value of the dollar as someone who has to pay for every little thing) That is just my 2 cents on medical school debt.

-MD in 14



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