When people talk about getting into medical school, the conversation usually turns to the cost of accruing all that student debt. But there’s a cost to getting into medical school that people tend to forget about: the opportunity cost of the four-year commitment it takes to get a medical degree.
The American Association of Medical Colleges (AAMC) estimates that the average medical school graduate will have accrued more than $145,000 in student loan debt by the time he or she graduates. The cost of medical school, however, doesn’t end there. If you choose to specialize, you’ll likely have to pay for another three to seven years of education.
Costing is the new trend, and it can seem expensive. But the price of medical school can be daunting and there are ways to make it easier. What are the costs of medical school?
While we can’t speak for your individual costs, we can inform you about some of the major expenses you’ll pay as a medical student. You’ll be able to better budget for other costs, like housing, food, and transportation, after you know what you’re paying for medical school. And let’s also keep in mind that the cost of med school varies by school.
Though it’s not a surprise that medical school in the USA is expensive, just how expensive is medical school? The average cost of medical education in the U.S. is about $247,000 for tuition and fees. This figure includes the cost of tuition, fees, and books.
The cost of living expenses varies from 25,000 to 40,000 per year, depending on where you live. While this is a large sum, keep in mind that many students will get scholarships that cover 90 percent of their total cost. In addition, some students will receive grants and loans that will cover 100 percent of their costs.
In this article, I will show you just how much it costs to go to medical school in the US. There are three ways to go to medical school: you can get an undergraduate degree, a bachelor’s degree and then go on to medical school; or you can get a masters and then go to medical school, or you can skip the first two and go straight to medical school.
How to Get into Med School in the USA
Medical school requires a lot, and before considering applying, you must have completed a four-year bachelor’s degree, with all of the necessary classes needed for the particular medical school you’re trying to apply to.
These classes vary from school to school but also include some science courses like; Biology, General and Organic Chemistry. Some schools may also require that you need to have gone through some other courses like; English and Maths. The best thing is to look into medical schools while you are still an undergraduate so you can choose your classes properly.
Another important thing is to have completed the MCAT (Medical College Admissions Test). The test will regulate how critically you can think and solve problems. It will also reveal how good you are in various scientific concepts. Once you pass this test, getting into a good medical school is inevitable.
If you are an international student, you’re going to be at a disadvantage to local students. Many publicly funded schools are expected to put part or all of their state funds towards students who are residents of the school’s state. Even though this is mainly to ensure that there are enough doctors for the area, it can put international students at a huge disadvantage in the process of selection.
The acceptance rate of students into medical school in the USA is somehow on average. In 2018 – 2019, 21,622 applicants were accepted to allopathic (MD) medical schools out of the 52,777 who applied, for an overall acceptance rate of 41%.
How Much a Med School Student is likely to spend
The fees for medical schools are always very exorbitant and huge. Going into a Medical school is no beans, at all. You really have to be loaded.
The average tuition cost to attend medical school per year in the United States is approximately $61,750 which amounts to $247,000 in tuition debt for four years of school, excluding the payments of books and all others. Of course, this calculation does not include fees for health insurance, housing, and living expenses, which depend on the location of the individual.
How to Pay for Med School in the USA
Below are some of the highlights of how to pay for Med School in the USA.
- Look for local scholarship opportunities.
- Apply for federal financial aid.
- Consider private student loans.
- Enroll in a service program.
Paying for medical school is one of the surest ways of becoming a doctor. Though, it’s one of the hardest, because of the fees attached to it.
The thing is, some people don’t have the kind of money to achieve this. To ease the financial burden, one of the ways to go about this is paying using student loans. Many medical students pay for their education through federal loans, which are by far preferable to private loans for a lot of reasons.
Federal loans give you repayment options, such as income-based repayment or Pay As You Earn. Programs like these set limits on how much you pay off each month.
Federal loans bring lots of huge advantages.
Other ways to pay are through some local scholarships and applying for financial aid. You might as well have some well-to-do people (either parents, family or friends) in your life, that would be glad to assist.
What to do after Med School in the USA
Finishing medical school is just one of the important milestones in your pursuit of becoming a doctor. Once you receive your MD, the next thing is not to throw your cap into the air, walk into the nearest hospital, and begin your medical career, no, it’s not done that way. Most doctors prefer to pursue medical post-graduation in the USA.