Medical School is Outrageously Expensive

Bloomberg has an article on how outrageously expensive medical school is:

Median tuition and fees at private medical schools was $50,309 in the 2012-2013 academic year, more than 16 times the cost when Moy’s father became a doctor. The median education debt for 2012 medical-school graduates was $170,000, including loans taken out for undergraduate studies and excluding interest. That compares with an average $13,469 in 1978, said Jay Youngclaus, co-author of a February 2013 report on medical school debt. The 1978 amount would be about $48,000 in today’s dollars.

The median four-year cost to attend medical school — which includes outlays like living expenses and books — for the class of 2013 is $278,455 at private schools and $207,868 at public ones, according to the Association of American Medical Colleges, a nonprofit group of U.S. schools.

Keep in mind that most medical schools don’t subsidize the tuition with any kind of merit scholarships, and you are certain to have almost everyone graduate with massive debt. Ben Bernanke’s son apparently has $400,000 in debt:

Even Federal Reserve Chairman Ben Bernanke’s son can’t expect to escape the debt burden. The elder Bernanke testified before Congress last year that his son is on track to leave medical school with $400,000 in loans. The figure may include accrued interest and undergraduate costs. His son attends Weill Cornell Medical College in New York, according to the school directory. Bernanke, through a spokeswoman, declined to comment.

 

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