The same article quotes the average resident salary as $55,300. The actual "take-home"pay for residents is actually much lower and must be calculated for the state in which the doctor practices. For this, I turned to PayCheckCity.com's salary calculator.
Taking the $55,300 salary for a single doctor in Illinois, the weekly pay is $1063.46. From this comes the Federal withholding ($175.36), Social Security withholding ($65.93), Medicare withholding ($15.42), and Illinois witholding ($53.17), leaving $753.58 per week in income ($18.84 / hour for a 40-hour work week).
Now, if we just look at a monthly payment at 4.5% interest on a (conservative) $200,000 thirty-year loan, the monthy payment comes to $836.03. It becomes apparent that medical residents will have to work more than 8 days a month to just paying off their medical school loans.
More cheap money offered to residents in the form of new loans won't help this problem, it will only make things worse.
With the average public medical school tuition exceeding $207,000 and the average private medical school tuition exceeding $270,000, the joy of doctoring will quickly lose its luster for tomorrow's doctors-in-training.
And this crisis promises to only get larger for tomorrow's physicians.
For those planning on medical school, you might want to consider other sources of funding for your education. While the Navy had its drawbacks, at least I left medical school with $0 debt.