The average student debt accumulated throughout medical school has increased 123.4 percent between 1992 and 2017, according to a new analysis from CometFi, a loan refinancing company.
For the analysis, CometFi compiled data from the Association of American Medical College database to explore the costs of pursuing a medical degree. Researchers explored student loan debt, medical school tuition, pay satisfaction and pay growth for medical specialties.
Here are three report insights.
1. The average student loan debt after attending medical school climbed 123.4 percent, from $87,297 in 1992 to $195,000 in 2017. It remains important to note that during this time, the U.S. dollar experienced an average inflation of 2.25 percent per year.
2. On average, private medical school tuition has increased 40.5 percent since 1996. In 1996, the average cost of tuition was $38,166 per year, compared to $53,610 in 2017.
3. Tuition for in-state public medical school increased 77.8 percent since 1996, while out-of-state medical school tuition has increased 136.7 percent in the same time period.
Read the full report here.