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Are You Ready to Pay for Medical School?

By U.S. News & World Report

Finance a Medical Education

When deciding to go to medical school, cost is often a factor. Applicants weigh how much they’ll spend studying for the admissions test, and school tuition and fees. Many also consider the debt they’ll accrue if they use student loans.

Here are 10 questions to ask when deciding if you’re ready to pay for medical school.

1. How much does it cost to apply to medical school?

Application costs depend on the type of medical schools prospective students pursue. For primary applications for M.D. programs, the application fee is $160 for the first school and then $38 per additional school. When applying to D.O. programs, applicants pay $195 for the first school and then $40 per additional school.

Prospective students facing a cash crunch can, however, get financial assistance.

2. How much are postbaccalaureate programs?

Postbaccalaureate programs help college graduates who want to go to medical school but have not taken the science classes required for admittance, or who have taken those classes but did not perform well.

These programs can cost more than $30,000 and take one or two years to complete.

3. What is a reasonable budget for MCAT preparation?

Applicants can pay several thousand dollars for a prep course for the Medical College Admission Test. If that’s not in their budget, they can get help from the Association of American Medical Colleges and other sources.

4. What is the average cost for a private medical school?

Attending a private institution costs $52,500, on average, in tuition and fees, according to U.S. News data. Texas’ Baylor College of Medicine charges the least among private schools: $31,663.

5. How common is it for private school students to receive financial aid?

At more than 40 private schools, including Boston University School of Medicine and the School of Medicine and Dentistry at University of Rochester, at least 58 percent of students receive some form of aid.

6. Is it cheaper to attend a public medical school than a private one?

Public and private schools can each be expensive. The average in-state tuition and fees for public schools during the 2015-2016 school year, however, was $32,495 — about $20,000 less than the average for private schools.

7. Can medical school students receive work-study?

It’s not common for M.D. or D.O. students to participate in work-study, but at a few institutions students are able to do so. At the Center for Health Sciences at Oklahoma State University, for example, 29 percent of students participated in work-study during the 2015-2016 year, according to U.S. News data.

8. How can the cost of school be reduced?

Some schools and states offer scholarships and other tuition breaks for students who plan to practice primary care. Volunteering for certain organizations, such as the Peace Corps, can also reduce medical school debt.

9. Are medical school admissions consultants expensive?

Consultants can charge anywhere from $500 to upward of $6,000 for their help.

Medical school admissions experts say consultants may be a worthwhile investment in some cases, but encourage prospective students to consider other resources first, such as pre-health professions advisers on their college campuses.

10. How should I financially prepare for school?

Reviewing credit card purchases to identify trends and learn how to modify spending is one way, says one doctor.

Prospective students can also meet with their colleges’ financial aid departments to ensure they’re up to speed on how much undergraduate debt they have and keep lenders updated if they change addresses to avoid defaulting on payments.

More on Paying for Medical School

Learn which medical school graduates have the most debt, and get our complete rankings of the 2017 Best Medical Schools.

For more advice and information on how to select a medical school, follow U.S. News Education on Twitter and Facebook.

More from U.S. News

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Are You Ready to Pay for Medical School? originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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