Medical School Costs, Loan Rates Rise Sharply
NPR reports on the high cost of medical school, focusing on one student, Sarah Rosen. The interest rate on her school loans "shot up to eight and a half percent, almost twice the rate [her parents] are paying after refinancing their mortgage."
"Tuition and fees at public medical schools, after all, have shot up 133 percent since 1990, according to the Association of American Medical Colleges. ... In survey after survey, the American Medical Students Association has found that the stress that comes from owing so much money absolutely influences students' decisions about what branch of medicine to pursue. .... Truth in lending requirements don't apply to federal student loans, they're not subject to bankruptcy protection. ... Education Department officials point out that under current law, medical students who owe hundreds of thousands of dollars don't have to pay more than 15 percent of their income. President Obama wants to lower that to 10 percent" (Sanchez, 3/9).