Doctor or physician using calculator and work on laptop computer with medical stethoscope on the desk at clinic or hospital. Medical healthcare costs ,fees and revenue concept.
I have learned through the years that one of the biggest reasons people do not apply and attend medical school is the immense cost. While tuition is definitely a big one, there are multiple other costs to be aware of. While I truly believe all the expense and debt is worth it in the end, this article can help you get a good idea about some expected and unexpected costs of medical school that you may come across during this journey. As I walk you through this, I will highlight expenses that are required and add in some potential other expenses as well.
Unfortunately, the expenses start even before you get accepted into medical school. Some costs to consider would be:
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Unfortunately while being a tumultuous exam, there is also a cost to take the exam of about $320, which increases to $375 if you try to schedule within 8 days of a test date. International test takers pay an extra fee of $115.
AAMC advises students to apply to 20-30 medical schools
During the pandemic, a lot of interviews have gone virtual which has been a benefit in terms of cost, however travel expenses can add up if in person interviews resume. A student can expect $500-$1000 per interview depending on possible flight or other transportation costs and hotel stays.
After sending out an acceptance letter, many medical schools require a primary deposit to hold a students spot until May which is non-refundable. It can vary from $500-$3000 based on the school with an average of 6-10 interviews.
Now you’re in! Yay! You start medical school in the fall, what are the upcoming costs that we need to start worrying about….
Most students need to use government loans through FAFSA (Free Application for Federal Student Aid) in order to pay for their tuition and other costs since it is nearly impossible to work while succeeding in medical school. Here are the ballpark expected costs for tuition, room & board, and other personal and otherwise expenses for one year.
This will obviously vary based on differing school tuition as well as location as living in different areas can change rent expenses extensively.
Some resources will be funded by the school, but which ones will vary from school to school. Most will provide one type of question bank at least. Each resource will have various subscription packages offered that you can read more about on their individual websites!
First aid – given free by the school in most medical schools
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Sketchy Medical – $399 for 12-month access
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Board Exam Fees
For allopathic students, they will need to take both the USMLE step 1 and step 2 which cost $645 per exam
For osteopathic students, they will need to take both the COMLEX level 1 which costs $660 and level 2 which costs $675. If osteopathic students opt to take the USMLE step 1 and step 2 as well, it will add the above-mentioned costs.
Scrubs
Business professional attire
NBME shelf exam resources
truelearn/uworld question banks
Books/resources to prepare for clinical rotations
U.S. medical students apply on average to 70 programs, while international medical students apply on average to 130 programs.
ERAS fees are based on how many programs a student applies to per specialty.
While the pandemic has led to virtual interviews which have dropped costs immensely if interviews do resume in person next season applicants can expect $500-$1000 (primarily hotel and transportation cost) per interview with students traveling on average from 10-12 interviews
I understand this can feel incredibly daunting, but remember that most students take out loans and successfully pay it all back over the years with little to no difficulty. There are lots of loan pay-back plans in place for physicians to make this as seamless of a process as possible. The profession is still incredibly rewarding and truly cannot put a price on getting the privilege to take care of people. Good luck to everyone applying and starting this journey- I promise it will all be worth it!
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