Name: THE COST OF MEDICAL SCHOOL-- Is Med School Worth it?
Uploaded: 2018-08-20T23:33:47.000Z
Duration: 5 min 45 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

If you guys are new to the channel I'm Jamie
and I'm a third year medical school student.

One of the most frequent questions I get is
how much does medical school cost and how

do medical school students cover their living
expenses--so I thought I would make a dedicated

video on the the cost of medical school and
answer some questions like if it's worth

The actual cost of going to medical school
is dependent a lot on what state you reside

in and the type of medical school you go to.

State or public medical schools--for the most
part are cheaper than private ones.

According to a survey by the Association of
American Medical College the average (median)

yearly tuition of a student attending a public
medical school in 2016 is approximately $31,000

while the cost of attending a private medical
school is approximately $53,000.

Outside of tuition there are other costs to
consider as well like:

cost of living--like your rent and food,
healthcare costs,

fees for boards exams like USMLE step, etc.

With all these taken into account the annual
living cost can reach upto $25,000.

Making the total estimated cost $56,000 and
$78,000 for public and private med school

And for four years that's $224k or $312k.

According to the AAMC in 2015, the average
debt of a medical school graduate is $183k.

That's not including the debt incurred during
undergrad years.

While you do get paid during residency, it's
usually not enough to pay off your debts,

and you're still not a full practicing physician.

Aside from the monetary costs, there are other
costs to consider as well--such as time.

One of the requirements of applying to medical
schools is a bachelor degree from an accredited

institution--so that means for most of us,
that's

-4 years of Undergrad,
Plus Medical school itself which also takes

Finally, when you're done with medical school,
residency can take anywhere between 3 to 7

So in total it can take upto: 11 to 15 years
to complete.

Just by attending medical school, there are
a lot of things you miss out on.

First, there's the potential money you could
be earning if you went to a different field.

According to the Bureau of Labor Statistics
the average weekly income of a person with

a bachelor's degree is approximately $1,200.

For the sake of simplicity, let's assume
your income stays at this level for the next

four years, in four years the total income
you're giving up by going to medical school

is $249,600 while accumulating anywhere between
$224k to $312k in expenses.

Aside from the income, there are a lot of
other things you're giving up…because

of the academic rigors that come with being
in med school, your social life is one of

You have to say no to a lot of social events
with your friends.

It's not uncommon for friendships and relationships
you have made from high school or college

Anecdotally speaking, I went from maybe hanging
out with my non-med school friends every weekend

or every other weekend to maybe once every
couple months.

Keep in mind though- you do make friends in
medical school and you get to spend a lot

You go through a LOT together so it does tend
to nurture close friendships.

So it's not completely true that your entire
social life goes out the window- it's more

like your social life shifts to include mostly
only your med school friends.

Another thing you're giving up is your 20s!

There are some industries where you can start
working right after getting your bachelors.

You can enjoy life, travel, buy a house and
even start a family.

In med school, your lifestyle by default will
be a little different--you'll probably wait

a little longer and start your family a bit
later, though not necessarily.

While you do get paid during residency, it's
not enough to pay down your loans.

By the time you're done with residency,
you're going to be in your early to mid

So overall you're sacrificing quite a bit.

That's why I always say you need to be pretty
close to 100% sure if you want to go to med

school--you are giving up a lot and you should
be ready to make those sacrifices.

So after EVERYTHING I just said, why should
anyone go into medicine?

I'm a third year medical school student
now and I can't think of anything I'd

I love that I'm learning a special set of
skills that allows me to help people in ways

I love that in medicine, you're constantly
learning and it's always intellectually

You're pretty much a lifelong student because
science, medicine, and technology is constantly

changing and you get to stay on top of that.

And at the same time, medicine is all about
teaching, empowering others with the information

you have, and bringing up and training the
next generation of physicians, which is what

So to ME, all the sacrifice, debt, and time
is worth it.

People ask me all the time whether they should
go into medicine or not- whether the time

I think the only person who can make that
decision is YOU and hopefully this video can

aid in some small way to make that a very
well-informed decision.

I hope you guys found it useful and got an
overall idea of the cost of medical school.

If you guys found it helpful, please give
this video a thumbs up, and if you haven't

already subscribe and I'll see you guys
next time.

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THE COST OF MEDICAL SCHOOL-- Is Med School Worth it?

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