Attending medical school may necessitate a significant financial commitment. Becoming a doctor can provide emotional and financial benefits in the form of a higher annual salary. In 2021, the average salary for a physician was $339,000, according to Medscape's Physician Compensation Report for 2022. Specialists make an average of $368,000 per year, while primary care physicians make an average of $260,000 per year. A career in medicine necessitates discipline and multiple years of higher education, which can be costly. For both students and parents, determining the average cost of medical school is critical because it allows them to see how affordable a medical degree is.
What Does Medical School Cost on Average?
According to the Association of American Medical Colleges, the average first-year medical student in the 2021-22 academic year paid $38,947 in tuition, fees, and health insurance to attend a public medical school (AAMC) At $61,023, the average first-year student at a private medical school paid even more. These figures are for students who are registered as residents at their respective schools. The totals for non-residents increased to $62,505 and $62,539, respectively. Non-resident students attending public medical schools paid a maximum of $91,599 per year in tuition, fees, and health insurance. Medical school can cost anywhere from $155,788 to $244,092 (assuming a four-year program) if you use only average figures. The most expensive option costs $398,488. Annual tuition increases and the cost of living while in medical school are not included in these figures. Depending on where you go to school, the cost of living—housing, utilities, food, and transportation—can vary dramatically. According to the Bureau of Labor Statistics, average household spending in 2020 was $61,334 dollars. While attending medical school in a less-expensive city could lower your cost of living, it may come at a cost if it means you won't be able to attend your dream school.How to Pay for Medical School
Medical school can be paid for in a variety of ways. In an ideal world, you and your parents would be able to pay for college using funds from a 529 college savings plan that are tax-advantaged, a Coverdell Education Savings Account, savings bonds, a certificate of deposit (CD) or a high-yield savings account (CD). That's a tall order to meet. Student loans may be the next logical step that many medical students take when they can't pay out of pocket. According to the American Association of Medical Colleges, the median medical school debt in 2020 was $200,000, implying that medical students (and possibly their parents) are financing their education through loans rather than college savings plans or other means. Overall, 83 percent of medical school graduates graduate in debt. Start with federal loans if you're thinking about taking out student loans to pay for medical school. A combination of direct unsubsidized and direct PLUS loans could be used. Although neither type of loan is based on financial need, both require a credit check. The maximum borrowing limits for these loans in February 2021 are as follows: Unsubsidized direct loans: up to $20,500 Direct PLUS loans can cover up to the remaining costs of college not covered by other sources of funding. Filling any gaps in federal student loan funding may necessitate the use of private student loans. Private loans may have fixed or variable interest rates, and your potential to meet the criteria is largely determined by factors like your income and credit score, rather than your need. Aside from that, a significant difference between private and federal student loans is that private student loans lack many of the protections that federal student loans provide. It includes the ability to enroll in an income-based repayment plan, apply for public service loan forgiveness, or apply for a deferment or forbearance during difficult financial times.How Can Medical School Be Made More Affordably?
Loans are one option for paying for medical school, but there are a few other options to consider to make the cost more manageable. Consider the following options, for example.Select a Medical School with Free Tuition
Tuition-free programs are becoming more common, though they are still the exception rather than the rule. These programs allow eligible students to earn a medical degree with no out-of-pocket tuition expenses.Tuition in exchange for military service
The Health Professions Scholarship Program covers tuition, books, fees, and equipment for up to four years. Scholarship recipients receive a monthly stipend as well as a $20,000 sign-on bonus each year of the scholarship is exchanged for one year of active duty service.Involve yourself in a community that is underserved
Medical school students, as well as dentists, nurse practitioners, and other healthcare professionals in training, can apply for funding through the National Health Service Corps Scholarship Program. The scholarship pays a monthly stipend in addition to covering tuition and fees. Working in an environment with a health professional shortage for a fixed number of years, based on the length of time you received the scholarship, is a scholarship requirement.Cast a Wide Net for Grants and Scholarships
In addition to federal scholarships, you should search extensively for scholarships and grants to help you pay for medical school. Consider both larger national scholarships and grants as well as smaller local scholarships and grants offered by your preferred school or community organizations. If you're unsure where to begin, a free scholarship database can point you in the right direction. The average cost of medical school is high, but if you want to be a doctor, It could be a small cost to pay. You can't afford to skip the step of carefully weighing the costs of various schools and looking into every possible way to help pay for those expenses.