Blog Archives

Medical Debt Can Be Crushing

I recently saw a short piece in US News that reported that the average debt among medical school graduates who borrowed for their medical education was $184,000, excluding undergraduate loans. 

There are many reasons to think hard about a career as a physician, and monetary ones are first or second on the list. For those with severe financial need, the AAMC offers their Fee Assistance Program (FAP). (Please note that I also offer a discount for those who have a current FAP grant.)

Most applicants, however, don’t qualify for the FAP and may be looking at hundreds of thousands of dollars of debt after they complete their medical education. For many reasons, make sure that a career as a doctor is the right one for you.

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The Ins and Outs of Choosing a Specialty: The Generalist vs. The Early Committer

For many third-year medical students, this is a challenging time of year: Contemplating an ERAS application can be daunting, but it’s even worse if you don’t know what specialty you want to practice. Here’s a short piece I wrote with my colleague David Presser, MD, MPH called “Choosing a Specialty: The Generalist vs. The Early Committer,” and here’s a complementary (non-medical) New York Times article called “You Don’t Want a Child Prodigy” that’s a great follow-up piece.

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Accelerated Medical School Programs

Great Opportunity or Impending Mess?

I’m sure many of you read last week’s news that NYU and other medical schools will be offering a three-year, accelerated medical school program to eligible applicantsmedical school programs

I greeted this news with both encouragement and concern. On the one hand, it’s reassuring that low- and medium-income students who cannot afford the exorbitant costs of a medical education will have the option to pursue their career dreams with less (although still significant) financial burden. Shaving off $20 to $50,000 of tuition and living costs can mean opening up the medical career to those who are understandably terrified of decades of loan repayment.

On the other hand, the NYU accelerated medical students will need to choose their specialties when they apply to medical school. In return, they will be guaranteed a residency slot when they graduate, but presumably, these applicants would have matched successfully to a residency position if they had been in a traditional program. After all, they are being accepted to a strong medical school and are competitive applicants. (NYU expects these students to stay in the top half of their class academically in order to continue in the accelerated program.)

Asking students to pick a specialty prior to even completing one day of clinical rotations begs the question of whether these future physicians will be satisfied in their fields. Studies have shown that doctors who are more dissatisfied provide lesser patient care and are more likely to leave medicine, which will worsen the accelerating doctor dearth.

Take a look here to read the NYT’s article regarding NYU’s new program, and make your own conclusions.

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When Your Debts Affect Your Dates

A recent article in the NY Times highlights how individual debt taken on as a student has the power to adversely affect one’s subsequent relationships. You can link to the article here.

You are feeling less anxious and more comfortable with the whole medical school applications game. The interviews keep rolling in. Finally, you start to receive acceptance letters from multiple schools. Suddenly you find yourself in the enviable position of having a choice between a reputable state school, where tuition is relatively low, and a reputable private school, where you will go deeply into debt. You visit the private school and see stars: the buildings are made of marble, the admissions officials wear designer suits, and the alumni network, everyone assures you, will give you a leg up in residency applications. Should financial considerations play into your decision? Should you ignore finances and follow your heart, assuming that as a future physician you’ll comfortably be able to pay off any educational debt? Read more ›

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About Dr. Michelle Finkel

Dr. Michelle Finkel

Dr. Finkel is a graduate of Stanford University and Harvard Medical School. On completing her residency at Harvard, she was asked to
stay on as faculty at Harvard Medical School and spent five years teaching at the world-renowned Massachusetts General Hospital.
She was appointed to the Assistant Residency Director position for the Harvard Affiliated
Emergency Medicine Residency where she reviewed countless applications, personal statements and resumes. Read more

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