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HEALTHCARE
COVERAGE

The Rise of Medical Student Debt:

What are the Options and Opportunities

for Students?

By Sean Rumney, Maryann England, Ashley Chakales

T he burden of student debt in the United

States is an issue that has far-reaching impli-
cations. Outstanding student loan debt in the
nation is over $1.7 trillion, with 92.6% of this provided
by federal student loans. The COVID-19 pandemic
and its corresponding relief efforts have offered a brief
respite for many students. Since 2020, the rate of in-
crease of the total national student loan debt has de-
clined significantly. This slowing of the rate of student
debt acceleration is attributable to the Coronavirus
Aid, Relief and Economic Security (CARES) Act
1
signed into law on March 27th of that year. Addition-
ally, Texans have the advantage of a comparatively low
average debt at graduation of $26,273 as of the 2020
graduation year, it ranked the 11th lowest in the na-
tion. In this environment, students are entering post-
graduate programs and should be looking to safeguard themselves go about establishing your own or applying for one. For example, the
against future financial hardship using the resources at their disposal. Family Medicine Interest Group (FMIG) discussed the Texas Family
2
Medical students can build up a staggering amount of educational Medicine Preceptorship Program (TAFP), a program that provides the
debt which dwarfs the average debt of undergraduates, with the median opportunity to gain experience with a skilled family medicine physician
of indebted graduates at $200,000 as of 2020. A small but significant in a community setting. Stipends are available to students ranging from
minority of physicians will never pay off what they borrow during their $2,000 -$5,000 depending on the length of the preceptorship and the
four-year postgraduate education. Few students have the resources to type of community you serve. Other specialties, such as pediatric and
pay their way without the help of federal loans, and therefore the goal internal medicine, offer similar programs for medical students. This
shifts to minimizing the amount a student needs to borrow. This might provided a great resource to explore a particular field without the stress
be achieved with grants or scholarships. Alternatively, students might of living costs. Additionally, many state and national medical societies
choose to pursue loan forgiveness programs or military service. Early offer grants for research electives. One can find these by looking up an
efforts to curb the snowballing of student debt have a significant down- organization in their field of interest and searching their website for
stream effect on the lifestyle and wellness of students post-graduation, mentorships or research fellowships.
especially when repayment for many will be years in the future.
Scholarships:
Grants: Applying to scholarships does not end at the undergraduate level.
Grants are a way medical students can cover costs in medical school. Many Medical students would be surprised to learn that countless
Grants can cover travel, housing, conference registrations and other scholarships are available to them as they continue their education.
items applicable to your work. There are various avenues to find grants One of the first steps in applying to scholarships is completing the
to apply for. A good place to start is with your specialty of interest. At- free application for Federal Student Aid (FAFSA). This is a require-
tending interest group meetings allows you to hear from other students ment for many scholarships within your institution. Secondly, apply
and mentors about what opportunities and projects exist and how to for scholarships within your school. The school you attend likely

16 SAN ANTONIO MEDICINE • September 2022