The Price of Becoming a Doctor in America

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A career as a doctor promises big income and satisfaction from helping others, but the cost of becoming a doctor is high in terms of both time and money. Aspiring doctors often start preparing while they are still in high school, choosing rigorous courses and spending extra time studying. Brian Agnew from a provider enrollment company in Texas says, “even once these students have reached college, however, they will face 11 to 16 or more years before they can practice medicine on their own.” Here is a deeper look at the price of becoming a doctor in America.

Undergraduate School

A four-year degree is required to enter medical school, and while many medical schools are not picky about individual majors, pre-med students generally take on more intense workloads in order to pass the MCAT and stand out above the competition. It’s not unusual for these students to take several science and math courses simultaneously, requiring far more studying than what most students face. This time investment is often compounded by participation in extracurricular activities and volunteer programs, which are viewed favorably by medical schools. Graduates of four-year programs owe an average of $35,200 in debt when they finish, and in the case of pre-med students, loan interest will be accumulating for a long time before it can start being paid off.

Medical School

Future doctors attend medical school for four years after finishing their undergraduate studies. A schedule filled with advanced courses in chemistry, physiology and a variety of medical topics requires incredible time and devotion from medical students. In the second two years of medical school, students start interacting with patients in addition to attending class. Medical students spend approximately 80 hours each week on training and studying. Tuition for four years of medical school ranges from $200,000 to $300,000, and the average graduate leaves with $170,000 in debt.

Residency and Fellowship

Medical school graduates are required to complete their training as residents at hospitals or clinics for three to five years, and those who intend to specialize have to spend one to three years afterwards in fellowships in order to sharpen their skills. The determination of resident doctors is continually tested by grueling schedules in often unfamiliar environments. In addition to these responsibilities, medical residents commonly spend more than 80 hours each week studying topics related to their specialty. Residents are usually paid between $40,000 and $50,000, helping to offset the time and money they are spending to reach their ultimate goal.

Fellowships are no less demanding than residency, and doctors typically spend three to five years in this phase of training depending on their chosen specialty. However, medical fellows earn an average of $53,021, which can help them meet basic living expenses. Whether doctors only complete basic residency or continue through a fellowship, they still must study for and pass a series of exams before being licensed to practice medicine.

Doctors commonly have around $500,000 of loans to pay off after attending undergraduate and medical school and accumulating interest during residency and fellowship. However, the time investment is just as impressive as the financial cost. While a high salary may ease the pain of paying off enormous student loans, many physicians are still paying off loans decades after entering their profession. With these expenses in mind, the dedication of modern American doctors is even more impressive.

Supero Healthcare Solutions in a leading provider enrollment and medicare revalidation company. For news and updates, connect with them on Linked In!

One Comment

  1. I love this guest post. It is such an interesting perspective on our heath care industry and how debt from medical school can possibly be affected significantly with all the changes taking place in this industry in the United States. Certainly something to think about.

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