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.
Thanks for your question jensaigal. Most of my expenses are covered through student loans and also help from my mother. I have some funds saved up from working in the past that I tap into but it is not much by any means. I will most likely take out a line of credit to help reduce the pressure.
A lot of my colleagues are older, and have a lot more money saved up from working longer; the prevailing method however is a line of credit. Most, if not all of my classmates have a line of credit. In the case of those who have partners and spouses, their significant others are helping them as well.
I know of two people who work while they are studying medicine. From what I know, it is a constant juggle for them to maintain their personal life, their studying, and their work.
I apply for bursaries and student loans. That is covering most of my tuition. My family is also helping me pay for the remainder.
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.
Required Textbooks: 12 Volumes
Recommended Textbooks: 22 Volumes
Estimated Textbook Cost: $2,000.00
Hi there cxsteff, I don’t see why nursing would not be advisable. I think there is this impression that it’s taboo to come from a nursing background that I think is absolutely rubbish. I know of two people who are from a nursing background and I dare say that they are a great asset when they bring their nursing experience to the table. Similarly, I have a brief background in pharmaceuticals which benefits the group too.
Everyone, no matter what background they come from, brings a unique perspective to a team and that ability to see a problem from another angle is what makes a team better. In that sense, I don’t think there is a “best” major prior to med school while many would say physiology is a good one due to its study of the human body providing a good foundation.
Student loans do get scary, especially once they start really piling up near the end of your schooling but eventually you will make it all back. It just takes time. On being sued, I personally worry too. I think as students, we all fear making that fatal mistake that lands us into trouble. However, I must also remember that before I can practice on my own, I will be trained for the next couple of years under the supervision of experienced doctors who will iron out the kinks and teach me the trade to the best of my ability. By the end of it all, we will all become confident and competent doctors. It is just a matter of time. :)
I pay for my tuition mostly with student loans and a bit by savings. My mother does pay for a portion of it to lighten the load but predominantly student loans.