Education Solutions, a non-profit that works with people to reduce student loan debt, has warned about a looming healthcare crisis. According to the organization, doctors are so far in debt that many students who had considered careers in medicine are now looking elsewhere.
There are now more physicians in their mid-50s and older than there are between the ages of 35 and 54. The trend could eventually lead to a nationwide shortage of doctors right as millions of baby boomers begin to retire.
In some cases, doctors are graduating with $300,000 to $400,000 in student loan debt, but work in private practices only making $60,000 a year. AAMC statistics show that 84 percent of medical school graduates carry student loan debt.
Monthly payments on loans totaling $400,000 could cost recent medical school graduates thousands of dollars a month during their residency, while they are making an average of $55,000 a year. It is possible that with such enormous loan balances and high interest rates, student loan balances for some doctors could accumulate to almost one million dollars!
Can Doctors File For Bankruptcy On Student Loan Debt?
A shortage of doctors is a scary prospect to imagine for many people, but there are ways that individuals with hundreds of thousands of dollars in student loans can discharge their debts. In some cases, medical school graduates can prove “undue hardship” and reduce or discharge student loan debt.
Having a bankruptcy attorney advocate for your case can ensure this option has a higher probability of succeeding.
Individuals struggling with student loan debt can learn what options are available by exploring our YouTube page.
The Sader Law Firm – Kansas City Bankruptcy Attorneys