The current median average of educational debt for medical school graduates is $200,000 to $215,000. In 1978, the average medical school debt in the U.S. was $13,500 which would be $60,580 now when adjusted for inflation.
Additionally, many medical school graduates undertake several years of residency with very low pay and are unable to begin repaying student debt immediately. Their payments may be halted during residency through deferment or forbearance processes, but these loans continue to accrue interest. The accrual of interest (currently averaging 6.36%) on substantial debt compounds financial concerns.
Let Congress know the importance of passing the REDI Act (H.R 1202/S.704) to allow borrowers to qualify for interest-free deferment on their student loans while serving in a medical internship, residency, or fellowship program.