Becoming a doctor is one of the most rewarding careers out there, but did you know it can also be one of the most expensive? The total cost to become a doctor in the United States varies depending on many factors such as location, school, and major.
According to www.healthcare-online.org, the average cost of medical school tuition and fees is $34,287 per year for public schools and $50,367 per year for private schools. To get into medical school, students must take the Medical College Admissions Test (MCAT), which costs around $300-$315 or more with registration fees (5 times between 1990-2013).
The University of California San Francisco School of Medicine estimated that in 2010, the total cost of a medical degree was between $278,455 and $311,966. This number includes tuition, fees, books, and equipment.
To attend an out-of-state school like the University of California San Francisco School of Medicine, students must pay out-of-state tuition, about 2x more than what an in-state student would pay for tuition at their public colleges/universities.
If costs are not paid upfront but instead through loans, it could take decades to pay off the debt. According to www.usnews.com, over 44 million Americans currently have student loan debt totaling approximately 1 trillion dollars (1).
An article published by Time Magazine reported that nearly 70% of doctors graduate with debt and the average medical student graduates with $161,772 in loans.
So how much does it cost to become a doctor? It varies from school to school and depends on your chosen field of medicine, but one thing is for sure, it is not cheap! With the increasing costs of higher education, many students are finding themselves taking out more and more loans to achieve their dream careers.
Private And Public Medical School Tuition
The cost of medical school tuition can vary depending on the type of school. Private medical schools tend to be more expensive than public medical schools. For the 2016-2017 academic year, private medical school tuition ranged from $32,000 to $55,000 per year, while public medical school tuition ranged from $6,700 to $34,000 per year.
Other Costs Of Medical School
In addition to tuition, other costs are associated with attending medical school. These costs can include room and board, textbooks and supplies, transportation, and health insurance. On average, these additional costs can range from $10,000 to $20,000 per year.
Total Cost Of Attending Medical School
So, what is the total cost of attending medical school? The average cost for a private medical school student and a public medical school student, including tuition, room and board, textbooks and supplies, transportation, and health insurance, is $164,000 and $130,000.
Financing Medical School
There are many ways to finance medical school. Some students may receive scholarships or grants from their school or the government. Others may take out loans or use their savings.
There are also various loan forgiveness programs available to doctors. Whatever route you choose, it is important to do your research and understand all of your options before deciding.
Becoming a doctor can be expensive, but there are many ways to finance your medical education.
How Much Does It Cost To Become A Doctor In The US?
According to Forbes, the average cost of becoming a doctor in the US is $243,610. This includes the cost of undergraduate and medical school tuition, fees, room and board, books and supplies, transportation, and other expenses. However, the cost of becoming a doctor can vary widely depending on your educational choices.
For example, if you attend an in-state public university for your undergraduate degree and then attend a public medical school, your total cost of becoming a doctor will be around $160,000.
If you choose to attend an Ivy League school for your undergraduate degree and then attend a private medical school, your total cost of becoming a doctor will be closer to $350,000.
How Much Does It Cost To Become A Doctor In The UK?
The total cost of becoming a doctor in the UK ranges from £223,000 to £292,000. This includes tuition fees and living costs.
How Much Does It Cost To Become A Doctor In America?
The total cost of becoming a doctor in America ranges from $158,000 to $365,000. This includes tuition fees and living costs.
How Much Does It Cost To Become A Doctor In Australia?
The total cost of becoming a doctor in Australia is between AU$312,000 and AU$385,000. This includes tuition fees and living costs.
How Much Does It Cost To Become A Doctor In Canada?
The total cost of becoming a doctor in Canada is between CA$223,000 and CA$337,000. This includes tuition fees and living costs.
How Much Does It Cost To Become A Doctor In New Zealand?
Becoming a doctor in New Zealand is between NZ$312,000 and NZ$446,000. This includes tuition fees and living costs.
The answer varies depending on what country you are looking to practice in, but it typically ranges from £223,000 to £292,000 (or $258,000 to $346,000). Remember that this figure doesn’t include the many years of post-graduate training required to become a fully-fledged general practitioner or specialist.
Is Becoming A Doctor Worth It In The End?
The decision to become a doctor is not one to be taken lightly. It requires many years of schooling and training and can be quite costly in the end. So, is it all worth it?
The answer to that question depends on your personal goals and motivations. For some people, becoming a doctor is all about making money.
They want to make a high salary and have a comfortable lifestyle. But for others, becoming a doctor is more about helping people and making a difference in the world.
No matter what your reasons are for wanting to become a doctor, it’s important to know how much it will cost you in the end. The average medical school tuition bill currently stands at over $200,000. And that doesn’t even include room and board, books, lab fees, or other expenses.