How Much Does Medical School Cost?
The lengthy training and the other needs unique to healthcare professions make going to medical school quite costly. The fact that students are required to hold at least a bachelor’s degree before enrolling in formal medical school necessitates intense financial preparation for those who would like to become doctors one day. It’s true that students can always resort to student loans to help finance their education but it’s not always a good idea to rely on these considering that these loans will have to be paid later on. No one would want to be close to $200,000 in student debt when they finish medical school but that’s exactly what is happening. The Association of American Medical Colleges revealed that in 2013, the median debt incurred by those who successfully hurdled medical school was $175,000.
The cost of a four-year bachelor’s degree in pre-medicine or pre-medical studies can range from $15,000 to about $60,000 a year. Going to public school is cheaper particularly if the student is able to avail of in-state student discounts. Tuition and fees, books and supplies and room and board for this undergraduate degree at Boise State University is $15,222 annually for in-state students and $27,822 for out-of-state students. At Grand Valley State University in Michigan, in-state students shell out $20,182 each year for pre-medical studies while out-of-state students spend $24,854 annually. In-state students who obtain this degree in Pennsylvania State University Main Campus spend $28,804 annually while out-of-state students shell out $41,378 a year.
Private schools typically charge the same fees for all students regardless of their state of residency. A bachelor’s degree in pre-medicine taken at Massachusetts College of Pharmacy and Health Sciences can cost $43,358 a year. At Augustana College in Illinois, the annual cost is even more expensive at $45,937. At the University of Notre Dame in Indiana, the yearly cost is $58,167.
As in undergraduate education, how much you will pay for formal medical school will also depend on whether you go to a public or private school. The yearly tuition fee at the University of Ann Arbor-Michigan for in-state students is $19,240 while out-of-state students shell out $38,882. Fees are pegged at $194 and books cost $1,048. Private schools charge the fees for all students regardless of their residency status. At Harvard University, the yearly tuition is $37,576; fees cost $930 and books cost $1,000. At Johns Hopkins University, the tuition cost is $43,390. Books cost $1,200 but they don’t charge any fees. Yale University does not also charge any fees but the cost for tuition is $35,500. Books are more expensive at $3,300. The University of Pennsylvania has a more affordable tuition cost at $27,700. It charges $2,408 for fees and $1,210 for books.
While in formal medical school, you should also factor in the cost for housing and food as well as your transportation expenses. This will vary depending on where you live but you can generally expect to add anywhere from $15,000 to $25,000 a year for these expenses.
Because the rigorous training program in medical school will make it nearly impossible to get a part-time job, you should seek options for financial aid. Try to see if you are eligible for scholarships or grants by talking with the financial aid advisor of your school. You can also apply for student loans but keep in mind that the amount you borrow will have to be paid in the future.
The financial condition of medical students improves a bit when they have already finished formal medical school and go to residency. This is because doctors who are in residency training are paid a minimal salary of about $40,000 to $50,000 a year. This can help shoulder the cost of rent, food and other bills.