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Med school students face large school debts

The prestige and reward of becoming a doctor comes with a hefty price.

Tara Cunningham, senior program coordinator for admissions and student affairs with the University of Arizona College of Medicine Phoenix in partnership with Arizona State University, says it’s common for medical school students to graduate more than $100,000 in debt.

In fact, the university builds a budget for its students and advises them on how to pay back their loans to keep payments manageable. This is particularly key, since starting salary for residents is just $40,000, a salary they can expect for the next three to seven years, with slight raises.

Although the decision to pursue a medical degree can happen at various stages before and during the college career, Cunningham says the earlier that goal is set, the more volunteer or program opportunities there are to spend time in hospitals and around doctors.

“It’s good to have applicants with real-life experience who can see the world as a doctor,” she says. “That’s more valuable.”

According to data from the college of medicine, here is a glimpse into what awaits its typical medical school student:

COSTS IN ONE YEAR OF MEDICAL SCHOOL

Tuition and fees $17,736*
Books and supplies $1,267
Housing (August to June) $6,500
Food  $3,000
Transportation (gas, maintenance) $2,000
Medical insurance $1,392 (students must purchase their own insurance)
Miscellaneous $3,000
Total per year  $35,205

*This is tuition for the first year. Tuition decreases slightly each year, with the fourth year’s tuition at $16,680.


Last year, the average debt for a medical student was $93,000

Other requirements:

Undergraduate grade point average: 3.5

Medical College Admissions Test score: upper 20s out of highest possible of 45.

Biggest misconception? That you must be a science major. Cunningham says that majoring in biology or chemistry makes taking the required science courses easier, but the medical school has accepted history and English majors.

This year, the medical school considered 604 students. Of that, 134 – 22 percent – were offered a seat.