Finance a Medical Education
When deciding to go to medical school, cost is often a factor. Applicants weigh how much they’ll spend studying for the admissions test, and school tuition and fees. Many also consider the debt they’ll accrue if they use student loans.
Here are 10 questions to ask when deciding if you’re ready to pay for medical school.
1. How much does it cost to apply to medical school?
Application costs depend on the type of medical schools prospective students pursue. For primary applications for M.D. programs, the application fee is $160 for the first school and then $38 per additional school. When applying to D.O. programs, applicants pay $195 for the first school and then $40 per additional school.
Prospective students facing a cash crunch can, however, get financial assistance.
2. How much are postbaccalaureate programs?
Postbaccalaureate programs help college graduates who want to go to medical school but have not taken the science classes required for admittance, or who have taken those classes but did not perform well.
These programs can cost more than $30,000 and take one or two years to complete.
3. What is a reasonable budget for MCAT preparation?
Applicants can pay several thousand dollars for a prep course for the Medical College Admission Test. If that’s not in their budget, they can get help from the Association of American Medical Colleges and other sources.
4. What is the average cost for a private medical school?
Attending a private institution costs $52,500, on average, in tuition and fees, according to U.S. News data. Texas’ Baylor College of Medicine charges the least among private schools: $31,663.
5. How common is it for private school students to receive financial aid?
At more than 40 private schools, including Boston University School of Medicine and the School of Medicine and Dentistry at University of Rochester, at least 58 percent of students receive some form of aid.
6. Is it cheaper to attend a public medical school than a private one?
Public and private schools can each be expensive. The average in-state tuition and fees for public schools during the 2015-2016 school year, however, was $32,495 — about $20,000 less than the average for private schools.
7. Can medical school students receive work-study?
It’s not common for M.D. or D.O. students to participate in work-study, but at a few institutions students are able to do so. At the Center for Health Sciences at Oklahoma State University, for example, 29 percent of students participated in work-study during the 2015-2016 year, according to U.S. News data.
8. How can the cost of school be reduced?
Some schools and states offer scholarships and other tuition breaks for students who plan to practice primary care. Volunteering for certain organizations, such as the Peace Corps, can also reduce medical school debt.
9. Are medical school admissions consultants expensive?
Consultants can charge anywhere from $500 to upward of $6,000 for their help.
Medical school admissions experts say consultants may be a worthwhile investment in some cases, but encourage prospective students to consider other resources first, such as pre-health professions advisers on their college campuses.
10. How should I financially prepare for school?
Reviewing credit card purchases to identify trends and learn how to modify spending is one way, says one doctor.
Prospective students can also meet with their colleges’ financial aid departments to ensure they’re up to speed on how much undergraduate debt they have and keep lenders updated if they change addresses to avoid defaulting on payments.
More on Paying for Medical School
Learn which medical school graduates have the most debt, and get our complete rankings of the 2017 Best Medical Schools.
For more advice and information on how to select a medical school, follow U.S. News Education on Twitter and Facebook.
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Are You Ready to Pay for Medical School? originally appeared on usnews.com
