Why We Created A 10-Year Plan to Eliminate Medical School Debt

Medical school debt is one of the most troubling issues future physicians face.

Each year, nearly 20,000 students graduate from U.S. medical schools with high hopes and, for many, the feeling that they have fulfilled a life-long dream. Very quickly, however, those dreams can be dashed by crushing student loan debt.

On average, graduates leave medical school with a debt load that exceeds $200,000.

And that is just the average. For most students, especially those from disadvantaged backgrounds, it is an extraordinary burden — one that influences important choices they make about the future.

From our 2020 Health Trends Report, for example, we see that medical school debt can influence decisions about which specialties students choose and even whether they plan to remain in medical practice. At a time when graduates should be excited about the future, too often, they are forced to make pragmatic trade-offs. High on the list is figuring out how to pay off a student loan that reaches far into the six figures.

When our best and brightest students compromise their careers and passions at the start, we all stand to lose — whether it is a scientific breakthrough left undiscovered or a community health advocate lost.

For these reasons, removing financial barriers in medical education is critically important. At Stanford Medicine, this has been a long-standing commitment. Today our medical students already graduate with some of the lowest debt levels in the nation, roughly half the national average.

Now, through a $90 million program — initiated by a generous $55 million donor gift — we are doubling down on this commitment.

Stanford Medicine has launched a 10-year plan to eliminate medical school debt for qualifying students. Of particular importance because of the Bay Area’s high cost of living, our plan covers not just tuition, but also living expenses for students with the greatest financial need.

Though we just announced the plan, our 2019 incoming class were early beneficiaries of some of its aspects. I am proud that this class is also one of the most diverse in our history. Among a class of 90 students, more than a quarter are from groups that are traditionally underrepresented in medicine. It is an early sign of progress, which will be reinforced by our expanded financial aid offering.

We are living in one of the most exciting eras of biomedicine, and we need more people to follow their passions — wherever that takes them — just as we must ensure that promising medical students, regardless of circumstance, have access to the training needed to realize their full potential.

Medical educators have a distinct opportunity to make a difference, and it is encouraging to see a growing number of academic institutions taking action. We are proud to support young physicians and scientists in fulfilling their dreams of a career in medicine. Looking back decades from now, I believe our industry will trace some of its greatest advances to this movement.