THE COST OF MEDICAL SCHOOL -THERE ARE MANY FACTORS TO CONSIDER
Going to medical school is a worthy ambition for anyone, male or female, young or old; it is a great reward to bear the M.D. after your name. It takes a strong commitment to challenge yourself to produce the achievements of earning a degree in medicine. No matter your motivation to accept the rigors of medical school you will face many hurdles that you must overcome. One of the biggest hurdles you will face is the of cost medical school over the years. If you have to pay for school without financial help it will be expensive. Most medical students face paying back student loans by the time they graduate.
How much does it cost to go to medical school? What is the cost of medical school? It costs plenty to put it mildly. Remember your first hurdle will be to finish a B.S. Degree. That alone will be costly. Even if you attend a public four year state college or university you are likely to spend $40,000 on tuition for a four year degree. That does not include room and board, books, travel expenses, insurance, and normal cost of living expenses. Over a four year time period that can add up to another $20,000. You can cut down on that by attending a community college for your first two years. Often time tuition may be free or at least less than half of what it would cost at a major campus. You also may be able to live at home, thus, cutting living expenses drastically. Remember that if you decide to attend a private college or university your expenses may double in cost medical school.
Your next hurdle is the admission costs associated with getting into a medical school. Experts suggest applying to at least ten medical schools. That alone will cost you from $1500 to $3000. Then comes the cost for medical school for each term. The average cost for a state medical school is about $22,000 per year for tuition. For a private medical school that tuition cost could go to $50,000 a year. Those tuition costs do not include room and board, books, travel expenses, and normal cost of living expenses. To meet the huge financial burden of all these expenses most students have to take loans out to pay for all these costs. That means at the end of medical school the average student is looking at a big debt. Even if you work, or have a family helping you with the cost, most medical students end up with debt at the end of medical school.
The median debt for a medical student is more than $120,000 after medical school. But do not be alarmed or discouraged. A medical degree is a life-long investment. It will continue to pay dividends for many years and a career of work. However, the truth is that medical school is expensive and most students end up in debt with college loans. The cost of medical school is a factor that you can not ignore.