Written By: Ellie T.
After college expenses, some people decide to get a higher education. Depending on the person, it could be veterinary school, medical school, law school, or any other specialized higher education. For most higher education, the number of applicants each year continues to increase. From 2006 to 2016, the number of applicants to go to medical school increased by 35%. While this may not seem to be a large issue because most people would expect more medical colleges to expand their student numbers; however, acceptance rates are decreasing to just 4.8%. While acceptance rates are a large factor, less than 15% of students wanting to become doctors succeed.
While most people are aware that medical school is very costly, the cost continues to increase. This puts stress on the students and most drop out because of stress, anxiety, depression, or ways they cope with the stress, in the form of drugs, alcohol, or criminal activity. The cost of tuition and expenses requires a large majority of students to take out loans. After graduating from medical school and prior to getting a job, loans will often continue to grow at a rate of over $1,000 per month.
There are a couple of ways to counteract the financial struggles of medical school. By simply finding more affordable housing or becoming roommates with people will decrease the cost of housing, However, housing isn’t the only way to counteract these struggles. Budgeting only for things that are necessary and not budgeting for the “wants” that people have is easy, but sticking to the budget is hard for most people. There are apps, programs, and websites that all assist in budgeting. While there are many more ways to save money during medical school, another easy way is to sell used books after using them.
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Works Cited
“Getting Into Medical School Is Becoming Harder.” U.S. News & World Report, U.S. News & World Report, www.usnews.com/education/best-graduate-schools/top-medical-schools/articles/2017-10-31/getting-into-medical-school-is-becoming-even-harder.“Going Directly from College to Medical School: What It Takes.” American Medical Association, 15 Aug. 2019, www.ama-assn.org/residents-students/preparing-medical-school/going-directly-college-medical-school-what-it-takes.
“Home.” USMLE Gunner - Learn How to Get Top Scores on the USMLE Board Exams, usmlegunner.com/medical-school/how-to-save-money/.
“Is Medical School Worth It Financially?” BestMedicalDegrees.com, www.bestmedicaldegrees.com/is-medical-school-worth-it-financially/.
Scheepers, Anton, and Anton Scheepers. “Top 7 Reasons Why Medical Students Dropout of Medical School.” The Apprentice Doctor, 7 Dec. 2018, www.theapprenticedoctor.com/top-7-reasons-students-drop-medical-school/.
I am entering a medical field, so this is very helpful!
ReplyDeleteIt is definitely becoming more difficult for students to continue in specialized education. How are students supposed to pay for this higher education along with paying off loans from their undergraduate? They can't! It's becoming way too difficult to balance both loans and fees for students. Even if they do budget, find roommates, and such it is still difficult to pay. The cost of college and higher education needs to decrease and become more affordable to all students.
ReplyDeleteThe increasing cost of graduate education is a major factor that plays into whether or not people decide to further their secondary education, and something that all high school students should consider when planning their future career path. Although the costs may be high, with the right financial decisions and awareness of the impact and growth of loans, many students will definitely be able to receive a graduate level degree, even if they cannot afford the entire cost of tuition at the present moment.
ReplyDeleteI actually changed my career path due to this specific issue. I originally wanted to become a veterinarian, but not only does it require 14 years to be successful, however the cost of education for that many years in insane. To become a veterinarian, you can't just go to the average schools, you have to go to the top schools which cost a fortune, and is unaffordable for many.
ReplyDeleteThis is a really good topic for kids to have, and can relate not to just medical school but all higher education. Lots of higher education are very costly so a lot of the ways you said that could save you money could actually just be used in all around higher education and more and more people could save money. I find it interesting that the acceptance rate is only about 4.8%, saves a lot of people money but why would it be decreasing so much?
ReplyDeleteFor those wanting to go into the medical field, I believe that this is an important piece that many need to know about. Medical school is very long and it is hard for students in graduate school to pay for their student loans from their undergraduate. Budgeting may not be the best solution as the cost for this career path is continuing to increase in cost.
ReplyDeleteThis is a great article for people wanting to go into the medical field because it gives them a lot of information. I also didn't know that the acceptance rates were that low. Also, explaining more and different ways to budget and save would be helpful for people to know.
ReplyDeleteEveryone knows that if you plan on entering one of these fields that you're going to have to pay a lot, and this post helps people understand that they need to find ways to save money when it comes to getting a higher education. With the increased rate of students loans would you recommend taking out students loans to everyone, or would you recommend a different course of action?
ReplyDeleteI agree that education is super expensive and over priced, But this shows me how the amount of money the student is spending is absolutely eye opening to see how much it has gone up over just the past couple years. I also agree that budgeting is the best way to approach the huge amount of spending.
ReplyDeleteThis is something that's very important. I know relatives that are planning on heading to medical school, but they are getting very worried because of the price of med school could hold them back despite having good scores, grades, and experience. It's come up a lot recently how expensive college is and how much more expensive medical school is which tends to inhibit lots of people's goals of becoming a doctor of sorts. Thus, is there a more effective way to save even more money than getting a roommate and budgeting?
ReplyDeleteIn terms of your writing, I agree with you that the cost of education is a major role in determining whether people decide to further their education or not. Looking into your evidence, I find it shocking that acceptance rates are continuing to decrease and how less than 15% of students succeed in becoming doctors. Although these costs can be higher and more expensive, if people make the right financial decisions going into their higher education, it will be easier to afford it without as big of a negative impact. With the right decisions, students will be able to get loans that will allow them to continue their education. I also agree with you in terms that you can make small sacrifices that may help pay as well such as selling old books and changing housing conditions. Overall, with the increasing cost and decreasing acceptance, it is important for those wanting to go into medical school to be prepared with the right financial plan because it is a long commitment with expensive cost.
ReplyDeleteAs someone who is going into the medical field but also people who are paying for their debt, it's really important to consider the cost of higher education, specifically one of those in medical school. It's really expensive so it might benefit you start budgeting from a early age. You did a great job explaining the stats and consequences that come with medical school debt.
ReplyDeleteI think that this is important to understand because many people going to medical school are overwhelmed by the price. However, the average salary after medical school really does help pay that back quicker than someone that only went to a program for four years. It all balances out, but being aware is really important.
ReplyDeleteThis blog post was, as a general consensus would agree, all around helpful. While I many not be going into the medical field, it is still important to learn about the dangers that could come with not following a budget or not realizing all the hardships that could come with pursuing a profession in this field. Going to medical school sounds like a smart idea in hindsight, but some may not realize the mental strain that can come with the pressure. The information provided gives a great overview of how people need to be aware of these factors.
ReplyDeleteWhen reading this blog I do think that it's important because there some people I know may want to become doctors and I had no idea that medical school was expensive from taking the MACTS to graduating/ residency and get a job as doctor at a local clinic or hospital based on your specialty. Overall, this blog post was very interesting.
ReplyDeleteThis is an interesting discussion topic because lots of people joke about going to medical school so that they can become doctors and make bank... but when enough people try to do this, the system starts to collapse. Especially with how expensive just getting your bachelor's is now, it can be almost impossible to feasibly pay your way through school without being buried in debt for the rest of your life. That's why some schools (like NYU) have waived tuition for their med school students, in part to encourage them to go into lesser paying medical professions (sounds like an oxymoron, but positions like pediatricians pay way less than orthopedic surgeons). Thanks for sharing!
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