Medical School Costs: Everything You Need to Know
Enrolling in medical school is expensive. You not only have tuition costs and fees to pay, but there are also transportation, housing, food, and many other expenses to worry about. Of course, you’ll likely require student loans to offset most of the fees. Fortunately, with a bit of luck, skill, and financial assistance, you can graduate medical school with full honors. So, what do you need to know about medical school costs?
The Average Price of Medical School
Tuition fees vary considerably. It depends on the school you enroll in. For 2018-2019, the average costs were around $37,000 for in-state students. However, out-of-state students paid close to $61,000. On the other hand, private schools commanded an average cost of $60,000. These costs, however, only covered tuition fees and health insurance; housing and other expenses weren’t included. It’s a hefty price tag, and certainly, that gives cause for concern.
Public medical schools typically cost 40% less than private schools. Also, if you stay in-state, you will save money too. Unfortunately, students aren’t always able to look for part-time work because of school commitments. It makes it difficult to supplement finances and often results in substantial debt. Almost 75% of all medical school students are in debt by the time they graduate; it’s a big ask for anyone to take on at such a young age.
If you are a med student, you need to look for a residency program almost immediately after graduation. It could take up to 5 years to earn a decent salary after graduation, so it’s important to think very carefully about the impact of med school before enrolling. While the rewards can be fantastic, it does add considerable strain on new nurses and doctors. Some just can’t handle the pressure; so, you need to ensure it’s right for you before you enroll.
How to Make Med School Less Expensive?
You have a variety of funding options available and can ease some of the overall costs too.
- A Merit Scholarship
Some medical schools offer students full or part-merit scholarships. These can be invaluable because it eases the financial burden of the student. Some schools, including NYU, even offer free tuition. WUST is another impressive med school; it offers full scholarships to half of the class. Again, it eases the cost of med school. Physicians of Tomorrow offers sponsored scholarships.
- Government Service Assistance
An NHSC Scholarship Program can be fantastic for those who want to study and have served their country. For example, the US Army, Navy, and Air Forces all offer funding for students. The only requirement is that the student needs to serve their country for at least 3 years. It’s a great way to ease some costs and has become an attractive prospect for many students too.
- Traditional Loans
Med schools often have financial aid programs, and these can help potential students obtain the necessary funding. Of course, there are government loans available too. If you want to attend medical school, it’s crucial to explore the various loan options available.
Find Appropriate Funding
Med school has many rewards; however, the major obstacle is the expense. It’s one of the biggest issues students face and you might be concerned about the costs too. Fortunately, there are lots of funding options available. You can look at traditional loans, governmental services, and scholarships to fund your education.