4 answers

How much should I budget for college and med school in addition to tuition?

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4 answers

Jason’s Answer

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This is a huge question, to say the least. It is also a question that almost everyone needs to grapple with if they are considering higher education.

The very first question about budgeting for college and any other further education is: Where are you going to school?
The second question: On average, how many years of education do students spend at their school?

These should be your top 2 questions that you should ask yourself regarding budgeting. The first is highly relevant primarily because the cost of higher education varies vastly from region to region. Tuition alone will depend on whether you can file as an in-state student or out-of-state student. Next up is the general cost of living which, again, varies dramatically from city to city, state to state, region to region. I do not know the cost of living in Providence, Rhode Island but I'm sure it isn't the same taste cost of living in New York City, or Oklahoma City, or Seattle. The cost of rent is different between cities. Even then, the cost of rent can be vastly different between living on-campus, living a mile away from campus, and living a couple of miles away from campus (even if there is easy transportation). The cost of groceries, utilities, even gasoline is different between cities! Also, do not forget about the cost of entertainment. Maybe you might want to attend your favorite group's concerts or raves and maybe they don't come to the city that you are studying in. You'll need to factor in the cost of transportation and housing if you decide to travel for entertainment. The social scene can be a significant factor as well. You'll almost definitely need a personal vehicle if you choose to study in the Southern California area.

All of those considerations listed above (and more) will need to be multiplied by the number of years you will be in school.

I understand this is a lot to take in and a lot to consider. It's likey that you won't have any definite numbers at all but at least you'll get an idea of how much things will cost. No one can give you an exact or even a rough number for how much you will need to budget for college and med school in addition to your tuition. It will all depend on your school of choice, where you want to live, and your lifestyle. The cost of higher education goes beyond the price tag that is listed on tuition, books, and sorts. That said, higher education can also be very rewarding if you put in the time and effort.

Best of luck to you!
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Blake’s Answer

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Hey Jeff,

That has a lot of variables:
-Food
-Housing
-Textbooks
-Non-school activities

Thanks,
Blake
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Richard’s Answer

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Rent and food will be the bulk of your expenses. Most books can be rented or shared.

You will also need to save money to travel during your fourth year as you interview for residencies.
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Dan’s Answer

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Unless you come from money, you'll be taking out a loan like the majority of us. There are loan repayment plans and methods to battle this. If you can get into medical school or any other graduate healthcare program, I would not let finance hinder you. You have a high chance of getting a stable and good paying job to pay it back and live a better life.
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