Tuition and fees are just one factor in your cost of attendance.
Hello, future doctors! With the AMCAS application ahead of you, you’ve no doubt had nothing but medical school admissions on the brain… but have you given enough thought to what happens once you actually get into the medical school of your dreams?
You’ll invest a lot of money attending medical school for four years, from tuition and fees to textbooks—not to mention what you’ll have already spent on primary and secondary applications. The cost of medical school adds up quickly. So, just how much can you expect to pay?
Calculating the true cost of medical school
According to the AAMC, the average cost of attendance for one year at a public medical school was $32,889 for in-state students and $56,796 for out-of-state students in 2014–2015. Tuition and fees at a private school averages well over $50,000 a year regardless of whether you’re an in-state or out-of-state student.
Further, these represent solely the amount charged by the universities, which means that cost-of-living, books, food, and housing are not included. Even a thrifty student who cuts costs will incur certain necessary expenses outside of what they’ll pay to attend. Plan your medical school budget accordingly.
Finding more affordable tuition and fees
Not all medical schools are that expensive, however. For example, according to U.S. News & World Report’s list of least expensive public medical schools, the University of Texas Health Science Center-Houston costs only $16,300 for in-state tuition. U.S. News also includes Texas A&M Health Science Center, University of Texas Southwestern Medical Center, University of North Texas Health Science Center, the University of New Mexico, and the University of North Carolina-Chapel Hill on their list, given that in-state tuition and fees at these institutions has remained less than $20,000 per year.
If you’re not able to get in-state tuition in Texas, you may want to consider going to one of the most affordable private medical schools such as Baylor College of Medicine ($31,618 per year), Lake Erie College of Osteopathic Medicine ($32,510 per year), or the University of Pikeville ($40,120 per year).
The most expensive medical schools
Even though the cheapest private school option is still twice as much as the cheapest public school option, the more affordable private schools listed above are nonetheless not a bad deal—especially considering how much the most expensive medical schools can cost.
Tufts University holds the record for being the most expensive medical school, with a whopping $55,667 per year in tuition and fees. Columbia University, Temple University, Harvard University, and Case Western Reserve University round out the top five most expensive medical schools in the country. The reputations of these schools may be worth the premium, but only if it seems like a reasonable financial investment for your situation.
Factor in the cost of living
One thing that needs to be considered as well is that the cost of living in each city can vary drastically. So, when you’re looking at total cost of attendance, you have to factor in things like rent, whether you’ll need a car, food, and cost of travel home if you’re out-of-state.
These additional factors can tip you over the edge in terms of which schools are most affordable. The good news is that there are lots of grants, scholarships, and loans available for incoming medical students.
The first step to getting into medical school is preparing for the MCAT. Get started today by registering for a free practice test.
