From merit scholarships and student loans to government service, there are a variety of ways for medical school students to finance their education. Total Cost of Medical School. Average private school figures come in just below public schools for in-state and out-of-state students, at $60,665 and $62,111, respectively. Understanding the cost of medical school is just one step in a long career path. According to the College Board, the average cost for an in-state student to attend a public four-year college and live on campus is $26,590. College Ave respects your inbox and will only send periodic emails. Sign Up for Monthly College Financial News, Tips, & Advice. College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. The Joan F. Giambalvo Fund for the Advancement of Women offers scholarships of up to $10,000 to female medical students and female medical professionals studying issues of concern to women in medicine. After earning a license, med school graduates enter a residency program at a hospital or clinic under physician supervision and work there for an additional three to seven years. This includes preparation for the Medical College Admission Test (MCAT), which accompanies transcripts, essays, and letters of recommendation for the application. Information advertised valid as of 11/16/2020. Students should also consult the financial aid office of their undergraduate university and prospective medical schools for information regarding scholarships and private loans. While fewer private school students accumulate debt during medical school, those who do (21%) have an average debt of $300,000 or more. For students approaching their final year of medical school, Physicians of Tomorrow offers 10 different scholarship opportunities from a variety of sponsors. Many students start their research early so they’re prepared for all of the associated costs of med school. Similar to the NHSC Scholarship Program, the National Health Service Corps Loan Repayment Program provides partial repayment of loans for medical students who work in underserved areas after graduation. Be sure to explore the many options for paying for med school including specialized loans, grants, scholarships, and exchange programs. According to the Bureau of Labor Statistics, the average weekly earning of a bachelor degree holding American is $1,102. CHECK WWW.COLLEGEAVESTUDENTLOANS.COM FOR THE MOST UP-TO-DATE INFORMATION. Two types of government loans are available for graduate studies: Direct Unsubsidized Loans and Direct PLUS Loans. It’s a commitment to improving the lives of others and contributing to the greater good. All students accepted to the Perelman School of Medicine are considered for the scholarship. According to the AAMC, in the 2018-19 year, the cost of public medical school averaged $36,755 per year ($147,020 per degree) for in-state students and $60,802 per year ($243,208 per degree) for out-of-state students. Although exact tuition costs vary by year and by school, the cost of medical school has consistently increased over the last decade. Average Cost of Medical School . Direct PLUS Loans are limited to the full cost of attendance minus any other loans, grants, aid, or scholarships received. While the cost of medical school in and of itself is certainly high, the true cost of becoming a doctor is in years and years of your life. These can be daunting numbers, especially when moving from undergrad directly to medical school. Students accepted to a degree program in the fields of primary care, dentistry, nurse practitioner, certified nurse-midwife, or physician assistant are eligible to be considered for the NHSC Scholarship Program. At the highest end, the cost reaches $398,488. By providing your email address, you agree to our Privacy Policy, and you give College Ave Student Loans permission to contact you. Although exact tuition costs vary by year and by school, the cost of medical school has consistently increased over the last decade. Multiply the average lost earnings by four, and you end up with $229,216. If you use just the average figures, the average cost of medical school (assuming a four-year stint) can range from $150,224 to $248,920. Upon completion of medical school, recipients must serve one year of active duty for each year the scholarship was received, with a minimum three-year requirement.