How much college debt does a psychiatrist have?

The amount of college debt a psychiatrist has can vary widely depending on several factors, including the cost of their medical school and residency programs, their choice of specialty, and whether they received any scholarships or grants.

Generally, medical school is one of the most expensive higher education programs in the United States. According to the Association of American Medical Colleges (AAMC), the average cost of tuition and fees at public medical schools for 2021-2022 was $37,652 for in-state students and $62,791 for out-of-state students. At private medical schools, the average cost was $56,629.

Psychiatry residency programs typically last four years and can also be quite costly. According to the American Medical Association (AMA), the average annual salary for psychiatry residents in the United States was $63,400 in 2022. However, residents may also incur significant living expenses, such as housing, food, and transportation.

In addition to the direct costs of medical school and residency, psychiatrists may also have substantial student loan debt from their undergraduate studies. According to the College Board, the average cost of tuition and fees at four-year public colleges for 2021-2022 was $21,290 for in-state students and $37,650 for out-of-state students. At four-year private colleges, the average cost was $31,231.

The total college debt of a psychiatrist can vary significantly depending on their individual circumstances, but it could easily reach hundreds of thousands of dollars. However, it's important to note that psychiatrists typically have relatively high earning potential, and many are able to repay their debt over time.