Cost of Med School

[Kaui05]

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What is the average cost of Medical School? Saying that I went to a lower cost school, will I still be in major debt?

 

[armybound]

they say the average physician ends up something like $250,000 in debt, but I'm not sure about that.

Most schools appear to cost $20-40,000 per year, plus living expenses.

Some schools are much cheaper though.

 

[Funky]

the medical school guide from US news has the average debt for each school I believe. You might want to take a look at that.

 

[viciouz]

But thats so not accurate, because some people have parents or other sources of money to pay for their medical school bills.

But I have a question. When looking at the MSAR what Numbers do you guys look at?

 

[TheRealMD]

But thats so not accurate, because some people have parents or other sources of money to pay for their medical school bills.

But I have a question. When looking at the MSAR what Numbers do you guys look at?

MSAR tells you average indebtedness, but most consider that inaccurate. Basically, you need to multiple tuition costs * 4, then figure out your yearly expenses * 4, and pray for some scholarships to lessen the burden. But in the end, you're going to be taking out some amount of loans and it'll be a while before you pay them back.

It's not really taking out loans that is the problem for most med students, but realizing that you shouldn't spend an excess amount beyond the minimum needed for survival. You can easily write of an HDTV if you wanted (if planned over a long time anyway), but is it really necessary? Do you need cable/satellite TV? Or the fastest high speed internet package? Or go out to eat every weekend?

It's the tiny things that eat up your wallet the most.

 

[Dr2Bee]

250K is probably for private schools.

 

[armybound]

But thats so not accurate, because some people have parents or other sources of money to pay for their medical school bills.

But I have a question. When looking at the MSAR what Numbers do you guys look at?

cost is cost, regardless of how it's paid.

 

[Dookter]

It's not really taking out loans that is the problem for most med students, but realizing that you shouldn't spend an excess amount beyond the minimum needed for survival. You can easily write of an HDTV if you wanted (if planned over a long time anyway), but is it really necessary? Do you need cable/satellite TV? Or the fastest high speed internet package? Or go out to eat every weekend?

It's the tiny things that eat up your wallet the most.

Dude, come on. The school loans are the big problem, not that HDTV. Do people blow $$ when they shouldn't? Sure. But borrowing $50K/year for school is the big thing. The tiny things do not eat up your wallet. That is why they are called tiny. It's the big things.

 

[TheRealMD]

Dude, come on. The school loans are the big problem, not that HDTV. Do people blow $$ when they shouldn't? Sure. But borrowing $50K/year for school is the big thing. The tiny things do not eat up your wallet. That is why they are called tiny. It's the big things.

Meh? Seriously though, everyone is going to take out loans unless you have a rich mommy and daddy. Take out what everyone has to suffer through and the only med students/residents that are really whining are those that spent a lot more than necessary or decided to go to a private school with really high tuition.

 

[ReginaldBrocoli]

Meh? Seriously though, everyone is going to take out loans unless you have a rich mommy and daddy. Take out what everyone has to suffer through and the only med students/residents that are really whining are those that spent a lot more than necessary or decided to go to a private school with really high tuition.

We're talking about 4 years of your 20s and you want to cut out all the marginal expenses like movies and going out to eat? I personally will take out enough money so I can go on at least one trip a year and I'll go out to eat with friends when I'm not too busy studying. Spending $2000/year on movies, dining, and trips is, like said above, a small drop in the bucket compared to the 30k+ in tuition. Medical school doesn't have to be prison.

 

[TheRealMD]

We're talking about 4 years of your 20s and you want to cut out all the marginal expenses like movies and going out to eat? I personally will take out enough money so I can go on at least one trip a year and I'll go out to eat with friends when I'm not too busy studying. Spending $2000/year on movies, dining, and trips is, like said above, a small drop in the bucket compared to the 30k+ in tuition. Medical school doesn't have to be prison.

Never mind. Some people are taking literally what I said too far.

 

[Dookter]

Never mind. Some people are taking literally what I said too far.

If you do not want people to take what you say literally, you need to clarify what you mean.

 

[TheRealMD]

If you do not want people to take what you say literally, you need to clarify what you mean.

Ok, for example, you can live in an apartment for $750 a month instead of one for $1100, even though the latter is 10x nicer. After 4 years, that's a difference of $16,800. This is a pretty extreme example, but I think you get the idea.

 

[AnthonyNY]

for me, at a state school, im thinking appx. 170K

 

[proclivity]

Ok, for example, you can live in an apartment for $750 a month instead of one for $1100, even though the latter is 10x nicer. After 4 years, that's a different of $12,000. This is a pretty extreme example, but I think you get the idea.

I don't think it is extreme at all. I live in an apartment about 1.5 miles from Ohio State University in Columbus, OH in Grandview where prices for houses and apartments have been continuously increasing. I found a 700 sq ft one bedroom for 615/mo. They pay for the AC, heat, natural gas, water/hot water, sewage, and garbage. of course it is in the cost of the apartment but i am sure many people would pay this for the described apartment.

 

[TheRealMD]

To directly address the OP: It really depends on where you go to school and if it's in-state our OOS. Typically, the further south you go, the cheaper the cost of living. For example, a med student in Texas is going to pay MUCH less than someone in New York, as Texas is roughly $100,000 + interest assuming you get no scholarships. I think anyone in NY would kill for such a rate.

But for now, I'd really just focus on getting INTO med school. Paying for it is a smaller hurdle compared to completing your application and interviewing.

 

[fractalgal]

What is the average cost of Medical School? Saying that I went to a lower cost school, will I still be in major debt?

Educational loans are not so bad in that you can deduct some of the interest on your tax returns. You are also acquiring a valuable skill for your investment that will (hopefully) pay off in the long run.

Beyond tuition, books, etc., it would depend on how conservatively you choose to live.

I agree with TheRealMD that little things do add up.

That's not to say you should go to the extreme and never treat yourself. But whenever possible pay with cash, and always pay the full balance on your credit cards. Credit card debt is some of the worst to have.

Being more careful with your money now will give you more freedom with your choices in the future.

 

[LifetimeDoc]

State medical school: yearly tuition is $20k, living expenses are $20k, total = $40k per year (plus $5000 in other expenses) times 4 years is $180k. If I was to goto a private school in-state add a total of $40k, or out-of-state schools add a total of $80k.

In-State Public = $180k
In-State Private = $220k
Out-Of-State Private = $260k