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Financial Planning
How much does medical school cost and can I afford it?
Annual tuition and fees at state medical schools in 2004-2005 averaged
$14,607 for state residents and $33,036 for non-residents. At private
schools, tuition and fees averaged $32,092 for residents and $33,666 for
nonresidents These figures do not include housing or living expenses.
But don't let these costs discourage you. A wide array of grants and loans
are available to those who are determined to get a medical education.
According to the LCME-1B, about 82 percent
of medical students graduate with some educational debt. Many receive
substantial financial assistance through programs that provide loans guaranteed
by the federal government.
You will need to plan your budget carefully, however, so that you don't
end up with more debt than is necessary. Once you have been accepted to
a medical school, work with the school's financial aid officer to develop
the best package to meet your needs.
Most medical students borrow at least a portion of the money they need
to finance their education. In 2005, the median debt was
more than $120,000. That's significant debt for a young doctor; however,
a medical education is an investment that keeps returning dividends throughout your life.
There are many options for loans and scholarships, some of which may
minimize your potential debt. Some are based on need. Others are not.
Some loans are targeted specifically to individuals who are seeking careers
in primary care.
Federally sponsored loans include the Perkins, the subsidized and unsubsidized
Stafford FFEL (Federal Family Education Loan), the subsidized and unsubsidized
Ford FDSL (Federal Direct Student Loan), and the Health Education Assistance
Loan (HEAL). Several non-federal alternative loan programs also are available.
Various grants and scholarship programs also are available from the federal
government and from individual medical schools. Federal programs include
the Armed Forces Health Professions Scholarship and the National Health
Service Corps. Scholarships for underrepresented minority students also
are available through the National Medical Fellowships.
The best plan is to meet with the medical school financial aid office
after being accepted to develop a budget and financial aid program based
on your need and resources.
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