Who is still paying off student loans? Who has suffered loss due to practice issues? Here are the highlights from Medscape’s Physician Debt and Net Worth Report 2016.
According to the Association of American Medical Colleges, the median level of medical school debt for the class of 2015 was $183,000. According to the report, not surprisingly school debt tapers off significantly over time, although nearly a quarter (24%) of physicians are still paying off loans into their mid-forties.
By age, what percentage of physicians are paying off school loans?
For physicians who pay over the long term with interest, total cost of that debt can be over $400,000. One third of emergency medicine and family physicians are still paying off school loans.
Who is still paying off school loans?
33% Emergency Medicine
33% Family Medicine
31% General Surgery
30% Critical Care
17% Pulmonary Medicine
Recent financial losses due to practice issues
Practice issues could include anything from purchasing a new piece of equipment that went unused, to employee embezzlement, to negative changes in insurance reimbursement.
Who Makes What?
Source: Adapted from MedPage’s Physician Debt and Net Worth Report 2016