Going to Medical school is a huge commitment both in time and finances and the decision should not be taken lightly. A large and often overlooked part of making the decision is if medical school will be financially worth it to you. To help you gain a better understanding of the costs let's run through a normal scenario.
The weekly pay of the average person who has attained a college education is almost twice as much as the weekly pay of a person who has not gone to college. That difference is astronomical, and as you consider funding your own college experience, you will find that the benefits will outweigh the costs, especially in the long run.
In the statistics for the 2011-2012 school year, if you add the tuition, fees, and required insurance for public medical schools you receive an annual total cost of ~$30,000 or ~$51,000 dollars for in state and out of state respectively. If you were attend a private medical school the same costs would be ~$46,000 or ~$48,000 dollars. I will run through calculations using an average of the three, ~$44,000 dollars.
Be Ready to Sacrifice
Scholarships are one of the best forms of financial aid, and they can come in many different shapes and sizes. Most scholarship awards are merit based, meaning they are given to students based on the quality of work they have produced so far in their academic careers. Every scholarship has different requirements, so finding one that fits your skills and accomplishments may require a little bit of digging, but everyone should be able to find a scholarship that works for them.
After college and residency we will say you are making $170,000 a year (rough average from the different medical specialties you can choose from). After federal and state taxes of around 35 percent combined leaving you end up with $110,500 for each year which is not a bad yearly salary. If you plan on paying off your debt over ten years expect to pay $5,314 monthly and if stretched over 20 years $ 3,663.61. If you opt for the ten year plan your monthly income minus debt will be $3894 for a yearly income of 46, 732. If you do the same thing for the twenty year plan your yearly income would be $66,544. Quite a difference from the 100k+ you may have been anticipating.
We will take into account your age. Assuming you started college at 18 and left promptly at 12 you are around 22 when you start medical school. After seven years you are now pushing thirty. This means that at age forty you will be making less than $50,000 a year if you choose to pay off your school debt in ten year (fifty if you opt for twenty years). There are also additional debts of a home and cars that you will need to plan for. After you pay off the debt then you can start reaping the benefits. After age forty you will have over $150,000 or more dropping in your account each year (assuming taxes and raises). If you plan on working into your sixties you will be able to amass wealth to enjoy in retirement.
As you look at Idaho Falls Colleges, make sure to pay attention to the costs of attendance and the type of financial aid that is available. And when you finally settle on an Idaho Falls College Campus, take advantage of the different types of aid you can find. When you finance your education, you will be able to accomplish your education goals without too much stress.
The weekly pay of the average person who has attained a college education is almost twice as much as the weekly pay of a person who has not gone to college. That difference is astronomical, and as you consider funding your own college experience, you will find that the benefits will outweigh the costs, especially in the long run.
In the statistics for the 2011-2012 school year, if you add the tuition, fees, and required insurance for public medical schools you receive an annual total cost of ~$30,000 or ~$51,000 dollars for in state and out of state respectively. If you were attend a private medical school the same costs would be ~$46,000 or ~$48,000 dollars. I will run through calculations using an average of the three, ~$44,000 dollars.
Be Ready to Sacrifice
Scholarships are one of the best forms of financial aid, and they can come in many different shapes and sizes. Most scholarship awards are merit based, meaning they are given to students based on the quality of work they have produced so far in their academic careers. Every scholarship has different requirements, so finding one that fits your skills and accomplishments may require a little bit of digging, but everyone should be able to find a scholarship that works for them.
After college and residency we will say you are making $170,000 a year (rough average from the different medical specialties you can choose from). After federal and state taxes of around 35 percent combined leaving you end up with $110,500 for each year which is not a bad yearly salary. If you plan on paying off your debt over ten years expect to pay $5,314 monthly and if stretched over 20 years $ 3,663.61. If you opt for the ten year plan your monthly income minus debt will be $3894 for a yearly income of 46, 732. If you do the same thing for the twenty year plan your yearly income would be $66,544. Quite a difference from the 100k+ you may have been anticipating.
We will take into account your age. Assuming you started college at 18 and left promptly at 12 you are around 22 when you start medical school. After seven years you are now pushing thirty. This means that at age forty you will be making less than $50,000 a year if you choose to pay off your school debt in ten year (fifty if you opt for twenty years). There are also additional debts of a home and cars that you will need to plan for. After you pay off the debt then you can start reaping the benefits. After age forty you will have over $150,000 or more dropping in your account each year (assuming taxes and raises). If you plan on working into your sixties you will be able to amass wealth to enjoy in retirement.
As you look at Idaho Falls Colleges, make sure to pay attention to the costs of attendance and the type of financial aid that is available. And when you finally settle on an Idaho Falls College Campus, take advantage of the different types of aid you can find. When you finance your education, you will be able to accomplish your education goals without too much stress.
About the Author:
The Stevens Henager Idaho Falls branch campus is designed to facilitate learning activities, social events, and career services. This location offers Internet access, tutors, and a supportive staff to assist students.
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