Medical School Tuition and Repayment options:
For most students, tuition payments will be the bulk of debt incurred. In 2018, the AAMC estimated a cost of $250,222 for four-year attendance at the average public medical school, while four-year attendance at an average private university falls around $330,180. However, the average student who attends a private medical school and graduates with debt has only about $20,000 more in loans, much less than the $80,000 difference in total four-year cost of attendance.
This may partly be caused by the fact that graduates of private medical schools are more likely to have received financial help from their families. These numbers are only for students who did take out loans; thus, the difference cannot be explained by higher use of tuition reimbursement programs (such as serving in the military) by students at private medical schools.
The U.S. Military
On this note, tuition reimbursement programs are worth considering for many students. One option is serving in the U.S. military. There are two main paths to this: attending the Uniformed Services University of Health Sciences (USUHS), an all-military medical school located in Bethesda, MD, or participating in the Health Professions Scholarship Program (HPSP). In this program, students can attend any U.S. medical school and complete officer training through their future branch of the military. They are required to complete 45 days of training every year, which could include studying for board exams, doing a research rotation, or rotating at a military hospital.
The HPSP will pay for all of a student’s tuition, required fees, and books, in addition to an average annual stipend of $28,000 and a $20,000 signing bonus (if the student participates for all four years of medical school). In return, students incur a service obligation of whichever is greater: three years, or one year for every year in the scholarship program (this period begins after completion of residency training). Most students who take this route go through the military’s https://getbadcreditloan.com/payday-loans-mo/kennett/ match process during their fourth year and complete a residency program with the military, though some are able to do a civilian residency. In contrast to the HPSP, students attending the USUHS are considered active duty military officers, surrounded by classmates who are also pursuing military medicine. They are paid an annual salary of about $60,000 and incur a seven year service obligation after graduation.
Once they have completed residency, students may be assigned to a post at a military medical center in the continental U.S. or abroad, or they may be deployed for three to 12 month periods, depending upon the needs of the military. Pay after completion of residency depends upon factors such as location, family size, and time in service. According to todaysmilitary, estimated pay for a medical officer ranges from $137,025 to $162,538 with four years of service time. This tends to be less than the salary for physicians working at academic medical centers or in the private sector. At the same time, military physicians do not have to worry about student loans or finding a job.
The unique culture and opportunities of the U.S. military might be a strong positive factor for some future physicians and a dealbreaker for others.
While this post is focused primarily on the financial considerations of becoming a physician, it’s usually not a good idea to make money your primary deciding factor in a major life decision, and this is particularly true for joining the military. The unique culture and opportunities of the U.S. military might be a strong positive factor for some future physicians and a dealbreaker for others. Consider non-financial facets of the equation as well. Are the military atmosphere and mission a good fit for you? Is the possibility of being deployed or stationed overseas acceptable or distasteful?