Financing Your Way Through Health-

professional SchoolInformation seminar

Health Professions Advising Program

Trinity College, Hartford, CT

Financing Your Medical School Education

Tuition/Fees/COA Public Private

2007-2008 (In-State)

Tuition/Fees $22,068 $39,530

Cost of Attendance $40,586 $57,486

All Schools Public Schools Private Schools

Mean $139,517 $129,810 $156,804

Median $140,000 $132,000 $166,913

Class of 2007 Indebtedness

Expected Income Makes Debt Manageable

PHYSICIAN INCOMES BY SPECIALTYSpecialty Average Salary

Family Practice $178,859

Pediatrics $188,496

Internal Medicine $191,525

Emergency Medicine $258,088

OB/GYN $296,699

Surgery $330,215

Anesthesiology $371,913

Dermatology $390,274

Orthopedic Surgery $475,781

…but the time between graduation from medical

school and full salary realization is a “Long and

Winding Road”

Medical Student

Medical Resident (3-7 years)

Practicing Physician

($$$$$...) ($$$$...) $43,266 ($$$...) $175,000

Costs of Applying To Medical School

Preparation• MCAT Review materials $60• Software/CD Roms $100 • Classroom Review $1800• Home Study Review $500• Private Tutoring $2500

• MCAT Registration $200

Applying• AMCAS Fee $160/$30• School Apps $100 per• Transcripts $25 per• Interviews

– Wardrobe $300– Travel varies– Lodging $300

per– Transportation

$100

After you are in• Moving Expenses• Apartment Deposit• Utilities• Advance Tuition

Payments• Payments on School

Loans

What can you do NOW?

SAVE, Get used to living on a reduced budget, Be strategic in preparation and application plans, pay off credit cards and other dept, and….

(MD)2 – Phase IStrategies for Making a

Successful Financial Transition to Medical School

(Monetary Decisions for Medical Doctors)

Get as much information as you can about financial

aid…FIRST for Medical Education

www.aamc.org/first

•Premedical Advisors•College Financial Aid Officers•Medical School Admissions Officers•Medical School Financial Aid Officers•Faculty Members•Physicians•Financial Professionals

Step 1 - Know Who to Turn to for Help

•Understand the Philosophy of Financial Aid •Discuss Financial Options with your Family•Manage Educational Debt Acquired Prior to Medical School

•Start Living on a Budget Now

Step 2(a) - Prepare for Medical School Costs

Critical Issues for the Non-Traditional Applicant• Choose a Postbaccalaureate Premedical

Program Carefully• Prepare for Lifestyle Changes: Making the

Work-to-School Transition

Step 2(b) - Prepare for Medical School Costs

•What is Credit?•How is it Used?•How is Your Credit History Maintained?•What are Credit Criteria?•How Can You Use Credit Wisely?

Step 3 - Understand the Effects of Credit and Debt

Step 4 - Understand the Associated Costs of Medical School

•Medical School Application Expenses•The Costs of Education•The Cost of Living at Your Medical School

Step 5 - Know the Types of Medical School Financial Aid Available

Types of Financial Aid•Outside Sources•Service Obligation Programs•Alternative Approaches to Financing a Medical Education

Step 6 - Understand the Financial AidApplication Process

•Complete the Correct Application Forms•Pay Attention to Deadlines and Timelines•Apply for Aid at Multiple Schools•Know the Difference Between Direct Lending and FFELP

VISIT THE WEB SITE

www.aamc.org/md2