top of page
  • Ann C Wood

How Much Should You Save for Medical School?

Save for Medical School

Are you a pre-med? Dreaming of becoming a doctor who heals and inspires? You're in the right place. We all know the path to that white coat is paved with dedication, late-night study sessions, and yes, a hefty price tag.


The good news is that with careful planning and strategic saving, you can significantly reduce your financial burden and graduate with less debt.

This blog post aims to provide you with the knowledge and strategies to navigate the financial aspects of your medical school journey. 


How much does a medical school cost?


The cost of medical school has increased significantly over the past 20 years and shows no sign of slowing down.


The average cost of medical school is $58,968 per year. For public medical school, the average cost is around $52,483. Per year, the average cost of a private medical school is $65,453.


Tuition and fees

The main expense varies significantly depending on whether you attend a public or private medical school. Public schools are generally more affordable for residents of the state, while private schools have a higher average cost nationwide.


Living Expenses

It’s important to consider the cost of living in the area where your chosen medical school is located.

 

  • Food

  • Transportation

  • Housing

  • Books and supplies

  • Miscellaneous expenses


Educational Materials

There are different expenses associated with education. It’s important to research and calculate the average of all the educational expenses, such as textbooks, lab equipment, and other course material.


How can I afford medical school?

A report from the Association of American Medical Colleges found that 73% of students graduate from medical school with debt.


To afford a medical school, you can either increase your financial resources or decrease your costs. There are different sources to increase your financial resources. 


Grants and scholarships

These are essentially free money, and the best part is that you can take action to increase your chances of receiving them. The largest scholarships are merit-based, meaning they are offered to well-rounded students with impressive MCAT (Medical College Admission Test) scores.

Side hustles

Part-time job side hustles can be a great way to supplement your income during these four years. It needs to be flexible and not demand a lot of your time. There are a variety of side hustles that you can choose from. 

Example: Being a tutor can be a win-win situation because you can generate income while simultaneously reviewing the material for yourself. 

Loans

Loans can make medical school accessible to all types of students, but be aware of the amount you borrow. Many schools offer workshops to educate students about borrowing only what they need. This knowledge is crucial, so make sure to seek out these classes!

There are two main categories of loans: federal and private. Federal loans are always better as they have lower interest rates and come with special income-based payments.


How do I save for medical school?

With a clear understanding of the cost factors, you can craft a personalized savings plan. Here’s a step-by-step guide for you:


Research and estimate costs

Utilize resources like the Association of American Medical Colleges (AAMC) to access data on average costs of attendance for different types of medical schools. 

Refine your research by investigating the specific tuition and fees of your target schools. Don't forget to factor in living expenses based on the location.

Living Expense Optimization

Explore cost-saving measures for housing by considering shared apartments or living with family. Budgeting for groceries, transportation, and other daily needs will help you stretch your resources further.

Debt Management

If you have existing debt, explore ways to consolidate or refinance it with lower interest rates. This will free up more money to be directed towards your medical school savings goals.

Set a savings goal

Based on your research, establish a realistic savings target. Consider covering not just tuition but also living expenses and other costs for the entire four years.


Conclusion

The earlier you start saving, the more time your money has to grow!

Remember, the journey to becoming a doctor is an investment in your future and your ability to make a positive impact on countless lives. With dedication, strategic saving, and a commitment to responsible financial management, you can turn your dream of a white coat into a reality. 


At Prime Financial Services, we're committed to empowering medical professionals through our seminars that cover a wide range of financial topics — From optimizing retirement plans to managing debt, insurance, taxes, and strategic medical practice finances, our sessions provide invaluable insights to secure your financial future. 



SOURCES




9 views0 comments

Comments


bottom of page