THE PRICE OF BECOMING A DOCTOR IN THE US
So today I want to share about the price of becoming a doctor in the US so you can have a more specific view of the financial requirements of becoming a doctor in the US for 2 cases:
- If you have a green card and study Medicine in the US and
- You studied Medicine in Vietnam and want to continue your residency in the US.
1. IF YOU ARE A STUDENT WITH A GREEN CARD IN THE US
To become a doctor in the US, a student needs to get a bachelor’s degree from a university in the US and then apply to medical school. This means you need to prepare money for undergraduate level (4 years) and medical level (4 years).
1.1 University level
- If your family earns a salary below the state’s prescribed level, you will receive financial support from the school to go to school in many forms (scholarships, work-study at university) and loans at low interest rates.
- If your parents have a higher income level, you may also be eligible to borrow money from the state, but with lower limits and possible higher interest rates.
- In addition, there are many scholarships for college students – as long as you try to research and apply, you will definitely get a few scholarships.
There are scholarships based on your ability (merit-based scholarships), but there are also scholarships for you because you need them (need-based scholarships), and there are also scholarships for you just because you meet the criteria they set (scholarships for you because you are Asian, etc.)
Besides scholarships from the school, you can apply for scholarships from many outside organizations, for example Gates, Dell, Coca-Cola, banks, and many other companies.
Generally for college, if you have a green card in the US – if you try and have a good plan from level up 3, it is completely possible for you to go to school for free (and also get living expenses).
University tuition depends on whether you choose a public or private school. If the school is public, you choose a school in the state you live in or in another state.
The average tuition for public schools in the state will be the lowest. Out-of-state public schools and private schools will be higher.
The second factor is whether you choose to stay at home with your family or live in a dormitory. Of course, living with your parents will be more economical, but living in a dormitory will have more opportunities to develop social skills, independence, and connection.
1.2 Medical Degree
Is it easy to get a scholarship to medical school in the US?
If getting a scholarship at the undergraduate level is relatively feasible, then getting a scholarship to study at medical school is extremely difficult and rare.
The reason is that medical schools usually only give a few scholarships to a few very excellent students, and those who study Outside scholarships for medical students are much less than for undergraduate students.
Getting into medical school in the US is very competitive, and getting a scholarship is much more difficult.
If there are so few scholarships, what should you do?
It’s a loan, guys.
According to 2019 statistics from the organizationAAMC 73% of doctors graduating in the US borrowed money. study.
The average debt of each doctor is 200 thousand dollars.
Four-year medical tuition at a public school is 250 thousand dollars, and a private school is 330 thousand dollars. On average, one year of tuition and living expenses can be up to 70 thousand dollars, and 4 years like that is 280-300 thousand dollars + interest, depending on the medical school and living standards.
2. IF YOU ARE A DOCTOR FROM VIETNAM AND WANT TO BECOME A DOCTOR IN THE US
Doctor Nguyen Pham has written 2 very detailed articles about the cost of becoming a resident doctor in the US.
Summary: Dr. Nguyen Pham invested more than 70 thousand dollars for the review process of USMLE step 1, step 2 CK, step 2 CS, step 3 exams, clinical internship, living expenses during the preparation period, and money to apply to schools.
If you add up the cost of studying at medical school in Vietnam and learning English, I think it’s about 100 thousand dollars. Compared to those who study medicine in the US, it is still much cheaper.
So as you can see, the financial investment in becoming a doctor in the US is not small, whether you study medicine in the US or Vietnam, have a green card or do not have a green card.
I share these things not to discourage you.
Instead, I want to help you see that if you really want to pursue the path of becoming a doctor in the US, then seriously invest in your future and think further and broader.
Becoming a doctor in America is like anything in life. If you don’t dare to invest, how can you think about making a profit?
If you become a resident doctor, you will earn a salary of more than 50 thousand dollars/year. Then when you become an official doctor, with a doctor’s salary of 230 thousand dollars a year or more, after deducting taxes and expenses, there is still about 50% left, so paying off the debt will be sooner or later.
If a doctor decides to focus on paying quickly, he or she will be able to pay it off in 2 years. (I have a friend like that).
Statistics show that the average time to pay off debt is about 5 years. There are also people who focus on other areas of investment and spending, so they can pay slowly over a period of up to 20 years.
In this article, I only talk entirely about the financial aspect, but if I don’t talk about it, perhaps you will understand that being a doctor in the US also brings many other values and rewards.
Nothing in this world of value is free, and if you give up on your dream just because of finances, “is it worth it?”
Please comment “yes” if this article is useful to you.
If you want to learn more about this path, read more of my article here.
Dr. Christina Nguyen
The Phoenix Medical Academy
