Elizabeth
How much, on average, does medical school cost? Is there a way to get financial aid?
I want to make sure that I am prepared for the financial load I'm taking on. #medical-school
7 answers
Madison Buchman
Madison’s Answer
James Constantine Frangos
James Constantine’s Answer
So, you're thinking about medical school, huh? It's a big step, and it's true, it can be a bit pricey. The cost can swing a lot based on things like where the school is, whether you're an in-state or out-of-state student, and which school you choose. In the U.S., you might be looking at anywhere from $32,000 to $82,000 each year just for tuition and fees. And that's not even counting extras like books, housing, and other living costs.
Public medical schools can be a bit easier on the wallet for in-state students, with an average yearly cost around $37,000. Out-of-state students at these schools might be looking at closer to $60,000. Private medical schools usually have higher fees, averaging around $60,000 per year.
But remember, these are just ballpark figures. Some schools might cost more because they have a great reputation or because they're in an area where everything costs a bit more.
But don't let the sticker shock get you down! There are lots of ways to get help paying for med school. Here are a few options:
1. Scholarships and Grants: Lots of med schools offer money based on grades or financial need. There are also other groups out there that give scholarships just for med students. It's a good idea to apply for as many as you can to increase your chances of getting some help.
2. Federal Student Loans: The U.S. government has loan programs just for students. The most common one is the William D. Ford Federal Direct Loan Program. These loans usually have lower interest rates than private loans and offer flexible payback options.
3. State Assistance Programs: Some states offer help to med students, especially if you agree to work in areas or specialties that need more doctors. These programs might forgive some of your loans or help you pay them back in exchange for a service commitment.
4. Private Loans: If you still need money after federal loans and other aid, you might think about private loans from banks or other lenders. Just be sure to read the fine print, because the terms and interest rates might not be as good as federal loans.
5. Work-Study Programs: Some med schools let students work part-time on campus or at nearby healthcare facilities. This can be a great way to earn some extra money to help with expenses.
It's really important to do your homework and understand all the financial aid options at the schools you're interested in. Each one might have different policies and resources.
So, in a nutshell, med school can cost anywhere from $32,000 to $82,000 per year for tuition and fees. But don't forget to budget for books, supplies, housing, and living expenses too. And remember, there are lots of ways to get help paying for it all, like scholarships, grants, loans, state programs, and work-study programs.
Here are some great places to look for more information:
1. Association of American Medical Colleges (AAMC) - aamc.org
2. U.S. News & World Report - usnews.com
3. Federal Student Aid - studentaid.gov
4. American Medical Association (AMA) - ama-assn.org
5. American Association of Colleges of Osteopathic Medicine (AACOM) - aacom.org
Best of luck on your journey to becoming a doctor, Elizabeth!
James Garza
James’s Answer
elizabeth,
i graduated med school in texas in 1993. it's only gotten more expensive since then.
i agree with one of the previous respondents about the military option. several of my classmates went that route.
i couldn't disagree more with the other respondent about "easily available" scholarship opportunities. it was incredibly disheartening to search and search and not find any scholarships. especially after cobbling together enough college scholarships to essentially pay for 5 years of undergraduate studies.
that respondent may be talking about schools outside the US. however, in this country there are several years of training between medical school and private practice. during those years you do start receiving a paycheck but it's not much. rarely does anyone begin paying back their loans during those years.
in general, the only other of my classmates with significant scholarship money were the MD/PhD candidates. so that might be something you could look into.
when you hear talk of medical student loan debt, believe it! this is my 20th year in family practice and i'm still about $50k in debt from medical school loans.
this is the reason why so many medical school graduates choose to go into the higher paying specialty fields rather than primary care. many specialists are able to pay off their loans relatively quickly after completing residency.
bottom line. yes,medical school is incredibly expensive in the US. no, scholarships aren't plentiful. yes, financial aid is available, i.e.-loans.
here's my suggestion. if you already know you're wanting to go into a specialty then don't worry too much about all of the front end costs. you'll earn it back quickly.
however, if you want to go into a primary care field such as family medicine, pediatrics, internal medicine, etc, then you might want to look into another route, such as nurse practitioner.
hope that helps. and good luck!
Ross Armstrong
Ross’s Answer
One of our sons just started his first year of medical school at Boston University School of Medicine, The tuition, books, lab fees, supplies, room, board and miscellaneous expenses total well north of $60K per year. One solution you might consider is to utilize the scholarship options offered by the US Armed Forces. The Army, Navy, Air Force and US Dept. of Public Health actually run the Uniformed Services University for Health Sciences https://www.usuhs.edu/ for students that will then become doctors in one of those four military/government branches of service. The required commitment to serve in those branches of the US Government upon graduation from USUHS are usually 6 years.
Another option is to join these military services once you have been accepted into Med School in the US. If accepted into one of these programs, and you will receive full scholarship and living expenses while attending Med School. You will attend various summer activities that prepare you for your military commitment as a doctor during your 4 years of Med School. Upon graduation you agree to serve as a Medical Officer for up to 6 years also. The HEALTH PROFESSIONS SCHOLARSHIP PROGRAM (HPSP) allows you to attend a US Medical School and graduate with little to no med school debt. https://www.navy.com/joining/college-options/hpsp.html
Both of these options allow you to attend medical school for free and you also are able to serve your country while helping our armed forces and their families. This is not the right choice for everyone but you should consider this as a great way to achieve your career goals and help your country too.
Sonali Agrawal
Sonali’s Answer
Medical school cost would be more than $50,000 per annum. Yes, you should look for scholarship opportunities. There are partial scholarship opportunities easily available. Rest you can raise through Bank loan. You can pay it off very easily within a year after completing your degree and getting a job.
Richard A.
Richard’s Answer
Private institutions are even more expensive.
