Medical School Tuition and Fees: Why You Really Need to Pay Attention

High Price to Attend Medical School

The medical school tuition and fees are just outrageous these days. If you take the plunge and go to medical school, you can expect to spend a quarter of a million dollars before you become a doctor. According to the Associate of American Medical Colleges (AAMC), the annual tuition and fees in 2010 – 2011 for an in-state public school is approximately $25,000. The annual tuition and fees for a private school is approximately $43,000. I believe the figures are severely understated. I know for a fact that tuition by itself in UMDNJ, an in-state public school, is over $30,000 for the same year. Or maybe New Jersey is just broke so it jacks up its medical schools’ tuition.

medical school tuition - increasing every year

Medical school tuition cost is increasing year after year, way beyond the rate of inflation. Actually, pretty much all colleges and universities increase their tuition cost year after year. It’s quite outrageous.

Duke Medical School as an Example

I’m just going to use Duke as an example of what you could pay to attend a private medical school. Duke’s tuition alone for 2011 – 2012 is more than $46,000. See below for the cost of attendance in 2011 – 2012 for Duke Medical School:

cost of attendance in 2011 - 2012 for Duke's medical school

It could cost you more than $300,000 to attend Duke’s medical school.

So as you can see above, looking at the blue “total” row, if the costs of living are factored in, the total cost to attend Duke Medical School can be over $75,000 per year. If the whole four years are funded with loans, that is over $300,000 worth of loans!

Why You Must Learn About Loans

I doubt few of you have $300,000 to drop on an education, let alone $50,000. So get used to the fact that you will be owing money for a long time. Therefore, it pays to understand how loans work. Why pay more than you have to? And if you bury your head into the ground and refuse to acknowledge the severity of taking out loans, you may have to move to another country to flee your debt. Read the medical school loan section carefully lest your medical school tuition becomes your financial prison.

If you attend a Caribbean medical school, I would strongly advise you to read the loans section because you are on a riskier financial foothold if government loans are not available to you.

This article is part of the Medical School Loans series. Click on the link if you want more tips and hints about borrowing money smartly.

Speak Your Mind