Feature
the
question
How medical school debt relief options can benefit doctors and patients
By Hope Racine
take on this debt and where qualified physicians will eventually practice.
he Association of Medical Colleges projects a shortage of 124,000 physicians by 2034. The demand for specialty
physicians continues to outpace supply, especially in rural America. The causes of workforce shortages are multiple and multifaceted, but one can’t ignore the large impact that medical school debt has on the shortage—as well as the opportunity it offers for closing the gap.
The reality of medical school debt Medical school debt is growing, even as interest rates rise. Mounting debt burdens impact crucial workforce decisions, such as who is willing to
“Doctors must consider several factors as they make their choices for future employment,” said Elizabeth A. Ignacio, MD, FSIR, chair of the SIR Small and Rural Practice Committee and president of the Hawaii Medical Association.
Dr. Ignacio, who is passionate about the workforce shortage hitting areas like her own state of Hawaii, pointed out that capturing and supporting physicians at the start of their careers is key—especially because work-life balance, compensation, professional development and flexibility are key factors that different individuals will prioritize when choosing their career path and location.
“How do we best support our trainees so they can acquire the knowledge and skills required, while also attending to
their professional and personal needs and finding fulfillment in their career?” she asked.
According to an SIR Small and Rural Practice Committee survey of 212 medical students and residents, 90% had to take out loans for medical school. Of those 90%, 54% took on debt between $210,000–$350,000. Almost 20% have taken out more than $350,000 in loans, most commonly in the $400,000 range—though some respondents had debt burdens as high as $700,000. And 27% said that they will receive debt relief aid from either their future practice or via military or government programs.
“The student debt landscape is nearly impenetrable,” said Benjamin Weber, MD, MA, a resident at the Medical College of Wisconsin. “Additionally, the perception of student loans by non-physicians is often not helpful. Yes, someday we will
This article is available in audio format via The Kinked Wire. Listen at
irq.sirweb.org/kinkedwire 20 IRQ | FALL 2024
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