Ending Medical School Debt
With student debt at an all-time high, it’s no wonder that our doctors are trying to make more money by becoming specialists rather than family practitioners Over the past decade, student debt has soared, leaving many scratching their heads trying to figure out ways to make more money to pay down or pay off their debt. In fact, student debt has tripled and now stands at a whopping $1.2 trillion!
According to statistics, medical school graduates leave school and begin working with an astronomically high average of over $200,000 in debt. Compared to the average college graduate’s debt of just over $37 000, that is a far higher debt to service. The interest alone will stretch that out over time.
If you graduate medical school and take a job in a small Midwest town rather than a big hospital,
it will be even more difficult to take care of a family and survive, never mind paying off a couple hundred thousand in debts. The median wage for a family practitioner is a shade under
$100 000. A specialist such as an orthopedic surgeon can expect to earn over half a million a year. So it’s a no-brainer that many graduates are setting their sights on the higher paid echelons of the medical profession.
In a bid to make a sweeping change in the industry, New York University School of Medicine announced that from now on the institution would cover the tuition of all its students, regardless of merit or need. NYU School of Medicine stated that there were growing concerns regarding the overwhelming financial debt that was facing many graduates.
With NYU School of Medicine making such a bold move to end huge crippling debt amongst graduates of their program, the next generation of doctors will be more equipped to help others and in a far stronger position financially than ever before.
Over time, perhaps other universities or colleges will follow their example and perhaps even move into other degrees or qualifications that will benefit humanity as a whole.
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