Medical School Cost
How much is it going to cost to send my child to Medical School? Your child wants to be a doctor, and you approve of this lofty goal, but you wonder what the price tag will be. In plain English, medical school is expensive - very expensive, actually. Let's walk through what would be the usual costs involved. Let's assume a best-case scenario that says you were able to help with the costs of undergraduate training so that your child is debt-free regarding education expenses as he or she enters medical school.
The first costs will be incurred before your child gets to med school. There will definitely be the cost of the MCAT, which currently is $225. Most students also pay for an MCAT test prep course. Then your child will also have application costs. Experts recommend applying to at least ten med schools. Application costs vary, but let's assume an average cost of $200 per application. Ten applications at $200 each will mean another $2,000 spent before you even know which med school your child will attend.
Once your child is accepted, he or she will face an average first-year tuition cost of approximately $25,000 at a state-sponsored school. Tuition at a private med school may be double that. If you live in the same state in your child's med school, he or she may be able to cut that tuition figure by about half. With these estimates, tuition cost alone for the 4-year program will likely range from a low of $50,000 to more than $200,000.
Other major expenses include books, room and board, and travel expenses. Daily living expenses like clothing, insurance and vehicle maintenance will also add up. Often these types of expenses can add up to $20,000 or more over the course of a 4-year program. Again, though, these costs vary significantly based on whether the med school is public or private, where it's located and whether or not your child lives on campus. Some med school students reduce their expenses by living at home or with another relative. Others share expenses with a friend they know either on campus or nearby. Still others join the military in order to trade tuition for military service.
The fact is that most medical students end up in debt by the time they graduate, even if they make efforts to reduce the cost of their education. The median amount of debt for medical students completing their schooling is a whopping $120,000! When it's weighted against the benefits that will accrue over the course of several decades, the cost diminishes. However, the cost of medical school is something you'll want to study carefully if your child wants to be a doctor.