The Changing Cost of Medical School
ฝัง
- เผยแพร่เมื่อ 30 ก.ค. 2024
- We all know medical school is enormously expensive, with the average medical student graduating with $200,000 in student debt. But did you know that over a quarter of medical school graduates have no loans at all? This is the real cost of medical school.
TIME STAMPS:
0:00 - Introduction
00:29 - How Many Medical Students Graduate with Debt?
03:39 - What Does This Mean For You?
06:41 - DO and Caribbean Costs
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LINKS FROM VIDEO:
How to Save $250k on Medical School: • COST of MEDICAL SCHOOL...
How to Choose a Medical School: • How to Choose a Medica...
AAMC Medical Student Questionnaire: www.aamc.org/media/46851/down...
AAMC Economic Diversity Analysis: www.aamc.org/media/9596/download
#medicalschool #studystrategies #premed
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Disclaimer: Content of this video is my opinion and does not constitute medical advice. The content and associated links provide general information for general educational purposes only. Use of this information is strictly at your own risk. Kevin Jubbal, M.D. and Med School Insiders LLC will not assume any liability for direct or indirect losses or damages that may result from the use of information contained in this video including but not limited to economic loss, injury, illness or death. May include affiliate links to Amazon. As an Amazon Associate, I may earn a commission on qualifying purchases made through them (at no extra cost to you).
The real cost of medical school is my sanity.
=(
There are definitely a good number of med students that are born in rich families. During my time in medical school, I met 3 people who were having their debt completely paid off by their family. 1 of them was even given a Ferrari when they got accepted.
Damn. Where did you go to med school?
I think it's because a lot of medical students' parents are doctors. And doctors tend to be, well, rich.
Maxiluc not Ferrari rich
Yes doctor do make good money but they also pay more than law school so I dont know if they are actually rich .
But I can’t help but wonder if it’s because a larger number of students is coming from a wealthy background. Doctors make Doctors.
Nope. My dad was from a really poor background and he is now the best doctor in town because he believed in himself. His friends ain't as successful btw
@@shreerupamukherjee5512 congratulations to your father, but he is an individual and doesn’t reflect a trend.
@@shreerupamukherjee5512 thats awesome but there will always be outliars
All I’m going to say is that there are a lot of BMWs, Audis, and Mercedes in the student parking lot at my med school.
@@swimman62197 damnnn what school tho.
As an international student who recently got accepted, this video was very timely and informative! Thanks Dr. J!!
Hi there, I’m an international student interested in studying medicine in the US. May I have your insta or any method of messaging? I have a few questions I would like answered.
Yes !
I think it’s the Affluent factor.
Being Asian just became more tougher.
Yup. 😩
Being an indian toughest
@@elajee9584 lmao I'm too
why is more tougher?
@@otk4991 cuz many of them are forced/highly pressured to be a doctor so this is bad for them as there is more of a cost for something they may not want
Video Idea: Talking about studying medical school abraod especially in the EU
Also preemed
Dr. Jubbal you got me this far, now you're about to scare me off with the money I have to pay 😂
money you have to pay and decreasing reimbursements and hospital bureaucracy breathing down your neck.
If medicine is your true calling than the money doesnt matter. Of course I plan on taking the military route so I cant really talk but I'm not doing it for money reasons just because military medicine is a lot more what medicine should be not insurance pharma crap
@@jonahwilhelm8409 haha it was joke my guy. Not doing it for the money, but that much debt has to be taken with some serious planning. Nonetheless this video was necessary
But you’ll make more with ur doctor salary so it will be worth it in the end
So the rich graduate rich, and the poor have to pay interest. Sounds right. I'll graduate without debt because of family wealth. Almost all of my peers are in the same boat.
Lol lucky
Loving all the videos this past week!!!
The real cost cannot be measured by money alone. Relationships that I had to end, hobbies I had to quit, etc. I Love med school! And you have to make choices in life, but it's Hard.
*_Could you make a video on how to efficiently pay off medical school debt??? Thanks for all the help!_*
He already has, check out his past vids
Lol all the Asian parents just gonna scroll right pass this
The son won't.
This is truly the content I subbed for, good stuff! Keep them coming
Please do a vid comparing being a doctor in amarica and the uk(or other countries)
Yes please !
Ayyy the Psychiatry king got first like and comment let’s gooo😤
Anyways, thanks for putting out this weekly info😎
Please Dr. Jubbal make a video about step 2ck resources and your plan of study! It would help many of us
My parents said they will pay my way through med school out of pocket but will have to pay them back after I’m done with my residence to avoid the compound interest...
Nice tips very informative keep on motivating.
👁👄👁 me a european vet student watching this from a country with free tuituon for all universities and colleges.
Yea don’t forget the pay they pay you crap there and short amount of years
@@yousefawad8020 - Veterinarians make about 100K a year in the United States. What is your point?
@@americanbobtail1 majority of docs make 5x more in usa than europe thats why schools is free there
@@ndane2 - We are talking about Veterinarians ( Animal Doctors) that do not make much money in the United States, not a plastic surgeon that on average makes around 500K USD a year. Please read what I said.
Thank you Dr. Jubbal, as I am stuck between deciding to go to a Phlebotomist, Physician, or an NP school!
Physician
I remember looking into colleges having to make choices on prices. There was a private school that had a top 100 med school. I really liked the school but I did the math and I would have been over $400k in debt with scholarships and savings. Compared to an accelerated DO program where my undergrad was basically paid for and I had guaranteed acceptance into med school where my debt would be around $100k or less. It’s hard making decisions as even sacrifices in order to make medical school a reality, but at the end of the day it’s very important you make the best decision for yourself and your future.
So helpful!!!!!
What it means is med students tend to have parents who are able to pay for their tuitions. And most medical students are responsible people so whatever debts they have they keep manager and/or pay off fast . It's pretty simple
Could you make a video about the cost of Texas Medical Schools, given that they are much cheaper than the nation's avergage.
So you want to be a Neurologist please 💔💔💔💔
Hey Dr. J, great video. Do you have any free resources regarding finding out which med schools have better scholarships or financial aid packages?
Each year, over 20,000 U.S. students begin medical school. They routinely pay $50,000 or more per year for the privilege, and the average medical student graduates with a debt of over $170,000. That's a lot of money👍
So then that's a 1B $ industry PER YEAR. That's nuts.
They also can accrue up to 50% interest off that $170k while in residency!!
i am writing this hopefully to help somebody. i learned from my older sister. She did not know about all those programs when she started high school. I learned from what she found out in her senior year of high school.
I managed to graduate with my bachelor's degree without any debt.
In 8th grade, i was worried about how to pay for college. So i made sure my math level was such that I could in High School take all the AP classes they offered and the high school/community college classes they offered for free under the state of Oregon school program.
That means i completed 2 years of college credits in high school. Then it turned out that if you got a 3.9 to 4.0 and you went to an in-state university, they honoured those credits and your tuition was halved for the whole 4 years. So I got a 4-year science bachelor's degree in 2 years for less than $10000. Luckily, the college was 5 miles from my house and the buses are free. And i got a research job every quarter( biochemistry major with great GPA) that paid $1000 a semester for about 25-30 hours a week in the lab. i enjoyed it. and it gave me experience.
in Oregon, the program "Running Start "is huge and allows you to complete a couple of college years for free if you apply yourself to your studies. You need to have your ducks lined up in middle school and study your butt off in high school right from the get-go and keep an eye on your grades. Treat studying in high school as a $10000 to $20000 / year job. For some reason, school advisors might not tell you about it.
If you do not think my comment will help anybody, please delete it. Thanks!
Well, if you study in Greece, like I do, you’ll probably have no depth, bc university is free (+ u are given books for free) and life is competitively cheap. But it’s very hard to get in if you’re not Greek/Cypriot.
Uniformed Services University or HPSP are both great options if you are looking to have your medical school costs covered and are willing to serve
Indeed, I think it depends on the country and the path you decide to follow. I wish financial costs wouldn't be a wall, if I finally decide to study medicine!
Thank you for this content!
Could you do anything about forensic medical examiners?
It's absurd and if I didn't do the military would have been $400K in the hole, plus compounding through residency and going into primary care. Only update is that federal loan rates for graduates dropped to 4.3-5.3%. Still too much debt, for future students will now grow slightly less :/
Luckily i will leave without loans, because i dont live in the US
Same
Can you make a vid on how to leverage scholarships for medical school?
As someone going into PT school I appreciate this video
is pt school significantly less i’m tuition
@@nemakameli9237 Most likely. I have been noticing that PT schools can be around $100k but I've seen over $200k and around $50k as well. But on average PT is probably less than med school, especially since it's only 3 years.
Glad to say that I grew up with nothing. And I am about to go to med school I can say I am perfectly fine with debt. Only because I dream of being a Physician. I know for sure I can figure life out well for me.
I'm surprised Dr. Jabbal didn't mention administrative bloat and admin salaries as a major contributor to rising of costs of tuition.
There’s always gotta be something to ruin my confidence about successfully making it 😒😐
I along with many others would buy an mcat prep study program if made by you guys
It’s coming. MSI MCAT Course and Memm
Yep... I needed to be brought back to reality.
Sir make a video on craniofacial surgeons specialist a humble request
Please do a video for international students🤩
This makes me pretty sad.
I used to want to be a cosmetic surgeon, but my parents wouldn’t pay for my college after I graduated highschool and were too wealthy for me to qualify for any student aide through the fafsa.
Now I’m homeless and addicted to Meth. 😔
Is there any program of loans that let you take out money without adding the compound interests until you get paid?
Interest should be deferred while in residency. Banks would still make money off those loans bc not every doctor aggressively pays off their loans upon completion of their residency.
Depends. Usually not
I wish there wasn’t interest on federal student loans because it’s the interest that really explodes the debt overtime
Is average age of matriculants increasing? I wonder if there are more career-changing nontrads matriculating, who might be more likely to have enough saved up to foot the bill without loans.
Can u specialize in public health in the U.S?
400 k for me as a canadian in american school
The government in India does not have these kind of rules because the fees is actually very less compared to US!
I have a little question
Do medical students stop paying for the university after the 5th year?
You obviously don’t listen to Dave Ramsey, Kevin. Beans and rice, scorched earth to pay off those student loans!!
I’m a premed freshman with no debt after 3 semesters.
I am looking to go into cardiovascular perfusion but i am having trouble finding info online, anybody have any info on the field. BTW i live in canada.
MSOE has a program. Great school in Wisconsin
My dad told me it is very expensive but I told him that this is what I like and it is my dream.
I just want fulfill my dream. Just support me dad, just this time😭
Hi doctor, I doubt you’ll see this comment. I am a 10th grade student and I would like to be a doctor. So I have a question:
What did you do during your free time? I know learning and studying is good and beneficial, but what else did you do?
Thanks!
@I can get 96% same...
I work as a nurse. People in medical fields are not always rich
Someone tell me if this works the same in the UK please :( I'm in senior high school from Asia and plan on taking up medicine at Edinburgh, Scotland UK
UK medical education is very different
UK is pretty cheap tbh
I'm a medical student in China. No student dept but when I return home to the Caribbean, I will be making as much as a best buy employee.
Here is the real plan: Marry a nurse or PA right before you go into residency and then use 100% of your residency compensation to pay towards your loans and have your spouse financially support you for those 4 years for rent, food, etc. You should have most of your loans paid off by the time you finish residency and then probably really can pay off the final amount of your loans in your first year of practice.
Please make a vedio with Chinese Medicine
Hey I am thinking about becoming a plastic surgeon
These US allopathic schools do be gettin pretty cutthroat mane! 516, 3.8, good research/pubs & lots of extracurriculars, and all I got was 1 interview invite & 0 acceptances from 25 schools. (V grateful for the DO schools that were a little less vicious lol)
You very likely had weak LOR, essays, and other soft components of your application
@@MedSchoolInsiders I mean it’s not impossible & that’s the only thing that would make sense! But from a totally subjective stand point (which everyone would probably interpret differently) my letters were strong & written by well chosen individuals (long-time physician mentor, research prof I was very tight with, and employer of 4 yrs), and I had like 3 drafts of every essay closely reviewed by my university pre-med advisory committee & English grad students. Idk for certain what it was. Crazy process!
When I go to med school, I hope I'm not gonna go broke.
In india tuition fees for med school is like $210 😂😂for a year and so $1100 for five years.
Me, an Indian Med student: Laughs in $180 fee per year
AIIMS?
@@rahuljosephkickyourass I wish😂😂 naah, but a top med college in Tamilnadu
@@Dhanuhammer Then how is it $180 per year? That's around 13k INR per year. That's really cheap lol
@@rahuljosephkickyourass yeah, 13600 the tution fees in govt med colleges across TN😂😂
@@Dhanuhammer Damn. In Karnataka the govt colleges are around 60k per year
Can you do the best backup jobs, incase people dont want to continue their Doctor Path.
From what I’ve seen, Caribbean schools also give some great scholarships if you have a good MCAT and GPA. Is that worth going to the Caribbean? Not sure, but it’s something to consider.
The real cost of medical school = your 20s
The good thing about India is we have a nation wide exam for medical school. Getting a good rank here among around 1.6 million students writing it helps a lot. I just got accepted into a medical school with a fee of around 1800$ per annum. Which is good 😀. And because my parents make enough to pay this I won't have any debt.
Just commenting for the algorithm 🤎💜
Please can you put Arabic translation
Ayo trying to become a surgeon but only in 8th grade check:
income inequality selecting for only the richest applicants. It’s not a meritocracy.
2nd comment
Never been this early
welp good thing I dont want to be a doctor anymore
Your soul
Hasn’t the cost of medical school always been the same...? Same sacrifices to be made and such but it’s just more apparent nowadays due to social media
No. There have been changes
@@MedSchoolInsiders alright. I will watch the video LOL
Can I work during my medical school if not atleast in the weekends as a pharmacist to cover all my medical school fees is that possible..??Or I cannot do it
In USA....? Can you plzz reply........
I want to become an orthopedic surgeon....
Plzz give a reply...............
Kevin...
No. Medical school is just too demanding to have a job on the side to cover the cost of tuition.
Video idea: American doctors vs Canadian doctors
It's free in my country in the EU. lol
Lolololololololololololololol
It’s not that funny.
No it’s not. It’s all subsidized by you and the rest of the people in your country. It’s not “free.”
@@estrogen_intolerant Point is students don't pay anything. You just have to be good enough to be accepted into a program. Definitely better than the shitty system they have in the US. 200k Student debt? Shrug
@@estrogen_intolerant By this logic nothing is free
@@m136dalie ...and you would be correct. Nothing is “free” in the immediate sense.
Real cost of being a PA?
great video, but terrible graph at 1:28
Higher education should be tuition-free, like every other developed country in the world. It's the common sense thing to do...
I don’t think it needs to be tuition free but it should definitely be more affordable. It shouldn’t be more than the average salary.
@@is8249 No, it should be tuition-free. EVERY OTHER COUNTRY is like that, why isn't the US joining the rest of the world? Because everything is seen as a profit in the US.
@@FRonTLinES10064 Most countries don’t offer free higher education, but the cost is very affordable. Which country are you talking about?
And make college degrees even more worthless than they already are?
No way!
@@FRonTLinES10064 'Every other country' is not as great as America.
Your orthopedic surgeon is not swoll enough, bruhhh
I honestly don't think you should say that "a lot of people don't match into orthopedics" that can be really discouraging.. and I feel like you shouldn't say that.
I don't care about the cost or anything at all, neither should y'all because my dad was from a poor background and he's the best doctor in town now :)
Edit : A really poor background.
That won't be the case for everyone else aspiring to become a doctor
@@kozukigray2933 a person with such a mindset can't become a doctor. Ever.
@@shreerupamukherjee5512 watch me, I wont anyone's opinion stop me from reaching my goal. And btw what gives you the right to decide what mindset is doctor like?
I'm kind of glad there is people like you around who place doubt in the minds of others and who set limits for others, because now you've made me even more passionate about my decision to become a doctor, and I thank you for that.
@@kozukigray2933 hehe tsym :) I'm just a teen lol not an old lady speaking stuff
Do u hate Irish med schools as much as you hate Caribbean ones? Lol
There is a reason to hate Caribbean schools
@@jonahwilhelm8409 and that is?
Yes now we all know why the majority of U.S. doctors become basically nothing more than a salesperson for big pharma and because there are financial incentives for pushing certain drugs and this gives those doctors with med school debt a chance to earn more money.
I went to see my internist recently and she made a point of telling me that smoking marijuana is very bad for me but taking five different pills which I am taking currently with all their associated side effects are good for me?
I'm a highschool drop out and I make $450k per year trading in the futures markets.
If you want to quit medschool and still be able to earn a good living for $50k I can teach you how to do this.