COST of MEDICAL SCHOOL | How to SAVE $250,000
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- Опубликовано: 8 сен 2024
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Medical school is expensive. You already know that. The average cost is $60,000 per year for public medical schools, and even higher for private medical schools. The average debt for medical students graduating in 2017 was close to $200,000. I was fortunate enough to graduate with actually very little debt. I'll show you how to do the same.
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Special thanks to David Duong.
There are three places where you'll get money to pay for medical school:
1) You and your family's contributions
2) Loans (federal, school/organizational, or private)
3) Scholarships and grants (free money)
Your parents have no obligation to pay for any of your medical school expenses, so be very grateful if they do end up helping you at all. My parents did not provide assistance to my college or medical school expenses, however I was still able to graduate without significant debt. More on that shortly.
Loans can be divided into federal, school, and private loans. Avoid private loans. Federal and school loans are what you want to go with, but only take out the amount you need. Taking out extra means more interest you'll have to pay in the end.
Scholarship and grants are free money, and you should do everything in your power to maximize their availability to you. First, when you get accepted to medical school, reach out to your school's financial aid office and ask for their list of scholarships and grants. Apply to ones that you are eligible for as soon as possible. Eligibility criteria varies, and can include religious background/affiliation, sexual orientation, nationality or ethnicity, practice type (primary care, underserved, etc.), and many more.
Here's the secret sauce: if you get accepted to multiple medical schools, allow the schools to incentivize you to come to their school. Simply send an email to the admissions office, explain you are interested in their program but are weighing other acceptances as well. Ask if there are any scholarship or grants they can offer to reduce your out of pocket cost. After sending out these emails to the schools I was accepted to and interested in, I was able to get almost all of my medical school paid for. Had I not sent out these emails, I may have been in hundreds of thousands of dollars in debt.
Now I say this not to toot my own horn but for full transparency: I was a highly competitive medical school applicant. Now while its impossible to guarantee merit based scholarships, multiple advisors on MedSchoolInside... also earned sizable or even full ride scholarships to medical school. These are real doctors who were top performers. At MedSchoolInsiders we don't settle for anything less. We can show you exactly how we did it, and teach you from our own first hand experience of success.If you want to be a stellar applicant and receive one-on-one advising, tutoring, interview preparation, personal statement or secondary editing, mentorship, or any of the other services we offer, visit MedSchoolInside....
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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.
I made a video about student loans that you'll find helpful: ruclips.net/video/Iat9AuCl_nU/видео.html
I’m sure a thousand people said this already but I would love a loan breakdown
Yes please, I NEED a video on different loan types lol. I'll be starting undergrad in the fall and I want to learn more about each before I sign myself up for something I'll regret in the future.... 😓
I'll have to agree with RandomAsain. Gonna start undergrad and be the best I can be. I want to become a docter and.... Well. Yeah ^^
If u started 4 years ago that means you’re now finished with undergrad right? How did u manage the money and what did u decide u wanna do:)?
Please do the loan breakdown
Hassen Kacem
5:00.....you mention how to negotiate to medical schools. Its important to mention that if you ever deny admission to ANY US medical school that accepts you that school will bann you for life. Once an acceptance is granted if denied that school will NEVER consider you for future admission. I had some hardship and instead of waitlisting i denied admission. I will forever regret that
Wait what? Can you explain this?
It would be better to get advice from someone that’s not a Harvard graduate with a 99.9th percentile mcat score
lmao fr. good for him but i can’t relate
the guy who runs this channel WAS a Canadian med student, he left plastics to pursue Medical Entrepreneurship. Your background and EC have alot to do with it. You always want MD to be inteligent.
@@peachesasmr9366 canadian? I thought he was from california?
@@geddon436 he's from the states I have no idea where the Canadian thing came from
I thought he went to UCSD
GO OVER THE DIFFERENT LOANS!!! IM TOTALLY CLUELESS ON THEM
Yes! A breakdown on the different loan types is a great idea!
Just come study medicine in the Netherlands.. Its only €2000 per year (6 year program), you can study the first three years in English completely and the university helps you learn Dutch so you can do the last three clinical years in a Dutch hospital. Work life balance is better, healthcare is better, and there are lots of study abroad opportunities. Unless you must have an Ivy League education, studying in the US aint it man...
He is right about people haggling over going to medical schools. These are the people who hold up the waiting list movement. For somebody like me who was just stoked to actually get into medical school, I do see the benefit of making schools work to gain your approval.
I'm doing med school completely free on scholarship. It's a 5 year degree here and I can even fail a year. Also don't have to pay/work back my scholarship. Good luck to those that start with debt!
Where do you go to school?
How did you manage that?
Watching this video, I'm very glad to study in Germany, where medschool is free :)
Well, I'm German, I don't know how it works for foreigners, but I believe it's the same for everyone: You need to pay the standard university fee which is 500€ per year, but in return you get free public transport, free library access and very cheap meals. But of course you need to be accepted to a university which is the hardest part since you need to graduate as one of the best.
i love germany heheh
till kue I'm Canadian do you have any idea of how much I will have to pay? And how long will it take to become a doctor in Germany?
An incredible option most people don't know about is the military. They offer FULL RIDE scholarships as well as a monthly living allowance of $3,500-$5,500 a month depending on your zip code. Obviously, this requires being accepted into medical school first and then working in the military afterwards (4-10 years, depends on what you sign up for). But pay is competitive and it allows people to focus on school, not survival. Great video!
Yes, video on military medicine coming in early 2020 :)
Id love a video on the different type of loans for sure!
Please do the loan breakdown, i'm starting med school this fall so it would be super helpful!
Starting medical school this Fall. Would LOVE to see a breakdown of the loans so that I can make the most informed decision.
Thank you so much for this video, my mom is disabled so needless to say I’m on my own for med. school. The finance aspect was stressing me out, but your video definitely helped educate me on my options and, a loan breakdown video would be awesome.
PLEASE DO THE LOANS VIDEO. My biggest fear is going into practice and forcing myself to see an ungodly number of patients a day just to pay back my loans. The last thing I want to do is compromise the care of my future patients just because I’m trying to rush on to the next one
Carter Mixson I don’t think you get paid by the number of patients you see
@Warda Mohamed In primary care you do.
Undergrad: Do ROTC. Full tuition + monthly stipend. Some universities add in full housing.
Med school: Do the military’s Health Profession Scholarship Program. Full tuition + monthly rent/living expense stipend.
Could you make a video of interview skills?
Let me save you 8 mins of your life. You wanna save 250k? Get a 100th percentile on MCAT, high grades, multiple publications, and have amazing extracurriculars. In other words, this video doesn't apply to over 90% of applicants.
Please do a loan breakdown as well. This video was so helpful, thank you
Tbh I wouldn’t really know a lot about medical school or residency or just doctor stereotypes if it wasn’t for you.
Please you should ABSOLUTELY make a detailed guide on loan repayment strategies!!! And awesome videos as usual!!! :)
You have some great tips in all your videos which have helped me so much! Keep up the great work!!!
I'm a second year med student and I'm working two per diem jobs as a pharmacist (PharmD before starting) and it's pretty rough. I really wish studying what I want didn't cost this much but you got to do what you got to do...
A lot of foreign ppl actually study in my country (philippines) cuz the tuition is SOOOOO much cheaper but the only problem is the salary after you graduate is very little thats why most med graduates here go to other countries to work! So id recommend you to just study here and go to other countries to work LOL
Can you make a video to talk about how international students can attend and survive medical school? Debts and all. First off how we even get loans?
Nicole Wai internationals students aren’t eligible for federal aid. My friend who is international got into UCLA with scholarship. He was limited in schools he could apply to because he wouldn’t be eligible for aid
In the future, if given the opportunity to give scholarships to students in the future, I will specifically offer scholarships for those within 70-90th percentile of scores. Too many scholarships emphasize the best of the best when in reality, there are many great students with strong passions who have okay grades. Having 99th percentile grades should not be a prerequisite in receiving financial help in my opinion. But I'm just a student so I'm probably biased
johnkevin1104 You make a good point though. By making higher education more affordable, it increases the amount of people going into higher education that ought to be. In the long run this helps society by putting competent people in the right fields. This is something many countries understand which is why in many many places undergrad, grad school, PhD programs, medical schools, etc are either free or at the very least affordable. Countries like Germany and France and China are going to beat the USA out technologically, academically, and economically in the long run because they are investing in their future!
Wow, basically a 4.0 GPA at UCLA, I couldn’t even imagine a 4.0 for even one quarter at UCI. How many hours a week did you study, roughly?
The resources you gave on this channel have definitely me out a lot.
Hammad Ali I saw his list and that's when I knew......I'm doomed😭 how the hell do I even start reserch publications.
Leilani Dru Find a good mentor where you go to undergrad. Mine helped me write my own publication
He worked his ass off lol
Please do the loan breakdown! I am going to become a premed student next year and you can’t imagine how helpful your videos are! Thank you!
Make a video on the loans! Thank you so much!!
Well however parents taxes are required if you are a dependent under your parents but as an independent you don't need them for federal loans
Aahh. I wish I had the money to get your services. It sucks. It's tough. Really tough when you start off poor, and all the good help costs money.
Just had to add " 4.0 every quarter except the quarter I was hospitalized" lmao flex harder
Apply for chinese govt scholarship and study in China, same study but less cost and if you get scholarship then you will get money. You can take usmle exam after completion of your study.
Yes, talking about loans in medical school would be very helpful and interesting
I don’t know how medical students afford tuition, rent, Food, Travel, books and Nights out very often on top of clothes and toiletries and taxes and bills
Hey uh, did you ever do that loan breakdown? I'm starting school in the fall so it would be super helpful!
we really admire you doc! thanks fpr this. i know many future doctors were helped thru this video ❤
Hey Dr.Jubbal! Thank you for this it might be helpful for in the future, but wish you can make a video that would handle the ‘competitive applicant’ and how to write the letters, statements and interviewing skills needed. Thanks again.
Can you please make a video on how foreign students can get admission to medical school in the US
A break down on different loans would be great!
Well! I am paying around $80 including hostel admission and all for each year for my mbbs in AIIMS India
Good thing about Mexico is that university is free, yes we pay a subscription every 6 months (4-5 years) but it's almost nothing compared with what you get. I paid in total $50 000 pesos wich is less than 3 000 US DL for my entire career. Of course there are private schools wich are much more expensive, but most of public schools are very cheap and the quality of the education is similar. I'd like to say that the education here in mexico for medicine has a high standard since all med school teach us to be always updated. For us speaking english is a must so most mexican doctors are billingual in order to get information from the best sources. Only bad thing is that the full career is 7 years long only to get your license. Five years of med school, 1 year of rotations and 1 year of social service. Most universities accept foreing students, and here the process to get in is different. Since the end of high school you can apply an exam to get into med school. I started med school at 19, many start even at 17. I'm 25 now and i'm about to start my social service, and I hope next year I can get into pediatrics. So you should consider studying abroad, many people do that and then get ther certifications to practice in their country.
Dr. J, Could you please do a video on the breakdown of the different loan types?
Are you still thinking about doing a breakdown/going in depth into the different types of loans?
스테파니 Stephanie 조셉 He already did, I think it’s called students loan 101
Please do the different type of loans !!!
Please do the loan breakdown .
Please do the loan breakdown video
Yes please, do the breakdown
Please do loan types. Thanks for this video
This is insane! That is so much money. No wonder so many people are struggling in the US. I’m so grateful that I live in Norway where the The Norwegian State Educational Loan Fund helps a great deal with the loan from the university and medicine education…
Meanwhile in Czech Republic - study 6 years for free, only pay for extra years.
I'm glad that here in Brazil it's all for free too.
Rodrell Green Depends, if you want to stay it is a bit lower in the beginning, but you can immediately take your diploma, go to germany and earn quite big salaries. But we really dont pay for attending.
You guys are right. Our salary is pretty high to Brazil's standards, but low compared to yours. But the point is that anyone can become a doctor, no matter how poor you are, it's just a matter of meritocracy, people take the exams and the highest grades get to do it. But I don't wanna talk about taxes though... Haha
Rodrell Green in Germany, my brother has several family physician friends and they make 60k (euro) per year. Pre-tax. More if they have a private clinic
med school is basically free in my country also (it’s something like 1000$ per year), but its relatively impossible to get in. 60places available, 30 get in direct with maximal grades, other 30places go to 300+ students, chance is less than 10%. we have 1 med school for the whole country.
I would love to watch about the loan breakdown
your voice sounds eerily similar to dirty medicine youtube channel guy
Yes. Please go over how to sign up for loans for medical school
Please do the loans video!!
Great video! Could you do a video on your multiple research publications and how we could get started?
I would love a loan and grant break down and scholarships as to what to go to
Here in uruguay is free.... ie you pay $0 .... but you get taxed at close to 70% in total (between 30% income + 22% sales, and such)
Please cover all aspects of the aide and grant programs.
In Ukraine the government covers full fee of top ~40% students accepted to a speciality
Yes, we all know that everyone has better education practices than the US
Please do a loan breakdown! It would be good to see how it works out and relations to medical school
Come to Denmark, med school is free here and higest quality in the world ;)
What
This is amazing. I wanna hear more
do it pleaseee
Will be going to med school in fall 2018 & all the tuition is getting me so overwhelmed & stressed...
I hope i get some grants & scholarships 😔 i feel like I'm a pretty competitive applicant. I Got into my dream school. I'm just getting so stressed with how to pay for med school. I know it is worth it in the end because this is what i want to do with my life!
Did you success?
Hi can you please make a video on how to do research or any other medical related work during summer time that can help us receive certificates
It’s free in Argentina. Learn spanish and you’ll be fine. You’re welcome
My god daughter went to NYU for med school there’s no tuition
What about international students ? Please explain
I want to know about loan breakdown
In Germany med school is free for public
Watching this even though it's free and you get paid for studying in Sweden
Just get good grades and go to NYU. Its free, but you gotta be good to get in.
I'd like to see the loan breakdown as well.
I asked, you delivered. Thanks!!
Peace be to you! Thanks so much for this!🤗 The dreams of MANY would-be doctors have been CRUSHED by the fear of student loans. 😨💳💸 The information you have given here, will help SO MANY students!😊👍🏾❤👨🏾🎓👨🏾⚕️📑🔬📚💉💊
I'd like a video on how to get student loans with no credit and no co signer. I'm going to start college in fall my first year and I want to be a doctor. But my family is poor and as am I. I worked full time in retail for 3 years and don't have a dime saved up for school. And even though I financed things and paid bills I still somehow have no credit history what so ever. So i don't know if I'd be able to get student loans if so I think I'd probably only be able to get private loans for about $5,000. Which that wouldn't cover anything since the school I'm going to the tuition is 13,000 a year...
Yes please, do a loan breakdown video🙏
Please cover the different loan types in a video 🙏🏽🙏🏽🙏🏽
Can international students (usmle entry) applybfor such financial aid?!
Love your videos!!! can you do a video on the type of loans?
Please make more videos on this! I’d like to know more
200th comment thank you for the video 📹
do the loan breakdown please!!!
Please break down the different loan types!!
As a surgeon I appreciate your input on this if possible. Idk if you could make a video, but what is your opinion on sports like mountain biking as a risk to your career? I'm most interested in surgery, but I can see how being a competitive mountain biker could put my career at risk by damaging my hands or arms.
You buy true own occupation disability insurance.
Hi.Is it possible for international students to receive full ride scholarships to medical school? I will be majoring in biochemistry for undergrad this spring at the University of Illinois.
Yes please make a video on the loans!
Do you get the Pell Grant while in medical school? I’m lucky enough not to have to pay for public college until I’m 28, but I’m looking into ways to cover my living expenses during that time.
He got 3.95 GPA while I did 3.22 with cheating
Ok medical school is definitely not for me
1st😊 love your videos❤
When do you recommend we email medical schools about competing offers? Before financial aid packages come out or after?
Study in Europe/Germany it’s literally free
What are the curriculars you had to become well rounded applicants?
Yes please do the video.
Please make a video on the loan breakdown