Becoming a doctor can be a difficult task. Medical students often spend more than a decade preparing for a career between college, medical school, residency, and specialization. It is also expensive. report from Association of American Medical Colleges (AAMC) It found that the average cost of four years in American medical schools exceeds $263,000. This may explain why medical students who took out loans left school with an average of $200,000 in debt in 2021.
But regardless of the costs, doctors command some of the most generous salaries in the state, with annual earnings ranging from $105,000 to more than $740,000 a year, depending on their specialty, according to the pay scale. Here’s everything you need to know about the cost of attending medical school, including ways to reduce costs.
Average cost of medical school
The AAMC It is estimated that students residing in public medical schools pay an average of $263,488 for their four-year education, while students residing in private schools pay an average of $357,868.
But the cost of getting into medical school starts with the Medical College Admission Test (MCAT), which almost all schools require. MCAT currently has a file $325 registration fee, although the cost drops to $130 if you qualify for assistance. If you plan to take prep courses (which is highly recommended), you will then need to budget a few thousand extra dollars.
Then there is the medical school application fee. Most medical schools in the US require students to submit their applications through American Medical College Application Service (AMCAS), whose fee is $170 for your first application and $43 for each additional school.
according to AAMC, the average student in the United States applies to 16 schools through AMCAS – which means you can expect to spend more than $800 in application fees alone. Some medical schools also require a secondary application fee, which Kaplan Estimates can range from $30 to $250, although some schools may waive this fee.
You will also need to calculate the cost of taking the United States Medical Licensing Exam (USMLE), which is a three-step test. Step one and two exams are usually taken when you have finished your second and third year of medical school and are required by most schools to start your residency. The third step is taken during your stay and requires passing the two previous exams. Each step is charged separately, and Application fee Adds up to about $2,200.
How has the cost of medical school changed over time
Over the past decade, the average cost of attending medical school for four years has grown nearly 20 percent, rising from $227,000 in 2009 to $272,000 in 2019, according to a report from AAMC. These prices include not only the cost of tuition and fees, but also living expenses and course materials.
The cost of attending a public medical school versus a private medical school
although AAMC Finding that the cost of attending public medical school has grown more rapidly than the cost of attending private school, attending a public medical school is still cheaper than attending a private college. AAMC بحث search It shows that during the 2021-22 school year, first-year students at public medical schools paid an average of $65,085 between tuition, fees, and living expenses, while students attending private medical schools paid an average of $90,138—a difference of 38 percent.
Students in public medical schools also graduate with less student debt than those in private schools. The average student debt in public schools who borrowed was $195,000 in 2021, while those who borrowed in private schools graduated with $220,000 in debt.
Average cost of tuition, fees, and health insurance for first-year students
|general resident||private resident||non-resident public||non-resident private|
|2014-15||$32735||52,228 dollars||$56.052||53,794 dollars|
|2019-20||$37674||58,910 dollars||$61,620||60,305 dollars|
How much does it cost to attend top medical schools in the United States
The cost of medical school varies not only by the type of institution you attend (public versus private), but also by how popular your school is. Below are tuition costs at some of the country’s most popular medical schools, although it’s worth noting that the prices listed below are for the first year of school only. The third and fourth year of medical school usually cost more due to clinical rotation.
|The school||Estimated state tuition, fees, and insurance for first-year students (2022-23)||Out-of-state tuition, fees, and discretionary insurance for first-year students (2022-23)|
|Baylor College of Medicine||$27955||$41,055|
|Harvard Medical School||$73,591||$73,591|
|Johns Hopkins School of Medicine||$66,173||$66,173|
|Northwestern University Feinberg School of Medicine||$75,186||$75,186|
|New York University Grossman School of Medicine||$3,950 (with tuition support and health insurance)||$3,950 (with tuition support and health insurance)|
|Perelman School of Medicine||$73,293||$73,293|
|Stanford University School of Medicine||$71,278||$71,278|
|UCSF College of Medicine||$45,131||$57,376|
|United Nations University School of Medicine||$37,770 (2021-22)||$65,730 (2021-22)|
|Yale School of Medicine||$71,647||$71,647|
How to pay for medical school
Although it is not denied that medical school is expensive, there are several ways to reduce out-of-pocket costs.
Grants and grants
For medical students, a good starting point for research and application for both scholarships and grants is AAMC Help Search Enginewhere you will find dozens of them.
Federal and private student loans
Although scholarships and grants can significantly reduce the cost of attending medical school and are easy to obtain, they rarely cover all costs. If you need more money, student loans It is the next best thing to help you close the financial gap.
But when it comes to borrowing money to pay for school, be sure to look at federal student loans first. Federal Student Loans Tend to lower interest rates and supply Income-Based Payment OptionsIn addition to the possibility of forgiveness – All are not available with Private Student Loans. Unlike private loans, federal student loans also do not require excellent credit or stable income to qualify, so anyone in good academic standing is eligible.
Medical students can apply for two types of federal student loans: unsubsidized direct loans and grad PLUS loans. Unsubsidized direct loans have an annual borrowing limit of $40,500 and a lifetime borrowing limit of $224,000 for medical students and currently have a fixed interest rate of 6.54 percent. Grad PLUS loans can be taken up to the full cost of your attendance, as approved by your school, and currently have a flat interest rate of 7.54 percent.
Another way to reduce the cost of medical school is to consider forgiving programs. These programs are usually available through your state and are designed to help you address any debts you incurred while in medical school.
However, most Tolerance Programs It requires you to move to rural areas where medical professionals are badly needed or to work in the public service, which means you won’t earn as much as other doctors in a private practice. You will also have to commit a number of years (usually two or more) to be eligible for these programs.
However, it is an option worth considering, as you can forgive a large part of your debt early in your career.