Navigating Application Expenses
The expense of a medical education begins with the application process. Have a frank discussion with your family regarding their level of support early in the process, as it may affect your decisions moving forward. Expenses will vary based on number of applications, type of test preparation, and location and number of interview.
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I was talking to a senior who said I should start saving my money for med school applications now. What’s the average that a student spends on applying?
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There are many costs associated with applications, but few are set – most will vary depending on the student. The MCAT costs $300, but preparation can range from a few hundred to a few thousand depending on your preparation method. Your primary (common) application will cost $160 for the first school, and $39 for each additional school. The average student applies to about 20 schools, so that’s about $850 for your primary application. You will receive secondary applications from most if not all of your schools, and those range from $0 to $100+ depending on the school; you’ll likely spend around $1500-2000 on secondaries. So, that’s in the neighborhood of $3000+ MCAT prep and interview expenses. You’re responsible for your interviews – professional clothes, travel, lodging – depending on the proximity of the interviews, this cost will vary widely.
This is one of the many reasons we advise students not to apply until they feel competitive enough to gain acceptance to medical school. We have seen more than one student worried about the strength of their candidacy, who applied to 50+ schools, hoping someone would take a chance on them. The cost for 50 applications will likely end up around $7000, money that would be better spent on taking some postbac courses to improve academic metrics, or supplement income to allow an applicant to accrue more volunteer hours, or otherwise be used to bringing the candidacy to a more competitive level before applying.
There are ways to help mitigate the expenses along the way. Students from low-income backgrounds can apply to the AAMC Fee Assistance Program (FAP; similar fee assistance is available for dental school applications and the DAT), which reduces some application costs. The FAP lasts for two years and provides a lot of benefits, including free MCAT prep materials, access to the MSAR (which is critical for school selection), and a number of free applications. Shopping consignment, outlets, and discount stores can reduce clothing costs (suits are most often on sale in January and July as the seasons change). Keeping your school list local can reduce interview travel costs. Saving up frequent flyer miles or credit card award points can help when you have to travel. Many medical schools have volunteer students who will host you during your interview visit so that you don’t have to stay in a hotel.
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What tips do you have for reducing the cost of applying to medical school?
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The first tip is to prepare carefully to maximize your chances of success on the first try. Only take the MCAT once; only apply once. The financial, time, and emotional cost of having to retake an exam or a class, or reapply to medical school, is significant.
The two most expensive parts of applying are the MCAT and the applications themselves. Most students will spend at least $750 on test prep materials and test registration. To apply to 25 schools (about the Princeton average), it’ll cost almost $3,000.
We have seen more than one student worried about the strength of their candidacy, who applied to 50+ schools, hoping someone would take a chance on them. The cost for 50 applications will likely end up around $7000, money that would be better spent on taking some postbac courses to improve academic metrics, or supplement income to allow an applicant to accrue more volunteer hours, or otherwise be used to bring their candidacy to a more competitive level before applying.
There are ways to help mitigate the expenses along the way. Students from low-income backgrounds can apply to the AAMC Fee Assistance Program (FAP; similar fee assistance is available for dental school applications and the DAT, which reduces some application costs. The FAP lasts for two years and provides a lot of benefits, including free MCAT prep materials, access to the MSAR (which is critical for school selection), and a number of free applications. Shopping consignment, outlets, and discount stores can reduce clothing costs (suits are most often on sale in January and July as the seasons change).
Paying for Professional School
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I keep hearing about how expensive med school is. I know of at least one premed who has decided to do something other than medicine since he doesn’t feel like he can afford med school. I’m on financial aid here. Do med schools have financial aid?
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The average allopathic medical student graduates with over $200,000 in debt. So yes, as a raw number, it does look “bad”—that amount of debt (plus the interest that accrues) can be scary. Y
Most medical school financial aid is loans—not grants or scholarships. Most are federal or institutional loans, which have a relatively low interest rate. As an aspiring physician, you are considered a “good risk” by the government, someone who will be able to repay loans and still live comfortably as long as careful budgeting is in place.
Also, seek out the Financial Aid personnel at the medical school you attend. Cultivate a true advising relationship with them, if possible, as the financial climate in this country is ever-changing and by the time you’re a first-year med student there may be new financial options—and those options may change over the course of your four years in med school. It is not too soon, during your med school interviews, to ask about the Financial Aid office, learn who these people are, and get a feel for what type of interaction they have with current students.
Read our Financing Health Professions School Guide for more basic info including online resources, service repayment programs (like the National Health Service Corps), and other sources of funding. We try to host a Financing workshop every spring semester as well, so keep an eye on our events in Vitals for that event! Ultimately, though, if you're truly committed to becoming a physician, medical education is an excellent financial investment and worthwhile from a lifelong financial perspective.
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I've heard there's funding for students interested in becoming physicians who practice in an underserved area. How would this work?
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This is often in the form of a loan repayment or loan forgiveness program that will pay back debt in return for service.
One long-established program that does this is the National Health Service Corps (NHSC). The NHSC was established in 1972 to provide primary health care programs to underserved populations, in what they call "health professional shortage areas" (HPSA) as designated by the Department of Health and Human Services. According to their website, the NHSC loan repayment program (LRP) recruits fully trained health professionals who agree to provide primary health services in NHSC community sites. In return, the NHSC LRP assists clinicians in their repayment of qualifying educational loans that are still owed. The NHSC is seeking clinicians who demonstrate the characteristics for and interest in serving the Nation’s medically underserved populations and remaining in HPSAs beyond their service commitment. It is important to remember that service to medically underserved populations is the primary purpose of the NHSC LRP and not the repayment of educational loans. For medical and dental students oriented toward this type of service, there are also scholarships, residency opportunities, and "ambassadorships" available in conjunction with the NHSC.
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My parents have told me that they won’t help me pay for medical school, but while doing research about schools, I saw that a lot require that I include my parents’ financial information. Do I have to send this even though my parents won’t be contributing?
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It’s best to reach out and have these conversations directly with the schools where you’re being considered at the time that you’re filing your FAFSA (which will probably be late fall / early spring during your application year) because every school has their own rules and guidelines. Whether parental information is required will depend on the type of aid available at each school, the type of aid that you want to be considered for, and the school’s philosophy on how to determine aid awards. Many schools require parental information, whether a student is financially independent or dependent from their parent(s)/guardian(s), for any student wishing to access federal and/or institutional aid; many will require this information for students who wish to access institutional (vs. federal) aid. There’s usually an upper age limit (often late 20s/early 30s) at which parental information is no longer required.
You can always have conversations with financial aid officers individually so that you can understand what they’re asking you for and why, and so that they understand your situation beyond what they can read on your financial aid application. Some offices may have the resources to chat with you even before you’ve applied, some may ask you to wait until after you’ve been accepted, many have good, detailed information on their websites (e.g., Alpert Medical School at Brown has a helpful guide). At many schools, if you’re offered an interview, there will be a presentation that includes information about financial aid as part of the interview day. The AAMC also offers resources to help you learn more about paying for medical school.