Physician Loans: Understanding and Overcoming an Epidemic

Background: Plastic surgeons face increasing financial pressure from debt, largely in two forms: education and practice loans. The authors aim to provide perspective and context when assessing their individual situations while providing straightforward and evidence-based guidance for plastic surgeons to effectively manage their physician loan burden. Methods: Data from the Association of American Medical Colleges Medical School Graduation Questionnaire were used and analyzed. Resources for physician loans (both public and private) were also explored to determine options available to physicians. Results: By graduation, the education debt for the average medical graduate is roughly $200,000. Medical school debt makes up the majority of education debt, with the 4-year cost of attendance for the class of 2020 at over $275,000 for over half of all medical schools. Over the past decade, the median cost of attendance has grown at a faster rate than median debt levels at a rate double that of inflation. Conclusions: The two major forms of debt facing plastic surgeons are educational and practice debt. Through financial education and the enactment of sound financial strategies, these debts can be effectively managed, improving physician well-being and bringing the focus more squarely back on patient care.