In an era where school is valued and even considered a right for all individuals, higher education is getting increasingly pricey. Take medical school for example- the numbers can be crippling. Aside from tuition, medical students have to consider a plethora of other expenses. Things such as housing, transportation, application fees, accruing interest rates, and other living costs only tack onto the growing bill. In 2013, the median four-year cost for medical students turned out to be $278,455 for private schools and $207,866 for public schools.
According to the Bureau of Labor Statistics, gaining just a Bachelor’s degree in the US results in a median weekly earning of $1,224, which equates to $58,752 as an annual salary. Obviously, by pursuing medical degrees, students are not only losing money in terms of debt, but potential earnings of working in that time. Medical school is a huge investment, not only in regards to money, but also time, effort, and some would say, sanity. And the ultimate question has always been, is medical school even worth it?
Image Source: Peter Dazeley
For minority or low-income students who may be discouraged by the costs, Bloomberg Business reports that black medical graduate students ended up with the highest median debt, despite having the lowest parental incomes. However, money shouldn’t be a deterrent for an individual with the capacity, desire, and intellect to attain a medical degree. The Association of American Medical Colleges lists a variety of sources, including the Stafford loan, the PLUS Loan, and the Perkins loan. This isn’t including other federal grants and scholarships as well as aid that third parties will provide.
Most doctors would tell you that it IS worth it. Pursuing this kind of degree is an investment that will eventually pay off. For example, according to Association of American Medical Colleges, the average salary in family medicine for 2013 was $161,000. Aside from monetary rewards, becoming a doctor also ensues the accumulation of a special kind of knowledge – the kind that enables one to save lives. Medical school is costly, no doubt about that, but the price tag is placed on learning how to heal the human body.
