Medical education is one of the most rewarding investments you can make in your life. It puts you on the right path to building a socially responsible career where you can do great things to help people. Getting into a medical school is a challenging task as is financing your medical education.
Medical school costs range from tuition and administrative fees to other miscellaneous expenses such as housing, travel food and various deposits. Medical schools often provide scholarships to academically successful students and others who need to help finance their studies.
It is important to understand the financial obligations of attending medical schools before submitting your application. Here is everything you need to know about medical school costs.
Tuition and fees
Tuition for basic science and clinical medicine programs constitutes a major portion of your medical school costs. This may vary each year depending on various circumstances. Let’s take a look at the standard tuition and administrative fees in medical schools.
For the basic science semesters which last from semesters one to five, you must pay a tuition of $19,000 per semester, and for the clinical medicine program (semesters six to ten) during the last two years of your MD program, you must pay around $23,000 each semester.
The administrative fee for the basic science program is $6000 and that for clinical rotations is $4000. Besides these, there is part-time tuition per credit hour which equals to $600, and a part-time administrative fee per semester of around $6000.
Deposits and miscellaneous fees
The major expenses in miscellaneous fees are a non-refundable tuition deposit of $750 and a graduation fee of $500. You must also pay malpractice insurance of $300 for semesters six to ten and a non-refundable administrative fee of $100.
In case of any returned check due to insufficient funds, there will be a fine of $35. You must always remember to remit all the tuition and fees on or before the last date to avoid any penalty charges.
Most medical schools also have an application fee of around $75 which must be paid at the time of applying.
It is always best for first-year medical students to stay in the dormitories arranged by the medical school for their safety and convenience. These dorms have all the facilities you need and will be your home until you are better acquainted with the area.
Single dormitories in medical schools cost an average of $2500, along with a security deposit of $150. Fuel and water charges which come to around $150 and $200 respectively also have to be paid to the dormitory management.
Every student enrolled in an MD program must carry health insurance covering the whole duration of their medical education. Besides student health insurance, there should also be liability insurance during the clinical rotations.
All the fees listed above are subject to change according to the decision of the college management and other concerned authorities. You should constantly check the websites to stay updated about medical education costs in the schools you are looking into.