What Is the Average Student Loan for Medical Students in Arizona?

Medical students carry some of the highest student loan debts in the world. If you’ve opted for a career in the medical industry, there’s no doubt the cost of education is intimidating and may have left you with no other choice but to take student loans. Although it seems discouraging initially, don’t let these staggering numbers deter you from pursuing your passions in science and medicine.

Whether you, a friend, or a colleague are struggling to pay off medical school debt, remember that you’re not alone. The following information paints a clearer picture of students’ harsh realities after taking out a loan to pay for medical school.

Average Medical School Debt in Arizona

Encompassing debts from loans in both undergraduate and higher education studies, the graduating class of 2019 holds an average medical school debt of $201,490. Among doctors and other medical student graduates, the average total student loan debt sits at about $250,000. Depending on several factors like private or public school, in-state or out-of-state tuition, and the type of program, the average cost of attending a four-year medical school ranges anywhere from $100,000 to $400,000.

Compared to the $32,731 average student loan debt across all college students, student loan debt among medical students seems surreal. Keep in mind that these debts don’t include other expenses—books, relocation costs, and housing—that many students might have paid for using credit cards or loans. Unfortunately, even after exhausting financial aid, grants, and other forms of relief, students still find themselves unable to pay the full amount they owe.

Interest Rates and Student Loans for Medical Students

Interest rates vary depending on the type of student loan you have. For instance, federal loan interest rates are adjusted yearly, determined by market trends and factors like whether you have a subsidized, unsubsidized, or Grad PLUS loan. Private student loan interest rates, on the other hand, are fixated on the circumstances of the borrower, influenced by conditions such as creditworthiness, income, and degree type.

In general, federal loan interest rates fell between 2.75 percent to 7.08 percent over the last five years. For private loans, interest rates sit as low as 2 percent and as high as 16 percent. It’s critical that you have a clear understanding of the interest rates set on your loans and when they start accruing. Not covering the full amount or extent of your payments on time will compound interest on your loans, thereby furthering your loan balance and altering the amount of time it will take to repay your debt.

How Long Does It Take to Pay off Medical School Loans?

The standard repayment window for students with federal loans is ten years. However, most struggle to meet the financial demands of their monthly payments, forcing them to opt into an alternative payment plan. Some of these federal repayment plans, along with the average time frame for paying them off, include:

  • Loan Consolidation: Up to 30 years
  • Extended: 25 years
  • Income-Contingent Repayment (ICR): Up to 25 years
  • Income-Based Repayment (IBR): Up to 25 years
  • Pay as You Earn (PAYE): 20 years
  • Revise Pay as You Earn (REPAYE): Up to 25 years

When you borrow from a private lender, you agree to repay your loan within the terms specified in your agreement. Typically, private lenders offer borrowers a 5- to 25-year repayment window based on their salary, family size, and other expenses.

Get Help Reducing Medical School Debt in Arizona Today

After medical school, your main focus should be furthering your career—not on all of your debts. Unfortunately, the longer your debt is left unpaid, the more interest is added to your loan balance. Managing large amounts of debt is not an easy task, and it’s often difficult to find someone you can trust to give you practical advice. If you’re being harassed by creditors, facing a bank lawsuit, or simply need help overcoming your medical student loans, look no further than the professional legal team at McCarthy Law PLC. We’re here to guide you in taking the next steps toward a future free of debt.

The debt attorneys of McCarthy Law PLC are vigorous negotiators who can work with your loan holders to establish an appropriate settlement amount. We’ll consider your unique circumstances to determine whether debt settlement is the right option for you and help you make informed decisions regarding your debt issues. To get help reducing your medical school debt in Arizona, call (855) 976-5777 or fill out a contact form for a consultation today.

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Garrett F. Charity

Garrett F. Charity

Garrett F. Charity is Lead Attorney in the McCarthy Law PLC Los Angeles, California office and a member of the California Bar. He received his Bachelor of Arts Degree in Art History from Princeton University and his Juris Doctor Degree from Southwestern University School of Law where he was a recipient of the Schumacher Scholarship.