While many pre-meds are focused on getting accepted into medical school, figuring out how they are going to finance their degree is almost as important as just getting in and can make a difference on where they will stand financially after graduation.For the Class of 2013, the forever rising cost of medical school reached an all-time high of $228,200. By the AAMC’s most recent estimate, since 2000 the average annual increase of the four-year cost of attendance for both public and private schools has increased at double the rate of inflation. In 2012, the average four year cost of attendance for public schools was $196,661 and $275,305 for private schools.
The AAMC has reported that each year medical education debt and the cost of attending medical school continue to rise and are at record levels – the Class of 2012 reported having at least $1.7 billion in debt after earning their M.D. degrees. Furthermore, 86 percent of 2012 graduates reported having education debt, with an average amount of $170,000.Medical students are faced with increasing tuition costs and high levels of indebtedness. The good news is that grants and scholarship are available to medical students, and while they rarely cover the full cost of a medical education they may ease some of the burden of footing your medical school bill.Grants and scholarships are just a part of the big financial picture and often time students find themselves seeking additional aid to help fill the gap between what they have and what they don’t have when it comes time to cover the full cost of medical school. So again,
while a single scholarship or grant alone will rarely cover all the costs of your medical education, they can put a dent in the amount of money you will have to dish out or the amount of loans you will have to take out. Wondering how you are going to pay for medical school is a huge concern for most students pursuing a medical education. Since you’ll probably never see the day when students can get a discount on tuition for medical school, you may want to explore any and every opportunity to subsidize what can be a brutally expensive education.
Before you finalize any decision you plan to make when moving forward with loans, make sure that you have explored every available scholarship opportunity. Here’s a list of 42 popular scholarships and grants for students looking to help defray the cost of attending medical school.