What's the price of a medical education in the U.S.?

The answer is A, about $13,000 annually. According to the Medical Schools Admissions Requirements Handbook, the average cost of tuition for first year students at U.S. public medical schools in 2001-2002 was $12, 847 for residents and $28,128 for non-residents. At private schools the tuition fees averaged $29,000 for residents and $31,000 for non-residents. These figures do not include housing and living costs.

Aspiring doctors must plan to cover not only tuition, but books, equipment, living expenses, medical insurance and transportation. Students on such tight budgets need a realistic day-to-day financial strategy as well as the ability to manage a large educational debt in the future.

Although the primary financial responsibility for medical school rests with students and their families, a wide range of loans and grants are available to them. Most students borrow money to cover their expenses and about 81% of the medical school graduates, according to the American Association of Medical Colleges (AAMC), carry some kind of educational debt. For the year 2000, the AAMC reports young doctors carry a median debt of over $95,000.

Indeed, a medical education is expensive. Survival requires personal psychological tenacity as well as tremendous financial support from others.

Resources:

Find out how you can afford medical school from the Association of American Medical Colleges.

Also from the AAMC, learn how how to prepare for the financial burden of medical school.