Are you curious about how much does it cost to become a doctor? Perhaps you are someone right now who’s been having second thoughts whether it’s worth it to pursue medicine or not.
Doctors are one of the highest-paid professions in the USA. Aside from its fulfilling role, their high salary rates might be one of the most inviting factors why many people would like to be one someday.
However, all of this money and success were fruits of long labor, financial sacrifices, and sleepless nights.
So before you dive into the realm of medicine, I will show you through this post the financial challenges you might encounter when you go to med school. I’ll let you know why it’s expensive, how much does it cost to become a doctor, and if medicine is actually worth it to dive into.
Why Is Medical School So Expensive?
The demand for medical education is notably high, yet only a few slots are available for the best and the brightest. The ratio of applicants and matriculants is 16:1. Can you imagine how selective medical schools are? Many are called, but few are selected. Not everyone could be a doctor.
With this lucky few, they are entitled to state-of-the-art medical facilities, high-quality teachings, and intensive clinical training. Since these students will someday save lives, training will not come easy with the most brilliant doctors in town.
You can also check my article on the true cost of medical school. I gave the breakdowns and rationales why medical school is so expensive. You’ll be surprised why!
How Much Does It Cost To Become A Doctor In The US?
Medical tuition and fees vary and increase by about 2% to 3% every year. According to the AAMC, in 2018-2019, the average cost of public medical school is $36,755 per year for in-state students and $60,802 for out-of-state students.
Students attending private medical schools had higher average costs of around $59,775 per year.
|Type of Medical School||2018-2019||2019-2020|
|Public (In State)||$36,755||$37,556|
|Public (Out of State)||$60,802||$61,858|
Table 1. Average Medical School Costs From 2018-2020
The table includes the cost of tuition, fees, and health insurance. Notably, public medical schools offer cheaper education for their resident students. Out-of-state public medical school and private medical school tuition are more or less the same.
This is the cost you will incur to get admitted to your chosen school. The miscellaneous and cost of living fees are still not inclusive. You may check out my article here wherein I provided a sample breakdown for your cost of living expenses such as housing, transportation, meals, reviews, etc.
Since medical education requires your full-time commitment (a day won’t even be enough for all the things you need to study), students cannot work part-time to compensate for this enormous financial responsibility. What they do is to apply for loans.
AAMC revealed that 76% of the students finish med school with some debt. In 2018, the median debt incurred per student reaches $200,000.
To pay for this unimaginable debt, students compete for high-paying residency programs. However, as a fresh graduate, most do not earn at their full potential for the 1st three to five years after graduation.
It takes a lot of years of practice and dedication to finally be paid back of what you invested for med school. Check here to know how much a doctor makes.
How Much Does It Cost To Become A Doctor In The UK?
The average medical education cost in the UK varies per school. For international students, it can reach as high as £38,000 per year.
For instance, at the Leicester Medical School, resident students pay only £9,250 annually including the iBSc. But if you live in a non-EU country, the tuition fee might double into £20,590 per year for the first two years, then over £40,000 for the succeeding years.
How Much Does It Cost To Become A Doctor In India?
Tuition fees in private medical schools offering MBBS courses can cost around Rs.15-40 lakhs and the management quota seats can cost Rs.55-80 lakhs.
Meanwhile, public medical schools are highly subsidized by the government at a cost ranging Rs.25,000-75,000, and slots are limited only to a chosen few.
Is Becoming A Doctor Worth It In The End?
Before you get discouraged from pursuing medicine now you’ve seen how much does it cost to become a doctor plus all the other financial challenges you might encounter along the way, I will now give you reasons why it’s still worth it to become a doctor despite everything. Here are some perks you would enjoy someday:
The Role Is Highly Fulfilling
Doctors never stop learning. In the medical career path, you will have unending opportunities for career and personal growth. You’ll be exposed to unique, varying, complex clinical situations that will let you hone skills, learn new experiences, and uphold better and professional attitudes.
Has Immense Job Security
As long as there’s life, the doctor’s job will be secured. Doctors protect people’s health. They make ways to prevent diseases to keep each person healthy and happy. They cure people whenever they get sick. They can extend people’s lives.
Certainly, everyone, at some point in their lives, has sought consultation with a doctor and I’m pretty sure they would do so again in the future.
As I mentioned earlier, doctors are one of the most highly paid professions on earth. You’ll never be broke when you become a doctor. All of those extensive training and sacrifices will pay off by high compensation rates. Check here how much doctors make.
Makes a Difference
Doctors have the power to change lives. Illness can cause patients to lose hope, power, and autonomy that make them see life negatively. As a doctor, your role is to maintain the patients’ normal health and keep them away from any harm or disease. Patients will gain a positive look and have improved quality of life.
The worthiness of pursuing medical school depends on you. There are a lot of perks waiting for you when you finally become one. It’s only that the journey itself towards that goal is undeniably rough and tough.
If you think that med school is worth it, have the burning desire to become a doctor, and if you truly believe you’ll make it through against all odds, then it would never be impossible for you to achieve your dreams.
Found this post inspirational and insightful? Drop by some of our other blog posts for more content!
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Until next time my friend…