2 answers
Joseph
Student
Grundy Center, Iowa
3
Questions
Asked
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Should I start saving for medical school
I am a junior in high school and when I graduate I want to go into the medical field #medical
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2 answers
Alejandra Zelaya
Senior Analyst
54
Answers
New York, New York
Updated
Alejandra’s Answer
Hi Joseph,
This is a great question! Although I did not go to medical school myself, because of my pre-med and Neuroscience background, many of my friends are currently in medical school, just applied to medical school, or are finishing up.
The answer to your question truly depends on the financial support you have in your life, but here are some things to keep in mind:
- It is expensive to apply to medical school, and you might need to apply a couple of times. Although some websites estimate it can cost up to $1,000, the trust cost is much higher if you consider the cost of testing (you might need to take it a couple of times), tutoring (can run very expensive), plus study supplies for these tests. Lastly, when you get into medical school, there is often a need to interview in person on location, meaning flying and staying in multiple locations as your interview (depending on how many schools you get into)
- It's hard to get into medical school, and quite a few people I know had to go to additional schooling in between medical school and undergrad to make their application more competitive (and they had excellent grades!). So this is an additional cost you might want to think about when budgeting.
- Lastly, you have to pay to live when in medical school. Medical school is time-consuming, and you likely won't be able to work while you study. Because pay doesn't really kick in until many years into medical school, the cost of living might be something you want to budget for, given the demand of studying and potentially the inability to work while in school.
Bottom line, I suggest saving for medical school as soon as possible because finance is additional stress to the whole process you can tackle now! Secondly, I recommend looking into programs or scholarships that can help you save money as you work towards medical school, allowing you to budget and set yourself up for success.
My last piece of advice is that if medical school is really what you want to do, you can do it!! There will be many people telling you it's too much work, too expensive, and some may even say you're not smart enough. All those people will likely not be doctors; to become a doctor takes a lot of work and determination, and anyone can do it if they put their mind to it. You got this!!!
This is a great question! Although I did not go to medical school myself, because of my pre-med and Neuroscience background, many of my friends are currently in medical school, just applied to medical school, or are finishing up.
The answer to your question truly depends on the financial support you have in your life, but here are some things to keep in mind:
- It is expensive to apply to medical school, and you might need to apply a couple of times. Although some websites estimate it can cost up to $1,000, the trust cost is much higher if you consider the cost of testing (you might need to take it a couple of times), tutoring (can run very expensive), plus study supplies for these tests. Lastly, when you get into medical school, there is often a need to interview in person on location, meaning flying and staying in multiple locations as your interview (depending on how many schools you get into)
- It's hard to get into medical school, and quite a few people I know had to go to additional schooling in between medical school and undergrad to make their application more competitive (and they had excellent grades!). So this is an additional cost you might want to think about when budgeting.
- Lastly, you have to pay to live when in medical school. Medical school is time-consuming, and you likely won't be able to work while you study. Because pay doesn't really kick in until many years into medical school, the cost of living might be something you want to budget for, given the demand of studying and potentially the inability to work while in school.
Bottom line, I suggest saving for medical school as soon as possible because finance is additional stress to the whole process you can tackle now! Secondly, I recommend looking into programs or scholarships that can help you save money as you work towards medical school, allowing you to budget and set yourself up for success.
My last piece of advice is that if medical school is really what you want to do, you can do it!! There will be many people telling you it's too much work, too expensive, and some may even say you're not smart enough. All those people will likely not be doctors; to become a doctor takes a lot of work and determination, and anyone can do it if they put their mind to it. You got this!!!
Amaan Virdi
ER Technician
3
Answers
Los Angeles, California
Updated
Amaan’s Answer
Hey Joseph,
Just to supplement Alejandra's great answer, I would also suggest building your credit score as you go through college (and possibly gap years). When you inevitably take out loans for medical school, lenders will be more inclined to give you better interest rates (you'll be paying less back over time).
I recommend taking a gap year or two after graduating with your Bachelors' if you feel that you need more time to pay off undergrad or need more time to build your credit. Remember - medical school isn't going anywhere, only apply when you're mentally, physically, (and financially!) ready to apply.
Definitely begin saving for medical school - just allocating 10% each paycheck will add up quickly, especially considering how early you're starting. I wish you all the best in your endeavors.
Just to supplement Alejandra's great answer, I would also suggest building your credit score as you go through college (and possibly gap years). When you inevitably take out loans for medical school, lenders will be more inclined to give you better interest rates (you'll be paying less back over time).
I recommend taking a gap year or two after graduating with your Bachelors' if you feel that you need more time to pay off undergrad or need more time to build your credit. Remember - medical school isn't going anywhere, only apply when you're mentally, physically, (and financially!) ready to apply.
Definitely begin saving for medical school - just allocating 10% each paycheck will add up quickly, especially considering how early you're starting. I wish you all the best in your endeavors.