There’s no doubt that one of the biggest stressors associated with medical school is money. Between tuition, housing, transportation, food, entertainment and school-related expenses, the costs associated with going to medical school can be astronomical. Luckily, there are plenty of things available to help you deal with the financial burden of medical school so you can better focus on your studies.
Total Cost of Medical School
The total cost of going to medical school can be alarming at first glance. In 2013-14, the annual tuition at public medical schools averaged nearly $32,000 for in-state residents and over $55,000 for out-of-state residents. Tuition for private schools can be even higher, with both types of students going well beyond $50,000.
The average amount of debt for students graduating medical school in 2013 was $175,000. While that on the surface is quite the staggering amount of money, but keep in mind the potential income you stand to make as a doctor. The average salary for a doctor in family medicine was over $160,000 in 2013, and your salary only rises as time goes one.
Applying for Financial Aid
Financial aid can help with the cost of medical school immensely. Students planning to attend medical school in need of financial aid can fill out the Free Application for Federal Student Aid (FAFSA). There are several types of student loans available, such as the Stafford loan, the PLUS Loan, and the Perkins Loan. There are also a variety of non-federal and alternative loan programs available.
You will likely need to complete several additional forms for individual schools. You may also have to provide schools with other documents, such as tax returns.
Money is always a factor when attending medical school, but through loans and proper budgeting, you can manage your way through it. After all, the potential rewards associated with graduating medical school are limitless!