AAMC Financial Aid and Medical Education Costs 1 — Questions and Answers
Question 1: What is the average annual cost of attendance at a US private medical school?
- $20,000–$30,000
- $40,000–$50,000
- $60,000–$80,000 (Correct answer)
- Over $90,000
Correct answer: $60,000–$80,000
According to AAMC data, the average annual cost of attendance at private US medical schools is approximately $60,000–$80,000 including tuition and living expenses.
Question 2: What federal loan program do most US medical students rely on for financing?
- Pell Grants
- Federal Direct Unsubsidized Loans and Grad PLUS Loans (Correct answer)
- Federal Perkins Loans
- Federal Subsidized Loans
Correct answer: Federal Direct Unsubsidized Loans and Grad PLUS Loans
Medical students primarily use Federal Direct Unsubsidized Loans and Grad PLUS Loans, as subsidized loans are not available for graduate students.
Question 3: What is the AAMC's FIRST (Financial Information, Resources, Services, and Tools) program?
- A scholarship database
- A comprehensive financial literacy and advising resource for medical students (Correct answer)
- A loan forgiveness program
- A budgeting app for residents
Correct answer: A comprehensive financial literacy and advising resource for medical students
FIRST is AAMC's financial literacy program that provides resources, counseling, and tools to help medical students and residents manage education debt.
Question 4: What is the average medical school debt for graduating US MD students?
- Less than $100,000
- Around $150,000
- Around $200,000 (Correct answer)
- Over $300,000
Correct answer: Around $200,000
According to AAMC, the average medical school debt for graduating US MD students who borrowed is approximately $200,000.
Question 5: Which loan repayment program can help physicians in underserved areas repay medical school debt?
- AAMC Grant Program
- National Health Service Corps (NHSC) Loan Repayment Program (Correct answer)
- AMA Debt Relief Fund
- Federal Perkins Cancellation
Correct answer: National Health Service Corps (NHSC) Loan Repayment Program
The National Health Service Corps (NHSC) Loan Repayment Program provides loan repayment assistance to physicians who practice in Health Professional Shortage Areas.
Question 6: What is Public Service Loan Forgiveness (PSLF) and how does it relate to physicians?
- It forgives all medical school loans after residency
- It forgives remaining federal loans after 10 years of qualifying payments while working for a nonprofit or government employer (Correct answer)
- It is a grant available during medical school
- It applies only to nurses and PAs, not physicians
Correct answer: It forgives remaining federal loans after 10 years of qualifying payments while working for a nonprofit or government employer
PSLF forgives remaining federal student loan balances after 10 years of qualifying payments for those employed full-time by nonprofit or government organizations, which includes many hospitals.
AAMC Financial Aid and Medical Education Costs 1
What is the average annual cost of attendance at a US private medical school?