Average Cost of Medical School-Your queries answered

This article gives you a detailed information about the average cost of a medical college, how to plan for a medical career and the methods you can adopt for financial assistance.

Updated by Rakshitha N on 10th September 2020

Many committed students opt to pursue their careers in a medical field and this could be life-changing. This is a contribution to oneself and others' lives.

Students' interest could be in various fields such as nursing, dental, and scientific research. While aiming to be a medical professional, you should also estimate the average fees it can cost you through that journey. It is always better to plan your career and decide in advance that what you pursue your education based on your interest.The first thing to be noted is the cost of a medical program.

This article is your guide on the average cost for a medical program and other financial assistance.

Table of content

What is the average Cost of medical school?

The medical school cost varies for both private and a public medical college and also for resident and non-resident students. 

According to the Association of American Medical Colleges (AAMC), The average tuition for a student at public medical institutions would approximately be $36,755 and for a private medical college would be 52,515 per year.

These costs have gradually increased over the past few years and it does not include the cost of living such as transportation, food, housing. Including these, it could cost you around $60,000 for a year program.

This table below gives you a better understanding of the cost of a first-year medical program without the cost of living. 

Medical school Student Tuition Health Insurance Fees Total
Public Medical School Resident $31,905 $2,355 $2,546 $36,806
Public Medical School Non-resident $55,291 $2,359 $3,206 $60,856
Private medical School Resident $53,901 $3,306 $1,924 $59,131
Private medical School Non-resident $55,301 $3,330 $1,936 $60,567

Usually a four-year program ranges up to $150,620 to $236,304 and the maximum cost could reach about $396,056. 


How Do I Pay for a Medical School?

When you plan to join a medical school, you start researching the colleges, fee structures, estimated cost, and what financial aid options are available for y. Here are some of the ways you can choose you to get financial assistance.

Choose a Medical College which offers tuition aid

Students can choose a Health institution that sponsors their education. The committed students can avail part-time or full-time employment at healthcare while they study and also repay the amount they borrow for their tuition.

Association of American Medical Colleges (AAMC)

AAMC is one of the genuine resource and service providers for medical students. It gives the right information about medical schools, how to manage finance and guides you through your medical journey.

Medical Scholarships

Students must always aim at being eligible to get a scholarship, as it doesn't require a student to repay the borrowed money.  As soon as students decide on which college to join, they plan on various ways to get financial aid, college scholarship is the first option to choose.  You can discover various scholarships available to you with the help of your school's financial aid office. Some medical scholarships that students can get are,

  • National Health Service Corps (NHSC) Scholarship: The NHSC scholarship is available for medical and dental students from the U.S. Department of Health and Human Services. This aids the tuition, education cost, and living stipend.

  • Health Professional Scholarship Program(HPSP): This scholarship is sponsored by the U.S. Army, Airforce, Navy for medical students, These scholarships sponsor the tuition and supplies with the living expenses every month. Students who avail this scholarship should commit to serving as an officer.

  • Medical and Dental Student Stipend Program(MDSSP): This scholarship offered by the National Guard requires you to give a commitment during students to serve as a part-time or full-time as a civilian. 

Professional Student Exchange Program

The PSEP program lets students in 10 western states receive financial assistance which is applicable to students attending professional programs and not at a public institution. 

Students who enroll for a PSEP program get benefits of reduced tuition fees, support fees. Other professions such as veterinary medicine, pharmacy, optometry, dentistry are also supported under this program.

Student Loans

Students can borrow money from the government in the form of federal student loans and from a private lender in the form of private student loans for tuition assistance. The money is lent to the borrower with an interest rate and a certain time period for repayment. After the borrower graduates, he is given a grace period. During the transition from a student to being a professional, the repayment starts. 

You can fill the FAFSA for federal aid. Sign up with an FSA ID. For a private student loan, you must approach a Bank or Credit union.


Average cost of a Pre-med School

Even though the medical college itself is costly, you cannot ignore the Pre-med school. Pre-med is a generic term used by the students to let others know that you are interested in being a medical professional.

Most medical colleges expect you to have pre-med education on biology, general chemistry or biochemistry at a lab. These might cost you on an average of $41,770, this could make a big number after adding with the four-year course at a medical school.


Conclusion

When you consider pursuing your career as a medical student, you must be aware that there is a large amount of investment with time, it may take up to 10 years to be a professional which includes pre-med school, medical school medical practices.  Being a medical student takes a lot of dedication and commitment. The biggest hurdle is to pay for medical school. You make the decision to choose your career in the medical field. The best thing is to plan your career and act accordingly about how to pay tuition and be sure about which college to join. 

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