Medical School Costs
Choosing to pursue a medical profession is a life changing decision. It is a commitment to improving the lives of others and contributing to the common good. But it is not without sacrifice. If you want to become a doctor, surgeon, or one of dozens of other medical professions, you’ve probably already thought about the cost of studying medicine and what it means for your future. And you are not alone! Many students begin their research early in order to be prepared for all Associated costs from medical school. Resources and requirements vary by institution, so explore the list below to better understand what to expect.
Medical School Requirements
In order to be accepted into most medical degree programs, you must complete a bachelor’s degree in a related subject such as biology, medicine, or physical science. Some undergraduate programs also offer pre-med counseling to ensure students are on the right track for medical school. This includes preparing for the Medical College Admissions Test (MCAT), which comes with transcripts, essays, and letters of recommendation for application.
Once you’re accepted, you can pursue one of two types of medical degrees in the United States: Doctor of Medicine (MD) or Doctor of Osteopathic Medicine (DO), which typically require four years of medical school. . The first year includes a combination of classroom and preclinical mentoring and lab time. Sophomores begin rotations in medicine, surgery, anesthesiology, and more to explore different areas of interest. Third and fourth year medical students begin taking their licensing exams which are required to graduate. After earning a license, graduates of medical school enter a residency program in a hospital or clinic under the supervision of a physician and work there for an additional three to seven years. More specialized fields generally require longer residency training. (BLS)
Are you paid during residency? In fact, residents receive a salary. Residents can then apply for an unlimited medical license to practice without supervision or complete a one- or two-year fellowship in a specialty area. Board certifications are also available for physicians and surgeons in their specialty, obtained by passing another exam. With so many requirements, the ultimate cost of medical school can change depending on the school, programsand the specialty you choose.
Private and Public Medical School Tuition Fees
The cost of medical school will vary depending on whether you attend an in-state or out-of-state school and whether the facility is private or public. And as many students already know, attending college involves more costs than tuition. This means that your budget should also include fees, books, food, housing, and supplies, as well as an adjustment to the cost of living in your city of choice.
So how much does medical school cost? Here is a breakdown of average tuition and fees by type of institution in the 2022-2023 school year, as reported by the Association of American Medical Colleges (AAMC).
AVERAGE COSTS OF PRIVATE SCHOOLS
Resident (in state)
+$3,741 Health insurance
Total over four years = $250,280
Non-resident (out of state)
+$3,758 Health insurance
Total over four years = $256,412
AVERAGE PUBLIC SCHOOL COSTS
Resident (in state)
+$3,017 Health insurance
Total over four years = $159,620
Non-resident (out of state)
+$3,102 Health insurance
Total over four years = $254,872
You will notice that attending an in-state public school has a price difference of over $24,000 compared to out-of-state private school costs, which over 4 years is approximately $97,000 in savings. ! It’s a difference that partly explains why it’s so hard to generalize about the cost of medical school. On the other hand, average costs for nonresidents are nearly the same at public and private institutions, so don’t limit your options to public if you’re looking outside of the state. Overall, the cost of medical school is rising rapidly and requires smart planning and budgeting along the way.
Changes in medical school costs over the years
According to data from the Association of American Medical Colleges (AAMC), annual medical school costs increased by 17% to 24% between the 2013-2014 school year and the 2022-2023 school year. Public medical school costs in the state increased from $31,619 in 2013-14 to $39,905 in 2022-23. And private out-of-state medical school costs rose from $52,207 in 2013-14 to $64,103 in 2022-23. Annual increases in tuition and overall costs typically increase between 1% and 3% each year. With these rising costs in mind, it’s more important than ever for medical students to plan and budget ahead. There are many ways to pay for medical school tuition including scholarships, grants and student loans.
Total Medical School Cost
Over four years, a medical student can expect to pay anywhere from $159,620 (in-state public school) to $256,412 (out-of-state private school) and more. These numbers can be daunting, especially when going straight from undergraduate to medical school. Fortunately, medical professions have some of the highest salaries in the country, with a median salary of at least $208,000. Be sure to explore the many payment options for medical school, including specialty studies loans, grants, scholarshipsand exchange programs.
Now that you know how much medical school costs, you can take the next step in the process of getting financial aid and succeeding in medical school. Understanding the cost of medical school is just one step on a long career journey. Be sure to use the right tools and research available to make smart choices and prepare for the future.