Ouch
For many students these days, one of the scariest things about medical school is not the amount of time it takes or the grueling work it doles out, but the price tag.
Since 1984, tuition has doubled at U.S. medical schools and indebtedness of medical students has risen even faster, according to Medical School Dean Deborah Powell, M.D., who chaired a work group on the topic for the Association of American Medical Colleges (AAMC). Today, in-state tuition and fees for a four-year medical education at the University of Minnesota total $93,578. Nationwide, according to the AAMC, the average debt for 2004 medical school graduates exceeds $115,000 — more than five times what it was two decades ago. The average debt carried by members of the University of Minnesota Class of 2004 is $119,868.
At the outset, third-year medical student Sarah Nakib's attitude was, "Medical school is so difficult to get into; let me just get in and I'll worry about it later."
At the same time, Powell says, physicians' incomes have remained relatively unchanged. "We are particularly concerned that this will drive many people away from careers in medicine, particularly those of diverse ethnic and socioeconomic backgrounds," she says.
Second-year student Chris Vu says the numbers become surreal after awhile. "Thousands of dollars doesn't mean anything to me because I'm so much in debt. It's definitely a scary feeling."
Third-year student Sarah Nakib says that while money is definitely something to think about, her attitude at the outset was, "Medical school is so difficult to get into; let me just get in and I'll worry about it later."
"It's expensive. I'm in debt," says first-year resident Ted Ruzanic, M.D. "Is it worth it? Yes. Absolutely. There's no doubt in my mind it's worth it."