financing your way through health-professional school information seminar health professions...
TRANSCRIPT
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Financing Your Way Through Health-
professional SchoolInformation seminar
Health Professions Advising Program
Trinity College, Hartford, CT
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Financing Your Medical School Education
Tuition/Fees/COA Public Private
2007-2008 (In-State)
Tuition/Fees $22,068 $39,530
Cost of Attendance $40,586 $57,486
All Schools Public Schools Private Schools
Mean $139,517 $129,810 $156,804
Median $140,000 $132,000 $166,913
Class of 2007 Indebtedness
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Expected Income Makes Debt Manageable
PHYSICIAN INCOMES BY SPECIALTYSpecialty Average Salary
Family Practice $178,859
Pediatrics $188,496
Internal Medicine $191,525
Emergency Medicine $258,088
OB/GYN $296,699
Surgery $330,215
Anesthesiology $371,913
Dermatology $390,274
Orthopedic Surgery $475,781
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…but the time between graduation from medical
school and full salary realization is a “Long and
Winding Road”
Medical Student
Medical Resident (3-7 years)
Practicing Physician
($$$$$...) ($$$$...) $43,266 ($$$...) $175,000
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Costs of Applying To Medical School
Preparation• MCAT Review materials $60• Software/CD Roms $100 • Classroom Review $1800• Home Study Review $500• Private Tutoring $2500
• MCAT Registration $200
Applying• AMCAS Fee $160/$30• School Apps $100 per• Transcripts $25 per• Interviews
– Wardrobe $300– Travel varies– Lodging $300
per– Transportation
$100
After you are in• Moving Expenses• Apartment Deposit• Utilities• Advance Tuition
Payments• Payments on School
Loans
What can you do NOW?
SAVE, Get used to living on a reduced budget, Be strategic in preparation and application plans, pay off credit cards and other dept, and….
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(MD)2 – Phase IStrategies for Making a
Successful Financial Transition to Medical School
(Monetary Decisions for Medical Doctors)
Get as much information as you can about financial
aid…FIRST for Medical Education
www.aamc.org/first
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•Premedical Advisors•College Financial Aid Officers•Medical School Admissions Officers•Medical School Financial Aid Officers•Faculty Members•Physicians•Financial Professionals
Step 1 - Know Who to Turn to for Help
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•Understand the Philosophy of Financial Aid •Discuss Financial Options with your Family•Manage Educational Debt Acquired Prior to Medical School
•Start Living on a Budget Now
Step 2(a) - Prepare for Medical School Costs
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Critical Issues for the Non-Traditional Applicant• Choose a Postbaccalaureate Premedical
Program Carefully• Prepare for Lifestyle Changes: Making the
Work-to-School Transition
Step 2(b) - Prepare for Medical School Costs
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•What is Credit?•How is it Used?•How is Your Credit History Maintained?•What are Credit Criteria?•How Can You Use Credit Wisely?
Step 3 - Understand the Effects of Credit and Debt
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Step 4 - Understand the Associated Costs of Medical School
•Medical School Application Expenses•The Costs of Education•The Cost of Living at Your Medical School
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Step 5 - Know the Types of Medical School Financial Aid Available
Types of Financial Aid•Outside Sources•Service Obligation Programs•Alternative Approaches to Financing a Medical Education
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Step 6 - Understand the Financial AidApplication Process
•Complete the Correct Application Forms•Pay Attention to Deadlines and Timelines•Apply for Aid at Multiple Schools•Know the Difference Between Direct Lending and FFELP
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VISIT THE WEB SITE
www.aamc.org/md2