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Money doesn’t grow on trees, you know. And if you’re a college student paying for tuition, it probably wouldn’t matter if it did. It used to be that everyone wanted to become a doctor, either because of the large salary or just because they could make a difference in people’s lives. But the cost of student tuition has skyrocketed recently to the point that students may wind up in debt years before being able to climb their way back out of it.
A study on medical student debt has revealed that almost 9 out of 10 people who graduate college will owe back education loans to lending companies. This debt more many exceeds $150,000. What’s the cause? Higher costs in college tuition and a shrinking economy are two factors. The cost of tuition has shot up nearly 20% over the past few years. Meanwhile, public institutions are in a money crunch as funding on the state and federal levels declines. These pressures are passed down to students, who must spend so much time experiencing anxiety over how to make ends meet, their ability to do an already stressful job properly is further compromised.
While all this is going on, the overall U.S. economy has taken a bit of a nose dive recently. And there is even talk of a global recession being just around the corner. So you have all these undergraduates paying more and more, and the real possibility is that by the time they graduate and start practicing medicine, less and less people will be able to afford to see them. In short, it’s a mess all the way around.
Something must be done to fix the current medical student debt system. If nothing changes, we will begin to see less and less doctors and physicians, which will result in still higher costs for the sick and ailing. A good place to start reform is by having people play a role in improving the system. How? The economy and health care are two hot topics in politics these days. I strongly encourage all Americans to exercise their democratic right to vote in local, state, and federal elections.
