A financial plot to reduce the burden of medical school tuition fees

Authors

Kathryn A Wolford, Advocate Aurora HealthFollow
Robert W Wolford
Douglas Franzen
Kenneth Park
Margaret O'Leary
Mohamad Ali Cheaito
Michael C Bond
Amin Kazzi

Recommended Citation

Wolford KA, Wolford RW, Franzen D, et al. A Financial Plot to Reduce the Burden of Medical School Tuition Fees. J Emerg Med. 2021;60(2):e27-e30. doi:10.1016/j.jemermed.2020.09.047

Affiliations

Department of Emergency Medicine, Advocate Lutheran General Hospital

Abstract

Tuition fees for medical school are continuously and riotously increasing. This upsurge is amassing debts on the backs of students. In the class of 2018, 75% finished medical school with an outstanding balance of $196,520, on average-a $5826 increase from 2017. Tuition fees differ in terms of the ownership of the medical school (public vs. private) and according to the medical student residence status (in-state or out-of-state). It is critical that students arrange a long-term budget that shows them where they stand: in surplus or in deficit. Students may classify expenditures into two groups: "fixed" and "variable," where they can manipulate the variable expenses to fit into their budget. To pay for their tuition, medical students have four possibilities: cash, scholarships and grants, service-obligation scholarships, and loans. Loans are the most common alternatives, and so there are Traditional Repayment Plans and Income-Driven Repayment Plans. This article serves to provide medical students with attainable alternatives for funding their education and for repaying their debts.

Document Type

Article

PubMed ID

33158688