The Indentured Generation
(Page 4 of 4)
September / October 2003
By Garance Franke-Ruta, The American Prospect
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Debt levels for newly minted lawyers rose 59 percent between 1993 and 2000, to an average of $84,400. According to a recent study by Equal Justice, those high debt levels keep two-thirds of law students from even considering jobs in the government or the public-interest sector.
It's a similar story for doctors. Medical school costs have soared, and new doctors in 2002 graduated with an average debt of $103,850, according to the Association of American Medical Colleges (AAMC). From an average annual salary of $145,000 for family practitioners to $300,000 for plastic surgeons, debt payments of more than $1,500 a month prevent many from serving the poor in public hospitals and clinics that can pay as little as $45,000 per year. "Choosing a specific career," says AAMC president Dr. Jordan Cohen, "now also entails a choice about how to repay one's debt."
Garance Franke-Ruta is a senior editor of The American Prospect. Reprinted from the liberal political journal The American Prospect (May 2003). Subscriptions: $19.95/yr. (10 issues) from 5 Broad St., Boston, MA 02109.
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