Medical school is expensive. When applying, you have to be mentally prepared for the financial burden that attending medical school will place on your life. So, how much does medical school cost? Let’s find out...
Medical School Tuition and Fees
In 2013–2014, the average cost of med school tuition and fees at public schools was approximately $31,783 for in-state residents and $55,294 for non-residents. At private schools, the average annual tuition and fees was approximately $52,093 for residents and $50,476 for non-resident students. These figures discuss tuition alone and don’t even include health insurance, housing, books, and the cost of being out of the workforce.
According to Julie Fresne, the director of student and resident deb management services at the Association of American Medical Colleges (AAMC), with such an immense cost of attending medical school, the median debt level for a graduating medical student is approximately $175,000 while 25% of graduating medical school students have debt exceeding $200,000.
These numbers can truly be discouraging. However, aspiring medical students should know that there are many resources to help manage your money, get financial aid, and to pay for medical school.
Getting Financial Aid for Med School
Do not let the cost of medical school discourage you, as there are a variety of loans, scholarships, and grants available. There are need-based, merit based, and financial aid that requires service commitment.
Need-based financial aid comes in the form of scholarships and loans. It requires students to apply and qualify for the assistance as determined by the Financial Aid Office. Need-based financial aid is available for medical students who are citizens or permanent residents of the United States.
Merit-based financial aid, on the other hand, is awarded in various amounts as funds allow. Recipients of this type of assistance are selected based on their personal profile, academic accomplishments, and their potential to lead and contribute to the medical school and industry. This type of financial aid considers and evaluates the student’s premed performance and MCAT score.
For those who may not qualify for any of the above financial aid, federal student loans are available including, but are not limited to, the Stafford loan, the Perkins loan, and the PLUS loan. Depending on the student’s circumstances, federal loans may be able to cover the entire cost of medical schooling. Finally, medical school students can also apply for and receive private loans to help them get through their medical education.
For more information, be sure to talk to the financial aid advisor at the medical schools you apply to as early as possible or contact the medical school admissions experts at InGenius Prep for advice on financial aid applications.
This article was written by the medical school admissions experts at InGenius Prep.