President Biden's student loan forgiveness may help medical students chip away at the mountains of debt they accumulate, especially if they still owe from their undergraduate studies.
30% had debt left from before medical school, with a median amount of $27,000.
The four-year cost for medical school for the class of 2022 ranged from $263,488 for public schools to $357,868 for private schools.. That means many should qualify for Biden’s forgiveness program, since the salary cut-off is $125,000.that a pediatrician makes around $198,000 while a cardiologist makes around $331,000.While physicians often become high earners, they still have to go through years of residency training to reach that salary level.
Given the parameters the Biden administration laid out, almost all medical residents and most current medical students should qualify, Matthew Shick, senior director of government relations and regulatory affairs at the Association of American Medical Colleges, told Axios. “$10,000 to $20,000 forgiven in terms of over $200,000 in debt might not sound like a lot, but everything helps,” said Shick. “It’s good to receive that help early in your career in medicine, because then the interest isn’t accruing as long.”
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