How To Afford Medical School | Do You Need To Be RICH To Become a Doctor?
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- Опубликовано: 4 авг 2024
- The cost of medical school has increased significantly over the past 20 years and shows no sign of slowing down. If your dream is to become a doctor, but you're worried about how you'll be able to afford it, this video is for you.
In the United States, medical school is an expensive ordeal. The average cost of medical school per year is about $50,000 for public schools and $60,000 for private schools.
It should come as no surprise then that the average medical student will graduate with about $240,000 in student loan debt with $216,000 coming from medical school alone.
If we take it a step further and consider current loan interest rates and the average amount of time it takes a physician to pay back their debt, the average physician will ultimately pay between $365,000 and $440,000 for their student loans. This is a tough pill to swallow if you're pursuing a career as a doctor.
There are two fundamental solutions to affording medical school, you can either increase your financial resources or decrease your costs. We'll break down how to do both in this video.
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TIMESTAMPS:
00:00 Introduction
00:27 The Cost of Medical School
01:55 How To Afford Medical School
02:12 Financial Aid
02:38 Scholarships and Grants
03:24 Side-Hustles
04:44 Loans
05:13 Decreasing Your Expenses
05:22 Choose an Affordable School
05:54 Minimize Your Expenses
06:56 Financial Mistakes to Avoid
LINKS FROM VIDEO:
Student Loans 101: • Student Loans 101 | Co...
Medical Student Financial Advice - The Good, Bad, & Useless: • Medical Student Financ...
#studentloans #medicalschool #premed
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Disclaimer: Content of this video is my opinion and does not constitute medical advice. The content and associated links provide general information for general educational purposes only. Use of this information is strictly at your own risk. Kevin Jubbal, M.D. and Med School Insiders LLC will not assume any liability for direct or indirect losses or damages that may result from the use of information contained in this video including but not limited to economic loss, injury, illness or death. May include affiliate links to Amazon. As an Amazon Associate, I may earn a commission on qualifying purchases made through them (at no extra cost to you).
For having such a shortage of doctors, the US sure does make it hard for hopefuls to go to med school and try and fill that shortage.
Instead they funded midlevel programs
I was an Immigrant McDonalds worker and now a doctor with 500K in debt. No need to be rich :) just be willing to put the work, effort, sacrifice for a better future. Soon I will start my journey to pay this back. Will make videos on it :). Stay safe all !!!
Note: If you are going to get in debt for education YOU BETTER FINISH IT !
jesus christ 500k?? damn the american debt system is so wack
@@bianca8583 Yep ! Crazy. At some point I will make my video showing the actual amount and everything. Thank god I made it and will be able to pay it back and someday be financially free.
@@FacundoMD You're incredible
@@Squeaker69 :) No please ! Thank you. I just worked very hard ;/ and sacrificed a lot on the way. BUT worth it :) ! Stay safe amigo !
@@FacundoMD wow!
Thank you for all of your content!! I finally made it to first year of pre-med and as a low income student, this video was very helpful.
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You don’t need to be rich to attend medical school but you do need to be rich or well off if you want to apply or even have a chance of getting into medical school. MCAT prep, test is ridiculously expensive. Applying is also expensive. Interviews and touring if it’s not in your area is also expensive. All of these are obstacles that shouldn’t exist.
As a rising medical student in fall ‘22, I’d love to see more financial topics like this, perhaps even a few more specific details from experience! Unreal content, can’t find this anywhere else.
Did you get in
Haha yes started fall ‘22 and am mid-MS2 at the moment!
Can low income people become doctors? Yes but the odds are stacked against you both as premed and as a student. This stacked odds explains why most doctors are from well off backgrounds.
It makes me appreciate education systems in most of the European countries
I go to university, I study medicine and pay around 1300 euros per year, so that's possible
Costs for medical school prep are so expensive these days...
In Spain for example, public med school, which is actually better than the private ones, costs about 2k/year so it's quite affordable. Moreover, if you are a top student you can apply for special scholarships so you end up without the need to pay anything at all
In Italy, where I live, it depends by the salary. If the family income is very high it costs around 2.2k euros per year. If parents or the student don't have an average salary and can be considered poor the amount is 600 euros per year or so, the government reduces taxes according to money income
I live in Spain, and this true, I've heard that there are scholarships for those in families who can't afford the 2k (or 20k for private schools), I'm not a 100% sure since I'm still in high school and that is true here.
You can absolutely go to Medical school if you’re poor. My parents combined make about $70k per year. I am now a 3rd year medical student at a US MD school. I have lots of students loans, but I will make plenty enough to pay these back. Not having money is not an excuse to go to medical school in the US- that’s what loans are for 😊
Congrats man ! is what I said on my comment ! I used to be an immigrant McDonalds worker and now a doctor. STAY STRONG ! Debt will get pay later focus on your education
Inspiring story! You are amazing! Merry Christmas 🎄😊
Also, I'm going to get accepted into medical school. I'm passionate about Anesthesiology. What type of MD will you be?
@@Lily_faith227 Gracias ! :) Stay safe !!!!
@@Lily_faith227
My sister is anesthesiologist. She loves it. Im looking for a choice as well. Maybe radiology or anesthesia.
Love all your content keep it up
Dr. Jubbal thank you so much. You always post videos with amazing timing to my current issues (with the current being finances)I recommend this channel to every student that I meet.
The cost of medical school (and education in general) in the U.S. is absurd. Where I live government-run medical schools don't charge a tuition fee and private ones charge an average of 3K USD per semester. It was quite a number of years ago but I finished med school by paying the equivalent of a dollar per semester as "miscellaneous fee".
Can you practice in America though? And what is your income?
@@thiskneegrow It's possible since a third of my classmates went to the U.S. to practice. It involves taking exams (MLE) which I believe many International Medical Graduates (IMGs) go through. I have zero interest in going to the U.S. though, I'd rather go to another country like Australia (where my brother lives) if I wanted to migrate to another country.
@@Vendemiair
I heard Australia is a concentration camp right now
I agree, these costs are humongous to me. I love the fact that here, in Poland, and in most of the European countries, higher education is easily available to everyone, no matter his parents wallet.
@@kordiandziwisz2859 I think the main problem is that in the U.S. education (and healthcare!) is treated as a business rather than something that should be made accessible to everybody. No wonder Americans get saddled in debts after graduating from school or incurring an illness that isn't covered or just partially covered by insurance.
Thanks for sharing this information with me!
Thank you for making this video and discussing financial options for med school! I would also love to see a video about health informatics snice it’s a field in the health industry but not necessarily being a doctor
I'm so happy to live in a country with free education, it doesn't matter how much money you have, but what you know and how much you work for your results
Only in America do you go broke to get a house, education or healthcare, and yet "it is the best country in the world." lol.
Most countries with “free education” don’t cover graduate school and have really low salaries for doctors because healthcare is free
@@bensonfang1868 Wrong. Most upper education is free or very low-cost. America's problems are unique!
@@bensonfang1868 the education isn't actually free, it's paid from taxes, just like free healthcare is. I know many situations where unfortunately people left my country and moved to another *european* country where doctors have good salaries, some can move to the usa as well and live there with the same salary as those who finished med school there and are now in debt. I don't care what my salary will be when i finish med school, i didn't choose it because of that, but i for sure don't want to live in debt for the big part of my life, while covering it all with "awesome salary"
@@sweethoney2536 And the US is the only developed country to not offer Paid Family Leave.
@MSI I think you should address loam forgiveness programs especially for students who go into primary care! National Health Service Corp offers loan forgiveness programs for physicians in certain specialities (IM, FM, Peds, Ob Gyn, Psych, I think) in exchange for up to 4 yr of service in Health Professional Shortage Areas, which are located throughout every state.
I don't know if you made a video on this, but may you make a video on any financial mistakes one could make when in college, that could have effect in future of going to medical school or during medical school. I heard from someone that one such mistake would be taking loans to pay for college. Is there any more? Please make a video about this if not already made, otherwise if made please comment giving me a link to that video. Other than that thank you very much, I greatly appreciate the work you and the Med School Insiders team have put in for years. Please continue to do this work that is helping many, many people, including myself.
Can you do a video on 3-year MD programs? More specifically, transitioning from a PhD to MD?
Yes
Are there anyways to increase your chances of getting money from medical schools as a M1?
You should do more videos related to Books & Self-Development.
So how do you pay for expenses during summer break or any break between years?
I’d really be interested in a “so you want to be a endocrinologist” video. I am having trouble deciding on whether it is the right speciality or not.
Sir please make video for so you want to be a ultrasound radiologist and please make video for how to settle in uk after full couse of medical school.
Hi. Merry Christmas. I am a international student in usa wishing to study md. What are my loan options apart from federal loans.
Hi can u do the (so u wanna be…) vids for an odp in healthcare please in the uk
I appreciate all this to help! What do you think of being a writer as a side hustle to help pay for medical school? It’s flexible and does not require too much of you already have one or two books circulating
Hey I heard that people in medical school live off there loans. So the loan pays for there rent and other bills due to the idea that medical school you can’t work or the schools don’t want u to work. Is this true ? If so can anyone speak on it?
Merry Christmas and Happy New Year everyone
I'm Binge watching videos From this channel
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Sorry but becoming a TikTok influencer to pay for med school isn't responsible advice to give to premeds. Medical School is insanely expensive and there aren't any RELIABLE shortcuts around paying it like there is for undergrad (where living at home and doing community college-to-state-college can keep tuition reasonable). And no, getting into one of 3 med schools with free tuition and acceptance rates bordering on 1% isn't reliable. The truth is that medicine is a great financial choice for wealthy kids and a restrictive, youth-destroying financial decision for poorer kids. If you're broke and go to med school you can expect to be almost half a million in the hole by age 30, forcing you to waste your best saving/investing years paying off cumbersome loans and force you to defer every major financial move even longer. If you're young, broke and gifted in math/science, the cold hard truth is that it's a much better financial decision to do four years of state school and go make money as an engineer, nurse or an accountant right at 22. There's a reason why medical students are so disproportionately wealthy; med school is only a financially smart decision for wealthy kids. If you come from a poor family and will get no help paying for medical school, only become a doctor if you're absolutely positive that it's your passion and you're willing to be broke and in debt for most of your life in order to pursue it.
Buying used textbooks and reselling your old books. WOW that might cover 2 weeks of coin laundry. Will make a serious dent in the borrowing amount. hihi
FYI Sometime federal student loans are not enough to cover American medical school tuition in 2022. Most likely, you will need a private loan where as an adult you will ask your parent to cosign. Or have a spouse with a good job.
Can I get a federal loan as a high school student
Quick Question: You mention that cooking at home is a good way to help cut down on costs, but what about eating frozen food and instant food. They aren't really healthy but they are quick, cheap, and maybe even easy to make right?
They are but overtime, they'll take a significant toll on your health which will, in turn, negatively impact your performance in studying, clinical, staying focused, etc.
good video. i laughed a lot. hihi ;-)
Do you have to pay back student loans (from undergrad) while in medical school?
You don’t need to pay back student loans if you are still a student
@@thiskneegrow That depends on the type of loan. If its a government loan no. You will still be charged interest if its unsubsidized.
To lower tuition, move to Texas, make sure you are a resident for one full year and you will be eligible for low tuition medical school. Now that is real advice, and the tax burden in TX is low.
Hey Med School Insiders;
In our public med schools Uganda, our government sponsors 40% of medical students based on academic merit.
This has really helped us a lot.
I thank our government for that 🙏
I am so glad I live in europe
Soo the only question I have is how am I going to pay a 1600 dollar rent with no job? Even if I was tutoring how can I do it?
Is there a way for international students to get into a medical school in US?
You have to retake board exams to practice medicine in US I believe.
@@thiskneegrow Ok, thank you :)
Does anyone know how Med School Insiders do their amazing animations? I want to learn something similar but I'm not sure if anyone can do this or if you need to be a professional animator...
Pow Toons
I wanted be a doc from nyu and good for me
In 2022, most kids have high GPAs and amazing MCAT score. so do not hold your breath for a merit scholarship.
6:45
This implies that Dr.Jubbal either knew someone who frequented the strip club a bit too much in med school, or that he himself frequented it too much. Either way it's pretty funny
I want to become or study as a dr in the philippines but unfortunately i cant afford financially😅😢
try dental school we don’t get shit for scholarships and it’s way more expensive
*People be kicking themselves in a couple of weeks for refusing to invest in Stocks or Crypto.*
Are Stocks really that profitable? Heard so much about the fluctuating market prices and complexity of reading chats and all that. I'll appreciate your feedback.
Yes it is but it's risky to do it yourself if you are inexperienced go get yourself someone good or you could look up *Nancy* *Lynn* *Lewis* on the internet.
Wow! I know Nancy. Met her sometime ago here in North Carolina during a fundraiser. Great speaker, full of humor and rhetorics too…”Mrs buy the dip “. Lol
I remember her from Fenner & Smith great woman.
Heard pretty much amazing testimonies about her, how do I get in touch with her?
How do you feel seeing all the celebrities, the young RUclipsrs influencers, Instagram, models, etc. becoming millionaires with minimal schooling. Does it make you wanna quit? Did you ever think about maybe pursuing something in RUclips or is it influence? What does it make you feel they might make more money with less education less responsibility? just something I was pondering and wanted to get an honest answer
tutoring $20-$50 /hour. That will make a dent in the $68000/year tuition. LOL . my edit: Maybe you should cut down on the Starbucks coffee too. hihi
Are these available for foreign students? I am a Liberian in Liberia now.
Pretty sure you have to be a citizen to take loans
if you speak spanish, medical schools in Buenos Aires s free.
I dunno why I’m here my goal is to be a scientist 😅
DARK MATTER
Pro tip: if you're married, you don't have to report your parents income on FAFSA!
Nope, just need a good credit score.
Most medical students that develop a successful youtube channel end up quitting medicine. Not really a side hustle after all.
Step 1: DONT GO CARIBBEAN
Why?
?
bro, in which multiverse would a student that is a minor ever go to a strip club?!💀 are you talking from expierence?
You need to be extremely privileged to attend any medical school in the United States. Acting like that isn’t the case is what causes this vacuum of elitism in medicine at the highest level. This doesn’t reduced the accomplishment of MDs and there are obviously exceptions to this idea.
no strip club? sorry bro dealbreaker
This is very unhelpful. Middle-class students have a VERY hard time qualifying for any kind of financial aid. Just give up if you're pursuing a career in medicine coming from a middle-class family who will not support you. It's depressing.
Change your mindset and don’t be a victim. I came from middle class and had no family financial help