President Joe Biden announced his student loan forgiveness program on Aug. 24, which allows up to $20,000 in loan forgiveness for those who qualify.
The loan forgiveness program has several caveats, but does not apply to undergraduate education exclusively.
In order for medical school students to be eligible for loan forgiveness, they have to have less than $125,000 in yearly income, or $250,000 in joint income for married couples.
President Biden's plan will cancel up to $10,000 of federal student loan debt for everyone who meets the salary requirement, and an additional $10,000 will be forgiven for those who received Pell Grants.
Over half of medical school students graduate with more than $200,000 in debt, while 24 percent graduate with over $300,000, according to a report from Medscape.
The program does not apply to individuals who have private student loans or took out loans after July 2022.
Individuals who made payments on their loans after March 13, 2020, are eligible to get a refund on those payments as long as the refund amount is less than $10,000 (or $20,000 for those who received a Pell Grant.)