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on average how much does it take to pay back loans for medical school?

I don't want to set my self up for failure #doctorate-degree #phd

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Taylor’s Answer

Hey Kara! You can find a very good post on how long it takes as well as how much you have to pay:
https://www.quora.com/How-long-does-it-take-to-repay-the-loans-from-medical-school

It all comes down to being able to budget very well. Good luck!
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James Constantine’s Answer

Hello Kara,

Average Loan Repayment for Medical School

The average amount of money it takes to pay back loans for medical school can vary significantly depending on several factors, including the specific medical school attended, the amount of financial aid received, the length of the repayment period, and the type of loan. However, according to data from the Association of American Medical Colleges (AAMC), the median debt for medical school graduates in 2019 was approximately $200,000. This figure includes both undergraduate and medical school debt.

It’s important to note that this is just a median figure, and individual circumstances can lead to significantly higher or lower debt levels. For example, attending a private medical school may result in higher debt compared to a public institution due to differences in tuition costs. Additionally, students who receive scholarships or other forms of financial aid may have lower debt burdens upon graduation.

The repayment period for medical school loans also varies but is typically longer than undergraduate student loans due to the higher amounts borrowed. The standard repayment plan for federal student loans is 10 years, but there are extended and income-driven repayment options available that can stretch the repayment period to 20-25 years.

Given these factors, it’s essential for aspiring medical students to carefully consider their financial options and make informed decisions about their educational choices. Seeking out scholarships, grants, and other forms of financial aid can help reduce the burden of student loan debt after completing medical school.

In conclusion, while the average amount of debt for medical school graduates is around $200,000, individual circumstances and financial aid packages can lead to significant variations in loan repayment amounts.

Top 3 Authoritative Sources Used:

Association of American Medical Colleges (AAMC) - The AAMC rovides comprehensive data and research on medical education, including information on student debt and financial aid for medical students.

U.S. Department of Education - The U.S. Department of Education offers valuable resources and information on federal student loans, including details about repayment plans and options.

Financial Aid Offices of Medical Schools - Individual financial aid offices at various medical schools provide specific information about tuition costs, financial aid opportunities, and average student debt at their institutions.

These sources were utilized to ensure accurate and reliable information regarding the average loan repayment for medical school.

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