AAFP, AAMC Have Resources to Help Students, Residents, New Physicians Handle Debt

Students who are considering a career in medicine, as well as those already facing repayment of their medical school loans, now have a new source for information on applying to medical school and managing their debt in these difficult economic times -- courtesy of the Association of American Medical Colleges, or AAMC.

AspiringDocs.org, a Web-based resource sponsored by the AAMC as part of its Campaign to Increase Diversity in Medicine, is featuring an Ask the Experts session dubbed "Applying to Medical School in a Challenging Economy."

The session features panelists Julie Fresne, AAMC director of student and resident debt management services, and Joetta Bradica, Ed.D., assistant director of student aid at the Pennsylvania State University College of Medicine in Hershey.

The two panelists respond online to questions previously posed by members of the AspiringDocs.org online community, such as, "Even in a bad economy, will I be able to pay for medical school?"

Fresne's reply: "Despite the state of today's economy, federal student loans are still available to help you cover the cost of attending medical school. Most students are able to borrow up to the cost of attendance through the Federal Stafford loan and Federal Graduate PLUS loan programs."

According to Amy McGaha, M.D., assistant director of the AAFP Division of Medical Education, medical student debt remains a great concern among medical students, residents and new physicians.

"We are especially concerned about medical school debt as it relates to specialty choice and deterring students from even choosing to apply for medical school," she said.

To help students wrestling with these issues, the AAFP has posted information on debt management on its Virtual Family Medicine Interest Group Web site. Students also can download the Academy's "Debt Management Guide -- Time Well Spent: Your Way to Fiscal Health." (13-page PDF; About PDFs).

Other useful resources include the AAMC's loan repayment/forgiveness and scholarship database and National Health Service Corps' loan repayment program.