Cost of Applying to Residency

Cheri MarksUniversity of Missouri School of MedicineCoordinator of Financial Aid and Student

Records

MATCH DAY!!!

Nicholas Governatori reacts when he finds out he matched in emergency medicine at St. Luke's-Roosevelt Hospital in New York City. Associate Dean of Student Affairs Steven Specter looks on.

Remember when you applied to medical school?

Match Application ServicesElectronic Residency Application Service

(ERAS)Transmits electronically the applications,

personal statements, recommendation letters, Medical School Performance Evaluations (MSPE), transcripts, and other supporting credentials from your school to the residency program

National Resident Matching Program (NRMP)Provides the venue for matching applicants’

and programs’ preferences for each other

Costs for Application ServicesNRMP: $50ERAS Fee Structure

Programs Up to 10: $85Programs 11-20: $8 eachPrograms 21-30: $15 eachPrograms 31 + : $25 each

Examples (both services):15 programs = $17533 programs = $44055 programs = $990

Average Number of Applications 2012Der

mat

olog

y

Ort

hopa

edic

Sur

gery

Radia

tion

Onc

olog

y

Oto

lary

ngol

ogy

Radio

logy

-Dia

gnos

ticUro

logy

Neu

rolo

gica

l Sur

gery

Surg

ery

- C

Anest

hesiol

ogy

Emer

genc

y M

edic

ine

Obs

tetr

ics &

Gyn

ecol

ogy

Inte

rnal

Med

icin

e - C

Neu

rolo

gyPM

&R

Psyc

hiat

ryPa

thol

ogy

Pedi

atrics

Inte

rnal

Med

/Ped

s

Fam

ily M

edic

ine

Plas

tic S

urge

ry

Inte

rnal

Med

icin

e - P

Surg

ery

- P

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Average = 33

Source: ERAS as of February 15, 2012. Smaller programs were removed from overall average.

Average Cost of ERAS Applications 2012

Derm

atol

ogy

Ortho

paed

ic S

urge

ry

Radia

tion

Oncol

ogy

Otola

ryng

olog

y

Radio

logy

-Dia

gnos

tic

Urolo

gy

Neu

rolo

gica

l Sur

gery

Surge

ry -

C

Anesthe

siolo

gy

Emer

genc

y M

edicin

e

Obste

trics &

Gyn

ecol

ogy

Inte

rnal

Med

icin

e - C

Neu

rolo

gy

PM&R

Psych

iatry

Patho

logy

Pedia

trics

Inte

rnal

Med

/Ped

s

Family

Med

icin

e

Plastic S

urge

ry

Inte

rnal

Med

icin

e - P

Surge

ry -

P

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Average = $461

Average Number of Interviews Attended

Derm

atol

ogy

Radio

logy

Ophth

alm

olog

y

Surge

ry

Pedia

trics

Otola

ryng

olog

y

Physic

al M

edicin

e an

d Reh

abili

tatio

n

Urolo

gy

OB/GYN

Emer

genc

y M

edicin

e

Aneth

esio

logy

Med

-Ped

s

Inte

rnal

Med

icin

e

Psych

iatry

Family

Med

icin

e

Ortho

paed

ics

0

5

10

15

20

25

30

University of Missouri School of Medicine Survey

Average = 14

Interview-Related CostsProfessional attireTransportation costs (do your research)

Airfare or gas, taxi or shuttleAccommodations

Coordinate with other medical students, residents’ quarters, homes of those who have graduated, family

Eat frugallyAre you couples matching?

Average Total Interviewing Cost

Ophth

alm

olog

y

Radio

logy

Urolo

gy

Otola

ryng

olog

y

Physic

al M

edicin

e an

d Reh

abili

tatio

n

OB/GYN

Aneth

esio

logy

Ortho

paed

ics

Surge

ry

Emer

genc

y M

edicin

e

Family

Med

icin

e

Derm

atol

ogy

Med

-Ped

s

Inte

rnal

Med

icin

e

Pedia

trics

Psych

iatry

0

2000

4000

6000

8000

10000

12000

14000

University of Missouri School of Medicine Survey

Average = $6600

Average Number of Applications Across All Specialties

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120

5

10

15

20

25

30

35

ERAS Historical Data

42% increase

Options for Funding28% Private Loan (Residency and Relocation

Loan)27% Support from Third Party25% Credit Card20% Personal Savings5% Did not exceed COA3% Grant/Scholarship2% OtherSource: Organization of Student Representatives 2010 survey

Residency and Relocation LoansPrivate alternative loan between the

borrower and the lender – financial aid office is involved minimally

Fees and interest rate are based on creditworthiness of borrower (with or without a co-signer)

Things to consider:Interest rate, fees and termsDeferment optionsCustomer Service

It’s worth it…

"Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome."-Booker T. Washington

Questions?