Finances

College Years:

The cost of applying to medical school is approximately $3000 to $8000. Your actually cost will depend on the MCAT fee, whether or not you take an MCAT review course, how many schools to which you apply, how many interviews you have and where they are located. You need to save for these expenses.

If you have a credit card, work toward building a good credit history. More medical schools are requiring favorable credit reports before extending loans to pay for the medical education.

Paying for a Medical Education:

Your goal is to get accepted. Once accepted, the financial aid office of the medical school will offer you a way to pay for your education, which usually consists primarily of loans. (Of course, if you are lucky enough to get into a state-supported medical school, such as one of the UCs in California, and you are a state resident, you expenses will probably be much less than if you go to a private medical school, but not always.) You can look at the following web sites to understand more about the process.

Financial Information Resources Services and Tools for paying for medical school: www.aamc.org/first

Financial aid planning with AAMC Monetary Decisions for Medical Doctors online program:
http://aamc.financialliteracy101.org/welcome.cfm

AAMC s page on financing your medical education:
http://www.aamc.org/students/financing/start.htm