We all know that it is expensive to study in a medical school. Besides the fees and tuition costs, medical students have to spend money on food, housing, transportation, and other items. If you plan and have a clear understanding of your expenditures before starting medical school, you can graduate from med school with minimal loans.
Average Cost
The tuition costs may differ at each school. Moreover, they may change over the years. During the previous decade, the expense of medical school has increased consistently. AAMC reports that between 2018 – 2019 the average annual charges for students (in-state) studying in public medical schools was $36,755. For students coming from other states, it was $60,802. The students who attended private med schools had to spend $59,775 annually. These average costs include only health insurance, tuition costs, and fees. Other expenses, such as meals, housing, transport, are not included.
It costs about 40% less if you attend a public med school in your state than attending a private med school or a public school in another state. Students attending med school do not have enough time to take up any part-time work to supplement their finances. So most of them have significant debt after graduating. According to the data provided by AAMC, about 76% of students of med schools end up in debt.
Students have to pursue residency programs soon after med school programs. Therefore, they do not start receiving a substantial salary for 3 – 5 years after completing graduation. Before you try to enroll in a med school, think about the time and expenses involved and whether you have enough dedication to fulfill your ambition.
Ways to Make It More Affordable
There are several funding opportunities that you can avail yourself of to finance your education. You can start searching for scholarships and loans in the early stages while applying to medical school.
Merit Scholarships
Many med schools offer partial or full merit scholarships. There are some med schools like NYU that provide free tuition. It is available for everyone irrespective of their need. WUST offers partial tuition scholarships to some students and a full-tuition scholarship to about half of the class. The deans of med schools can nominate two students from their schools for scholarships. Each student might receive a scholarship of $10,000.
Government Service
The NHSC Scholarship Program offers med school funding that includes fees, tuition costs, additional education charges, and a stipend for four years. Students admitted to various medical school programs are eligible for it. They have to serve in particularly underserved areas every year.
The United States Navy, Air Force, and Army offer to fund health insurance, fees, tuition, books, a stipend, and a signing bonus of $20,000. Recipients have to serve for a minimum period of three years.
Loans
Students can consult the financial aid offices in their college or visit sites like unigo.com, fastweb.com, and scholarships.com to find out about loans and scholarships available for them. The government also provides loans for graduate students.
