Average medical school debt. After 7 years of residency training and 10 years of loan forbearance they could easily face a 3300 a month payment.
average interest rate on medical school loans
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A fairly common example would be a medical student that graduates with 180000 in loans.
Average interest rate on medical school loans. The standard payment for a graduate is estimated to be 2098 a month for 10 years. According to a recent study by the association of american medical colleges 1 the cost of attending a private medical school has grown at 18 times the rate of inflation and the cost of public medical schools has grown more than twice the rate of inflation over the last 13 years. 7 strategies for paying off medical school debt faster.
The burden of medical school debt adds undue stress on top of an already demanding career. What is the average payment for medical school debt. In 2008 the average student loan interest rate was 60 for undergraduates and 68 for graduate students.
Medical school loan debt especially high interest rate debt is a growing problem. Below is a comprehensive list of seven strategies that doctors can make paying off medical school debt a priority while taking advantage of repayment help and. Refinance your medical school loans.
What is the average interest rate on medical school loans. The total amount to be repaid would be 399000 with 219000 paid towards interest. With a 197000 student loan balance youd owe 2212 a month on the standard 10 year federal repayment plan assuming a 625 average interest rate.
The average graduate pays 6 interest on direct unsubsidized loans for medical school and 7 on direct plus loans. In general federal student loan rates are on the rise. In 2008 plus loan recipients took out loans with a 79 interest rate.