U.S. medical schools need to improve their tuition- and fee-setting processes to help students pay off their debts, the Association of American Medical Colleges concluded in a new study.
The median indebtedness of medical school graduates has increased dramatically during the last 20 yearsfrom $20,000 for both public and private schools in 1984, to almost $140,000 and $100,000 for private and public schools, respectively, last year. Physician income has remained relatively flat, according to the study conducted by an AAMC working group
To address rising tuition costs and student debt, the AAMC recommended that medical schools offer:
▸ Greater predictability about the student costs of a medical education.
▸ Ongoing financial education for medical students.
▸ More financial aid, with an emphasis on need-based scholarships and on programs offering loan repayment and forgiveness in exchange for service in the military or to underserved populations.
▸ Periodic self-reviews of attendance costs.
Medical schools should also reevaluate their funding of medical education and develop innovative methods to generate financial support for financial aid programs that would address current health care needs, the AAMC recommended.