A career in medicine is both challenging and rewarding. Individuals who want to pursue a career in medicine must be willing to pay the hefty cost. The road to getting a medical degree is a long one that takes a lot of time, money, and tenacity.
How Much Does It Cost to Get a Medical Degree?
While figures vary, the average debt for graduates in 2009 was $156,546, according to the Association of American Medical Colleges (AAMC). The majority of graduates – 79% — had debt that equaled or exceeded $100,000. Graduates that had at least $150,000 equaled 58%. Most medical grads – 87% — graduate from medical school with outstanding loans.
According to the AAMC, the increasing cost of tuition as well as the interest accrued on student loan debt is another contributing factor. The tuition for private medical schools has increased by 50 percent between the years 1984-2000.
The average cost to attend private medical schools ranges from about $48,006 (Pennsylvania) to $54,222 (Tufts). These fees are for first-year residents and include both tuition and fees. The average costs for public schools range from approximately $31,353 (Indiana) to $38,684 (Oregon).
Just How Long is the Road from Start to Finish?
Pre-med students must first earn a bachelor’s degree, which takes about four years. Most students earn a Bachelor of Science degree, but a Bachelor of Arts can also be part of a pre-med curriculum.
After graduating from an undergraduate program, students must be accepted to a medical school that is accredited by the Liaison Committee on Medical Education. The average length of time of attendance in an undergraduate medical school is approximately four years.
After graduating from an undergraduate medical school, students must be accepted into a graduate residency program. New MD graduates are required to enter an approved residency programs for a minimum of three years. Select residency programs could last up to seven years. During this time, residents will be under the direct supervision of a physician educator.
For physicians who want to become highly specialized, a fellowship lasting from one to three years is the final leg of their journey. In total, it takes approximately 12-18 years of training to complete a postsecondary education, a residency program, and a fellowship in a subspecialty.
Do You Have What it Takes to Be a Doctor?
If you’ve been thinking of pursuing a career in medicine, it’s a good idea to check out all the requirements before making a commitment. For more information about the Association of American Medical Colleges and their resources, click here.
