Are Increased Med School Costs Even A Problem?
Some argue that the high cost of obtaining a medical education is not a problem. After all, the mean annual salary in 2006 for an internist was almost $161,000 and over $184,000 for a surgeon. Despite the high up-front costs, medical education continues to be a favorable investment from a financial point of view. For example, the average physician can expect greater financial rewards over the span of a career than the average lawyer can, even after accounting for higher education costs and lower earning potential during residency. However, the high price of a medical education and the debt incurred has very important implications for the racial and ethnic composition of the physician workforce. According to 2004 Census estimates, African-Americans, Hispanics, Latinos, and Native Americans constitute nearly 30 percent of the U.S. population. In comparison, only 14 percent of 2004 applicants to U.S. allopathic medical schools (those schools granting an M.D. versus a D.O.) were from these
