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Education ExpensesA Financial Step by Step Get Started


Cost of Schooling to Become a Doctor

If you are considering  going to school to become a doctor it is important to  plan and manage one’s finances.    Professional schools are incredibly expensive.   Many students go into school without any sort of inclination as to what kind of debt they will accrue as a result of attending a school.

We believe it is important to arm yourself with knowledge in regard to:

  • “What will the costs of schooling be?”
  • “What kind of salary can you expect?”
  • “What will your student loan payments look like?”
  • “What will be your take home pay after student loans, malpractice, taxes ect.?”
  • “How can I mitigate these costs as much as possible?”

Use our tool and we will send you a breakdown of what to expect, how to mitigate your costs, and how to appropriately plan for your future.  Let’s get started.

 


Get StartedShow Text

CALCULATOR STEPS

Progress Bar - 0%
  • step 1: Choosing a College
  • step 2: Enter Monthly Living Expenses
  • step 3: Enter Undergraduate Loans
  • step 4: Loan Repayment Terms
  • step 5: Post-Medical School Finances
  • step 6: Sample Budget Post Med School
Step 1: Choosing Your University
EXPLANATION: Step 1 - Choosing Your University
Select the university that you plan to attend. Our tool will populate expected costs of attending this school.
Choose School Type * ?
Select Type
  • Physician
  • Psychiatry
  • Dentistry
  • Veterinary
  • Pharmacist
  • Chiropractor
Field is required.
Choose a Medical School * ?
Select School
Select School
Select School
Select School
Select School
Field is required.
Public or Private Public
Attending as a Resident or Non-Resident? ?
Resident
  • Non-Resident
  • Resident
RESIDENT YEARLY COSTS
Expected Tuition ? $
Expected Fees ? $
Expected Health Insurance ? $
Total Estimated Tuition, Fees and Health Insurance ? $
Total Estimated Tuition, Fees and Health Insurance for Four Years of Attendance ? $
NON-RESIDENT YEARLY COSTS
Expected Tuition ? $
Expected Fees ? $
Expected Health Insurance ? $
Total Estimated Tuition, Fees and Health Insurance ? $
Total Estimated Tuition, Fees and Health Insurance for Four Years of Attendance ? $
Step 2: enter monthly living expenses
EXPLANATION: Step 2 - Enter Monthly Living Expenses
As a part of your expected costs of attending this school we must add in monthly living expenses. Try to estimate your monthly expenses below.
Rent $
Utilities $
Vehicle $
Food $
Credit Card Debit $
Cell Phone $
Internet $
Miscellaneous expenses $
Total Estimated Monthly Expenses 0
Total Estimated Yearly Expenses 0
Total Estimated Four-year Expenses* 0
* Four-year expenses include a 2% cost of living increase yearly
step 3: What kind of undergraduate debt have you incurred?
EXPLANATION: step 3 - What Kind of Undergraduate Debt Have You Incurred?
In order to figure out your student loan payments we must input your expected undergraduate student loan debt.
Enter Existing Debt $
Total Estimated Medical School Debt
Resident
$0
Non-Resident
$0
Combined Medical School and Undergraduate Debt
Resident
$0
Non-Resident
$0
Step 4: Planning your Loan Repayment
EXPLANATION: STEP 4 - Loan Repayment Terms
The average loan repayment term is 10 years at 5.8%-6.8% interest per year. One can significantly cut down on the amount of interest and on the time frame of a loan by paying extra each month.
Your current estimated debt is
Select loan repayment terms
Choose Period
  • 10
  • 15
  • 20
  • 25
  • 30
Field is required.
Accrued Interest on Loan (minimum payments) $0
Undergraduate Loan(s) $0
Medical School Loan(s) $0
What happens if I pay more than the minimum loan payment?
Enter any extra monthly loan payments to be applied to the principal
Extra monthly payments $
Accrued Interest on Loan (extra payments) $0
Total Estimated Savings Making Extra Payments
$0

Understanding Your Income

Step 5: Your Finances after Graduation
EXPLANATION: Step 5 - Your Finances after Graduation
Let's start figuring out what your finances will look like after college. Select the field you plan to work in and then your state.
Marital Status ?
Single
  • Single
  • Married
Choose your desired position/title
Choose Position
Field is required.
Choose your desired work/location
Choose State
Choose State
Field is required.
Gross Yearly Income $0
Estimated Malpractice Insurance $0
Gross Monthly Income $0
Tax Bracket 0%
State Tax Bracket 0%
Net Monthly Income (Estimate) $0
Step 6: sample budget post med school
EXPLANATION: Step 6 - Sample Budget Post Medical School
Lastly lets figure out what your budget will look like after medical school. All of these values can be changed down the road. These are just rough estimates.
Your current expected take home is
Experiment with a sample budget to determine your potential lifestyle
Mortgage $
Car Loan $
Gasoline and maintenance $
Monthly Undergraduate Loan Payments* $
Monthly Medical School Loan Payments* $
Food $
Credit Card Debt (min payments) $
Cell Phones $
Internet $
Miscellaneous expenses $
Discretionary (Left-over) Income 0
* Monthly payments imply a 10-year payoff

Back Next

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