3 answers
Alayna
Student
Bloomington, Indiana
1
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Why does med school cost so much?
Why does medical school cost so much? I am in 9th grade and planning on being a doctor I just want to know why is it so much for med school
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3 answers
Mary Jane Shroyer
Director of Health Professions Career Community
116
Answers
Grinnell, Iowa
Updated
Mary Jane’s Answer
Hi Alayna! I'm guessing your question is more about managing your costs rather than why the overall costs are so expensive. Here are some things you can do to lower the costs of your medical training.
First, attending your in-state public medical school drastically reduces your tuition over attending a private med school or a public one in another state. Some med schools like the Uniformed Services University, NYU, Columbia, and Cleveland Clinic Lerner College of Medicine offer full tuition, but competition for those spots is fierce, as you can probably imagine.
You can look into the Health Professions Scholarship Program (HPSP) through the military. All branches of the military have an HPSP and not only do they pay your tuition, they also give you assistance for food, housing, textbooks, and any necessary supplies. Typically, you serve one year in the military after graduating from med school for each year of scholarship that you received (so 4 years of scholarship = 4 years of service in a military hospital).
Another great program is the National Health Service Corps (NHSC). By practicing in a high-need rural or urban area, you can receive loan repayment from the federal government after graduating from medical school. Some states also offer loan repayment through similar programs, as does the Indian Health Service. Many employers offer newly hired physicians bonuses and other financial incentives to help with loan repayment.
Public Service Loan Forgiveness (PSLF) is another program designed to assist people in paying down student loan debt. Physicians who work in a non-profit health system or one run by a federal, state, local or tribal government can get their loans repaid under certain conditions after making 120 payments.
In addition to all these programs, physicians and other health care providers earn high salaries compared to the average worker, so they have greater income to assist them in paying back student loans. It's good to be mindful of your costs so that you can save as much as possible in high school and college, and attempt to keep your student loan and credit card debts as low as possible. All that said, I'd encourage you to look into informational interviews and shadowing with physicians and asking them whether they would take on that level of debt knowing what they now know about the profession.
Check out this great recap of financial assistance programs by the AAMC: https://students-residents.aamc.org/first/loan-forgiveness-scholarship-and-service-programs
First, attending your in-state public medical school drastically reduces your tuition over attending a private med school or a public one in another state. Some med schools like the Uniformed Services University, NYU, Columbia, and Cleveland Clinic Lerner College of Medicine offer full tuition, but competition for those spots is fierce, as you can probably imagine.
You can look into the Health Professions Scholarship Program (HPSP) through the military. All branches of the military have an HPSP and not only do they pay your tuition, they also give you assistance for food, housing, textbooks, and any necessary supplies. Typically, you serve one year in the military after graduating from med school for each year of scholarship that you received (so 4 years of scholarship = 4 years of service in a military hospital).
Another great program is the National Health Service Corps (NHSC). By practicing in a high-need rural or urban area, you can receive loan repayment from the federal government after graduating from medical school. Some states also offer loan repayment through similar programs, as does the Indian Health Service. Many employers offer newly hired physicians bonuses and other financial incentives to help with loan repayment.
Public Service Loan Forgiveness (PSLF) is another program designed to assist people in paying down student loan debt. Physicians who work in a non-profit health system or one run by a federal, state, local or tribal government can get their loans repaid under certain conditions after making 120 payments.
In addition to all these programs, physicians and other health care providers earn high salaries compared to the average worker, so they have greater income to assist them in paying back student loans. It's good to be mindful of your costs so that you can save as much as possible in high school and college, and attempt to keep your student loan and credit card debts as low as possible. All that said, I'd encourage you to look into informational interviews and shadowing with physicians and asking them whether they would take on that level of debt knowing what they now know about the profession.
Mary Jane recommends the following next steps:
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6179
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hello Alanyah,
You're curious about the high cost of medical school, right? Well, it wasn't always this expensive. The cost of medical education has skyrocketed over the years due to several factors. Here's a breakdown:
1. High salaries for faculty and staff: Medical schools hire top-notch professors, researchers, and clinicians. Their salaries, which reflect their expertise, make up a significant portion of the cost.
2. Clinical training and facilities: Students need hands-on experience, which requires access to hospitals and clinics. Maintaining and operating these facilities isn't cheap.
3. Investment in research and technology: To stay on the cutting edge, many medical schools pour money into research and the latest technology. This also adds to the cost.
4. Small class sizes: To provide personalized attention, medical schools limit their class sizes. Fewer students mean higher costs per student.
5. Program length: Medical school usually takes four years, which means four years of tuition, fees, and living expenses.
6. Administrative costs: Salaries for admissions and financial aid staff also contribute to the overall cost.
According to the Association of American Medical Colleges (AAMC), the average cost of tuition and fees for the 2020-2021 academic year was $37,556 for in-state students and $58,669 for out-of-state students. Some private schools charge even more, over $60,000 per year.
So, the steep price tag of medical school comes down to a mix of factors: faculty and staff salaries, clinical training and facilities, research and technology, small class sizes, the length of the program, and administrative costs.
References:
- Association of American Medical Colleges (AAMC): “Medical School Costs and Financing.” https://www.aamc.org/students/medical-school-costs-and-financing/
- American Medical Group Association (AMGA): “The Cost of Medical School.” https://www.amga.org/practice-management/the-cost-of-medical-school/
- Forbes: “Why Medical School Is So Expensive.” https://www.forbes.com/sites/learnvest/2017/08/07/why-medical-school-is-so-expensive/?sh=79c93f0e7f6c
May you be abundantly blessed!
James.
You're curious about the high cost of medical school, right? Well, it wasn't always this expensive. The cost of medical education has skyrocketed over the years due to several factors. Here's a breakdown:
1. High salaries for faculty and staff: Medical schools hire top-notch professors, researchers, and clinicians. Their salaries, which reflect their expertise, make up a significant portion of the cost.
2. Clinical training and facilities: Students need hands-on experience, which requires access to hospitals and clinics. Maintaining and operating these facilities isn't cheap.
3. Investment in research and technology: To stay on the cutting edge, many medical schools pour money into research and the latest technology. This also adds to the cost.
4. Small class sizes: To provide personalized attention, medical schools limit their class sizes. Fewer students mean higher costs per student.
5. Program length: Medical school usually takes four years, which means four years of tuition, fees, and living expenses.
6. Administrative costs: Salaries for admissions and financial aid staff also contribute to the overall cost.
According to the Association of American Medical Colleges (AAMC), the average cost of tuition and fees for the 2020-2021 academic year was $37,556 for in-state students and $58,669 for out-of-state students. Some private schools charge even more, over $60,000 per year.
So, the steep price tag of medical school comes down to a mix of factors: faculty and staff salaries, clinical training and facilities, research and technology, small class sizes, the length of the program, and administrative costs.
References:
- Association of American Medical Colleges (AAMC): “Medical School Costs and Financing.” https://www.aamc.org/students/medical-school-costs-and-financing/
- American Medical Group Association (AMGA): “The Cost of Medical School.” https://www.amga.org/practice-management/the-cost-of-medical-school/
- Forbes: “Why Medical School Is So Expensive.” https://www.forbes.com/sites/learnvest/2017/08/07/why-medical-school-is-so-expensive/?sh=79c93f0e7f6c
May you be abundantly blessed!
James.
Your advice was so helpful!
Alayna
Karissa Helton
Teacher
202
Answers
Miami, Florida
Updated
Karissa’s Answer
Tuition at a state college medical school is close to the cost of any other graduate program. There may be some additional fees like buying your own stethoscope. The real cost is not being able to work for 4 years while in medical school.
List all the state colleges in the state you live in.
Highlight all of the schools that have medical schools.
Take AP science and math classes because the cost of the test is less than the cost of taking the class in college.
Take the AP tests and earn a 3 or 4.
Start in community college to save money.
Karissa recommends the following next steps:
You rock! This advice is very helpful.
Alayna