Student Debt Rising Amongst New Physicians
Newly-released dataÂ indicate that student debt is risingÂ amongstÂ new physicians in Canada. In 2010, 23 percent of medical residentsÂ reported havingÂ more thanÂ $120,000 in education-related debt upon completion of their residency training (as compared with justÂ 17 percent in 2007).
(Note: across Canada, average tuition fees for medical students amount to just over $10,000 a year.)
This appears to have important implications for Canada’s health care system.Â Almost one-quarter of residents report that they plan toÂ “select a specialty with a higher earning potential and 17% plan toÂ select a short residency program to beginÂ paying off their debts sooner.”Â What’s more,Â four percent of residents report “planning to practice in the U.S. to pay off their medical education debt.”