The High Cost of Medical Education Threatens Our Ability to Contain Health Care Costs
The cost of medical education continues to rise, even during a recessionary economy. While most acknowledge the challenges that our state and the entire nation will face as a result of a physician workforce that cannot meet the health care needs of society, many medical students are burdened with educational debt that all too often approaches $200,000. In addition to the heavy debt load, student borrowers face prohibitive interest rates that are significantly higher than rates charged to mortgage borrowers which make medical education even less attainable for all but the most financially secure. Of course, the debt level all but assures that students will gravitate to the higher paying specialties and away from family medicine and other primary care disciplines where there is not only the greatest need, but the greatest potential to improve health care quality while reducing costs.
On March 9th, National Public Radio highlighted the struggles faced by one New Jersey family trying to balance their daughter's medical education budget and finding more obstacles at every turn. The link below will take you off of NJAFP.org and to the NPR story. Simply hit your back button to return to us after you've listened to the piece. The NJAFP shares this with our members, their patients, and our state lawmakers in an effort to begin a true dialogue about the cost of medical education and the impact on our society's ability to ultimately gain control over the spiraling health care costs that threaten our entire economy.