Financial Preparedness, Loan Management, US Physicians Research

2017 Report on Medical Students’ Financial Preparedness

June 13, 2017

View 2017 Report on Medical Students' Financial Preparedness

Summary & Insights

As expected, paying off medical school debt is U.S. medical students’ top personal financial concern, and 35 percent of students today project they will owe more than $200,000 at the end of their medical training. Other concerns students expressed included caring for their parents as they age, and saving for their own children’s education.

How much medical school debt will you have at the end of your training?

35% of medical students will have more than $200K in debt

N=4,604

Effectively handling medical school debt is a significant concern for medical students and an issue that will follow them throughout the early stages of their careers. Only 5 percent of respondents consider themselves ‘very knowledgeable’ about medical student loan repayment options and most say they don’t feel well versed in addressing their debt load.

Knowledge about loan repayment strategies doesn’t “naturally” grow as a student progresses through medical school. In fact, there is virtually no growth in the loan repayment knowledge between first and fourth year medical students.

3 Steps for Medical Students to Get a Head Start on Financial Success

We reviewed the report data with Allan Phillips, Certified Financial PlannerTM with Taylor Wealth Solutions, and a member of the AMAI Physicians Financial Partners program and asked him to share advice with medical students.

In 3 Steps for Med Students to Get a Head Start on Financial Success, Allan outlines important steps you can take during medical school to get a financial head start.

Established Physician Advice

A popular part of each AMAI Physicians’ Financial Preparedness Report is sharing the advice from other physicians about their personal financial experience. Over the past 5 years, we’ve received sage advice from established and retired physicians and hope you will find them insightful.

We look forward to your comments and feedback.


Denise S. Friday, CLU
Vice President Sales & Marketing, AMA Insurance  
physiciansinfocus@amainsure.com

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial PlannerTM and CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

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