Medical school is expensive. With all of the infrastructure and resources needed to train a medical student, it can cost almost six figures a year to train a single medical student; after government subsidies tuition can be brought down to a range between $10-20,000 per year. As seen in this Maclean’s breakdown, some programs cost less, others more. Still, the average tuition compared to many other professional programs is costly. Factor in living expenses and other miscellaneous costs and the debt rises quickly.
There are a number of ways that medical students tackle tuition and it all depends on the circumstances and what they are comfortable with. The best way to figure out how to approach the problem is to find out where you stand and what your needs are. Here are the options that I have seen personally.
Are you a medical student or a student in a health care profession? How are you paying for your schooling? Do you know of a different option of paying for medical tuition that is not on this list? Leave your answer below.
EDIT: A number of readers have commented that scholarships and the like are also excellent means of financial relief. I had forgotten to include that and I thank everyone for pointing it out.
I did take out student loans since the heydays of undergrad. I had some scholarships to help me but it was difficult not to pull through without some loans. Thus, I have accrued loans for the past six years and it definitely does amount to a lot. I worked at research labs to help cover some of my costs. Still, the majority is being paid via my loans and from family support.
Seeing the debt grow is certainly scary but once you work with a financial advisor, it can put a lot of your concerns at ease and put your situation in perspective.
The three main takeaways I got out of the two hour session were:
I do not think I can answer that for you. You must decide what is right for yourself. For me, I believe in the pursuit of one’s dreams and following one’s heart. Medicine has its rewards and for me they are worth the expense. You should think about what appeals to you and if it is something you can give up and not regret later on. Whatever you do decide, I wish you good luck on your journey.