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


Hi guys! 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 it or not. 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, transportation costs,
cost of books, and 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 respectively. 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. You’re still learning to become one. 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 4 years. Finally, when you’re done with medical school,
residency can take anywhere between 3 to 7 years. 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. That equates to $62,400 a year. 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. So it does set you back quite a bit. 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 the first things to go. 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 to drift away. 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 of time with them. 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 30s. 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 rather be doing. I love that I’m learning a special set of
skills that allows me to help people in ways very few other professions can. I love that in medicine, you’re constantly
learning and it’s always intellectually stimulating. 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 I hope to do later in my career. 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 and financial commitment is worth it. 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. With that, I’ll end the video here. 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. Byee!

100 thoughts on “THE COST OF MEDICAL SCHOOL– Is Med School Worth it?

  1. After watching med school videos I've realised we are so lucky to have free education in Finland! Students also get about 500 euros a month for rent and living. The only downside is the work you have to put in to get to med school because the competition is tough :/

  2. Great video! You're awesome! You're a really good inspiration, I really wanted to know how prevalent things like sexism, racism and discrimination are in medical schools, and how high the gender pay gap is. There are just so many articles highlighting these horrible issues and I wanted to hear someone's personal experience and how you would deal with it.

  3. I'm in 2nd year med school now, but, I'm struggling because these days I kept in thinking about what I could be doing if I just got a job after undergrad. I don't wanna quit, but at the same time, I feel exhausted and drained out. Any motivational tips? Haha

  4. hi jamie!hope u r doing well 😊 i was just curious if u r ever planning to go back to korea nd practice medicine there at some point of ur life?also i have heard that kmle is really tough to crack…stay blessed😊

  5. Love the videos you make Jamie.
    They are very inspiring and motivating.
    I look forward to your videos every week..
    Thank you for your work.

  6. I heard there are some programs that will forgive your student loans if you work in a rural area for a certain amount of years

  7. Technically, medical education is a business. I don't think I can name a place on earth where higher education is free. Equity is hard to come by these days. 🙁

  8. i am shocked again and again and again when i see how much money americans pay for university… so glad that it is free where I am from

  9. i like your channel <3 you inspire a lot of students ! I started waking up very early and studying ! Love you , keep going <3 PS : PLEASE MAKE OTHER VIDEOS 'STUDY WITH ME ' <3

  10. I don't wanna finish in my 30's or mid 30's. I'll just go to Europe or in France to study because it costs lower and has less time. I heard that you can skip college and go straight to medical school🤗

  11. I'm about to take medical admission test here in the Philippines! 🙂 your videos are really inspiring 🙂 thank you so much

  12. I really really really want to go to into medicine and I am so sacrifice everything you spoke of but
    the missing your 20's part is scary!! You cant help butfeel like a significant part of your life is gone, even though you
    spent it productively and invested it into your future, it's still scary!!

  13. @thestrivetofit You really should discuss how easy it is to access financial aid and government sponsored loans. Any US student can use them. I was accepted to med school and I remember at the beginning thinking I would need to join the military or take out an awful private loan. Especially if you or your parents are not rich, know that you WILL be able to go to any medical school, and through gov't loans you can pay for tuition and living expenses, with reasonable repayment plans after. If becoming a physician is what you truly want, don't let anything get in the way!

  14. Apart from tution fee, the rest of the expenditures are optional. depends on how lavish u wanna be before you start earning.

  15. i know guys in india where 3 people will stay in a single room. hardly eat non-veg(expensive). no salad. just rice and pulses and fried veg with occasional egg. no laptop, no internet. use public transport only. these people spends like 400-500 dollars a year for their daily needs apart from tuition fee. they dont go party, they make use of college library, no movies.
    one day they become successful doctors eventually being able to have the luxurious stuffs. but along the line, some of them don't understand what others call 'enjoying life'. for them, being in the hospital and treating patients becomes the only entertainment they understand. or, occasionally drinking out with colleagues. but they tend to die young.

  16. Hi there, My name is Christian Murray, and i am in High school and thinking about going into the medical carrier. What advice do you have for me? How will I be able to get rid of some credits for my Batchlers degree? Do you have some advice for Pre-Med? I have heard it is very hard.

  17. These are extremely informative and personality filled videos. As freshman in college at the University of Illinois majoring in Molecular and Cellular Biology, I have been strongly considering medical school. I was having trouble understanding what it was like until I watched some of your videos. Thank you for making them. Major fucking respect.

  18. Thanks so much for this video Jamie! I have been accepted into medical school and am also interested in teaching and academic medicine some day. Are there any tips or suggestions you have for pursuing that career path? Thank you so much!

  19. I'm a sophomore in high school in Cali, and about to go to my Junior year. We have this pathway in our school called "Health Academy" where we learn about health and medical terms and be EMT certified/labor certified. I decided to choose that pathway because I have in mind to do something in the medical field, but after heavily researching the process to become a Pediatrician, im heavily overwhelmed. I love kids, and I want to have a life with family, a house, friends, etc. Deciding if it's really worth the 10-11 years, because also the salary is what's attracting me the most. Is there another good paying medical job (working with kids preferably) that is not so time consuming and allows me to have a life? Around 70k or more? Just curious, but right now I'm really considering being a Pediatrician or a Pediatric Nurse. Help would mean a lot!

  20. As a European, those figures are just insane. I intend to study medicine. If I pass the admission test, studying medicine would cost me 0€.

  21. I'd like to know, as someone considering taking the MCAT and applying: if residency doesn't pay enough to repay loans for up to seven years, how do you avoid bankruptcy?

  22. It would be cool to then extrapolate out how long before the investment in medical school after residency then breaks even and surpasses if you had gone into another projected career. Which is the math im doing now. The opportunity cost is roughly 474k for medical school (not counting accumulated interest on acquired debt). BUT, if your average salary as a specialist is 200-300 thousand more per year than whatever you would be doing otherwise, the difference should pay for itself in about 5 years (again, ignoring the accumulated interest on loans). Would you say that math is reasonable? I realize this is highly dependent on which specialty and work setting you end up in.

  23. Why is it required to finish undergrad before going to med school? Seems like wasting 4 years that could be spent studying in med school already… American system is wierd 😛

  24. hmm I think these are probably the main reasons why a lot of bioengineering majors who were pre med in college don't end up going to med school. it's not that they can't, but rather that they choose to pursue other, more profitable opportunities elsewhere.

  25. What advice would you give to a student thinking about medical school? And what if I'm not good at chemistry?

  26. This is a wonderful video! I'm starting med school in August and have been spending some time thinking about the cost – it is so encouraging to see that you are enjoying your third year and couldn't see yourself doing something else. I am so excited for the new friendships and continual growth and learning that med school will bring!

  27. in Finland the medical school is free. You can take student loan if u want to help u to pay rent and stuff but thats optional. Next fall the loan will be 650€/month max, and u can take it anywhere to 1€-650€. The worst scenario is that I will graduate with a loan like 25k, and if i graduate on time, the government will pay 1/3 of the loan for me, so its like 19k debt. The salary is like 4-7k/month, depending where u live and work. Thank you Finland

  28. I am studying medicine and in my country is totally free,I think education shouldnt be private and that we all deserve a chance to learn and major in what we want to no matter our social and economical status

  29. I'm in the last year of high school n I'm looking for studying aboard but it's too expensive nearly impossible for me ..

  30. Is all a business Rockefeller and medicine research where the current medical system comes from https://youtu.be/l0PDi1KDi1w you should not pay so much to save life's is not fair you are a great person, so intelligent, dedicated and well meaning

  31. We are so lucky in morocco to study medecine for free just finish my residency in plastic surgery without giving a cent to the gouvernment. Love my country

  32. Meanwhile in Australia, medical school here costs $76,000 a year for international students if you want to go for a recognised university worldwide 🙄🙄😭

  33. but who’s supporting you in the med school, make it clear, pls ? In Europe the med schools are between 5,5 and 6 years long… no more than that and the education is for free and it’s the best in the world…a tv show shouldn’t be more important than that, right ?!

  34. Are you able to expand on this and talk about how you paid/ways to pay for living costs during medical school?

  35. Here in Brazil you can go straight to med school after high school, but it lasts 6 years. After that the residency lasts 2-5 years depending on the specialty

  36. I'm pursuing B.Sc. (H) Neuroscience and i wanna go for Masters in science (neuroscience ) rather than med school but one thing that really scares me is that all the great neuroscientist have attended med school , so am i gonna miss a lot by not going for med school but instead going for ms and doctorate …

  37. I decided not to go to med school and major in computer science. I also want to get a masters degree in computer vision. I also found a hobby i love GRAPHIC DESIGN

  38. Hi Jamie, I love your channel! I'm a high school senior applying to colleges now. What advice would you give yourself at my age? Thank you so much!

  39. In Brazil you enter in college right after high school, we have public medical schools (which are free and more competive than private ones), the college lasts for 6 years, in the private ones you usually pay arround R$9000.00 to R$15 000.00 per month + taxes and all the supplies needed. The final cost is arround 1 million reais, which is a lot considering brazilian minimum wage of arround 1k reais per month. In USP (one the best medical schools in Brazil) the number has reached 330 persons for each 1 free vacancy

  40. Here in the Philippines, we have no debts because we are supported by our parents but it's actually really expensive as well. However, you could enter med schools with scholarships offered as long as you would give service to your country at the end 😉

  41. Hi Jamie, I am downloading more of your you tube videos. I have difficulty studying my text books . so I am using you tube assignments to help me study better. From Barbara Jackson.

  42. i'm 18. i want to go to college and med school to become a dermatologist.. but my parents won't help to pay for it. i'm a military wife, so we don't make much money.. anyone who can give me advice? is it even possible for me to go? 🙁

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