Getting into medical school requires mental and emotional preparation, as well as financial readiness. Med school is expensive, and everyone who wants to be a doctor knows this. If, despite the looming financial burden and the premed critics you will face, you are still thinking about applying to med school, below is a summary of the financial cost of attending medical school. Proceed with caution...
Medical School Tuition
According to the Association of American Medical Colleges (AAMC), the median tuition in 2013-2014 was $31,783 for resident students at public institutions, $55,294 for non-resident students at public institutions, $52,093 for resident students at private med schools, and $50,476 for non-resident students at private med schools. These figures do not include health insurance, housing, and other expenses.
So, for four years of medical school, a public school would cost $127,132 for resident students and $221,176 for non-resident students. At private schools, the entire cost of medical education totals $208,372 for resident students and $201,904 for non-resident students.
Fees and Expenses in Medical School
On top of tuition, there are other mandatory fees and expenses to consider in your financial planning for medical school. These mandatory fees include student health center, student services, student health insurance, student aid fund, programs, malpractice insurance, disability insurance, and miscellaneous fees that amount to about $2,235 per year or $8,940 for the duration of medical school.
Other expenses include room and board at an average of $20,000, and books and supplies at $1,572 per year. You will also have to allot money for the $535 national medical board exam which you will take in your 2nd and 4th year, and your $1,140 clinical skills exam which you will take during your 2nd year of med school. Finally, you should, of course, also budget for personal expenses. For the sake of the calculations below, let’s assume that you will have to spend $5,300 for personal expenses, food, and transportation per year.
Total Cost of Attending Medical School
Considering all of figures above, the total cost of attending medical school, depending on if you are attending a private or public institution and if you are a resident or non-resident, can be seen below:
- $165,154 for resident students at public med school
- $259,198 for non-resident students at public med school
- $246,394 for resident students at private med school
- $239,926 for non-resident students at private med school
As these numbers are overwhelmingly high, it’s important to keep in mind that there are scholarships and financial aid options available. You just have to know where to look. If you need help applying for financial aid or with your medical school application, schedule a consultation with an InGenius Prep medical school admissions expert today!
This article was written by an admissions expert at InGenius Prep.