Becoming a doctor is a dream career for many students across the globe due to the financial and professional stability it offers, alongside a real chance to serve humanity.
With a rewarding starting remuneration, it also highlights the importance of, and respect for, the medical community around the globe.
The tuition and miscellaneous fees for the basic science and clinical medicine MD program vary from one medical school to another, depending on the quality of education, clinical rotation facilities, residency placements and USMLE pass rates. In addition, there is also the cost of living and a variety of factors that can affect the cost of education at medical schools.
So, what is the average cost of medical school education and what are the factors that affect it? Let’s look.
How much does medical education cost?
Tuition contributes a major part to the medical school education cost. Basic science programs that last from semester one to five cost around $19,000 per semester and the clinical rotations from semesters six to ten cost $23,000.
Another major fee is the administrative one which accounts for $6000 for the basic science semesters and $4000 for the clinical rotations. Students must also pay part-time tuition and administrative fees as prescribed by the medical school.
Additionally, there are some miscellaneous fees and deposits you must deal with at the beginning of your MD program. These are the application fee of $75, graduation fee of $500, malpractice insurance of $300, visa fee of $200, and non-refundable tuition and administrative deposit of $750 and $100 respectively.
Beside these, first-semester students who prefer to choose the accommodation provided by the medical school must pay the rent and other fees for the dormitories provided to them. This usually comes to around $2500 for the dorm, $150 for the deposit and fuel and water charges.
What affects the medical school cost?
Medical education is one of the most expensive study programs in the world. This is due to the large demand and the career stability it provides to graduates. The high cost of education is not only contributed to by the tuition and administrative fees but also a range of other small expenses that add to the overall amount.
As a medical student, the costs include application fees, books and other equipment costs, accommodation and travel prices, campus visits, insurance, and licensing examination fees.
Most medical schools provide scholarships and grants to the academically outstanding as well as needy students to cover their expenses and reduce their financial burden.
Is high tuition and fees a concern in the long term?
Considering the benefits an MD program provides you, the high cost of education should not be a concern. Most medical schools follow a standard curriculum structure and impart quality education to students, giving them opportunities to learn and grow. In particular, the basic science program helps you through the USMLE test with confidence and score good marks.
The clinical rotation facilities and residency placements provided by medical schools make the tuition you pay well worth it.
If you are interested in becoming a doctor, apply to an MD program today at your favorite medical school.