Why Medical School is Becoming More Expensive | The Hidden Costs
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- Опубліковано 23 лип 2024
- Ask any premed who has considered becoming a doctor and they’ll all agree on one thing: medical school is expensive. But where does all of that tuition money go? Does it actually go towards your medical education? Or is it just financing the dean’s second Lamborghini? Let’s find out.
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TIME STAMPS:
00:00 Introduction
00:30 How Much Does It Cost?
01:28 What’s The Cost of Running a Medical School?
02:52 Where Do Medical Schools Get All of Their Money?
04:55 Supply & Demand
LINKS FROM VIDEO:
The Changing Cost of Medical School: • The Changing Cost of M...
How To Afford Medical School: • How To Afford Medical ...
Student Loans 101 | College & Medical School: • Student Loans 101 | Co...
#medicalschool #premed #studentloans
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I don't understand why they make it so unappealing to become a doctor when they are needed more than ever. The debt is higher, pay is lowers, they're overworked and undervalued. Why I opted out of being an MD
Literally this video explains why it's expensive but you still say you don't understand why it's expensive. 😅
Thanks for the great video doc! I’m on memm now for my MCAT and appreciate all the hard work you and the others at MSI put into your content and resources
Its simply like how apple overcharges for their products because they know they have created a valuable piece of tech.Similarly med schools know the worth of their degree and the competition among aspirants therefore they charge higher than usual
Except Apple products aren't better than Samsung or OnePlus
Demand is inelastic. They get away with it because people are still willing to pay regardless of what price it is
Apple products are better constructed and last longer. Their customer is far superior to a company like Microsoft. I would pay double for the same thing strictly for the difference in customer service
@@danielsmith5079 They definitely do not last longer. I have a 13 pro max which is sitting here glitching, closing apps, overheating, and more. I had a 12, an 11, a iPad Pro, MacBook Pro all do the same. Apple and I have a love hate relationship lol:
We really do have a serious problem here in the states with medical school. Not only the costs but the lack of expansion in medical schools. Expansion doesn’t mean lowering in quality either. Based on the video, even though 18% more people applied, the same amount got in due to lack of space. The overall system needs to grow with the same attention to education and training it currently has. Even as an Army Veteran who can attend Medical School for free, I won’t apply because of the “competitive” nature of the entire process. It’s simply not worth it anymore, in my opinion. It also shouldn’t scare someone to want to attend medical school because of debt. No one should have to take out that much in loans to pay for school of any kind. Sure, full ride scholarships exist but are extremely rare among medical students.
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Wow, OK so we should let anybody who wants to become a physician give it a shot? What could go wrong? 🤷🏻♂️
@@edhcb9359, that’s not what I said at all.
@@CornFed_3 “I won’t apply because of the competitive nature of the process”. The military is a great fit for you.
@@edhcb9359, you clearly have no grasp on the point I was making. Take your ineptitude some place else.
Great of you to wrap this up with scholarships. After watching most of this video it's apparent how valuable they are to students. I've got two scholarships carrying most (not all) of my cost of attendance. The rest is loans. Knowing that I won't be graduating with a _mountain_ of debt (just a large pile of debt) does provide some relief and is one less thing that soaks up my precious mental bandwidth. Idk if it's true, but I heard that my school had _leftover scholarships_ because not enough people, who were otherwise qualified, applied for them or responded to solicitations from the Dean's office, which is how I got mine. I wonder if that is often the case.
I wish that tuition would be helped more by the federal government instead of state so that your state residency doesn't impact where you can go to medical school
Regardless of the reasons, everybody knows medical school tuition in the U.S.A. is absurd. It's not surprising though, because healthcare costs in the U.S.A. are absurd too; the high tuition fees are merely reflective of a broken healthcare system where costs and prices have been allowed to spiral out of control.
I'm a medical doctor from a third world country and I spent essentially nothing on tuition. State-run medical schools don't charge tuition fees while the most expensive private medical school charges the equivalent of 6k USD per year.
You spend essentially nothing on tuition and your salary will reflect that when you start practicing too. 🤷🏻♂️
@@edhcb9359 The absurd costs of healthcare in the U.S. is what's funding the high salaries of MDs, which is used to pay off the huge student loans. It's a broken system in the end. I recall watching a video where one patient decided to drive himself to the hospital instead of taking the ambulance because it would have cost him something like 2 or 2.5K USD. In what country is that considered reasonable?
As far as the current system goes, the ones who are best able to capitalize on it aren't Americans but IMGs (international medical graduates) who pay much less for their schooling overseas.
@@Vendemiair If it’s so great in the third world then why is everyone rushing to get out of there to come here? Healthcare in America is more expensive for sure. But the quality is better, and our taxes are not out of control the way they are in every country employing social medicine in the world.
@@edhcb9359 The ones "rushing to come here" are those who are in the lower socioeconomic strata. They have a tough time finding jobs that pay well enough. Those who belong to the upper middle and upper class who live comfortable lives are much less likely to consider migration. I personally wouldn't live in the U.S. even if you paid me, not primarily because of healthcare issues, but other things like excessive gun-related violence. The proliferation of guns in civilian (and criminal) hands is just plain ridiculous, but that's just my opinion.
@@Vendemiair So I’m basically debating with someone who claims where they live is better but is too embarrassed to say where? “The third world”? Please enlighten us on this utopian empire where you live.
I still don’t understand why medical schools would need to pay hospitals to have students work there. From my rotations, it isn’t like they add extra staff or pay residents/attendings that are teaching more. Like yes, med students may decrease the productivity of the team, but the team is still expected to get everything done without any additional help or payment.
It's simply because they can. Not surprising, capitalism in action, right?
A lot of D.O schools and Caribbean schools have no formal relationships with US hospitals and the hospitals have the upper hand in the negotiation. It is now not uncommon for a U.S. student or his school to have to pay a fee to take a rotation in another U.S. school. Now it is all about money.
Here in New Zealand, if your a domestic student it’s around $7000-17000 for one year (I’m pretty sure it’s per year.) and $80000 for international students. Why is there such a big difference in fees? If a student wants to pursue medicine here in NZ and they make their own way here, why do they have to pay so much more?
You forgot how the AMA restrictions to the supply side of medical school
*med students in the US
In Switzerland tuition fees are like 1k per semester (less actually)
And all are connected to an university hospital.
Most of the money comes via taxes (500k per student for all 6 years..... so... a lot), its just that we as individuals dont have to pay that
You also earn less money than an American doctor
@@mustang8206 if you are becoming a doctor for the pay that's kinda dumb though
@@carsonbaird3904 if you're commenting about being a Swiss doctor on an American video that's extremely dumb
love this
True .
Later, these expenses has to be paid by patients they treat. Vicious cycle of inflation.
Is it possible for international students to get a government loan?
Hello I’m new to your channel can you do a video of radiologist technician please thank you
An important point not discussed is that very high tuition costs drive people away from primary care into lucrative specialties. Like the military, the government expand tuition relief or tuition forgiveness in exchange for a binding commitment to work in primary care
Not necessarily true. while not research based, the first class of NYU without tuition did not have a majority go into primary care... they are going into specialized fields.
@@Benboy887 The NYU situation is unique. Were all 4 years tuition free? If so, they need to recalibrate the admissions process.. A true commitment to primary care needs to be demonstrated for admission to increase the odds people will go into primary care. My tuition at UCSF was very low, and a large percentage of my class went into primary care because students were carefully selected on the front end.
@@murraysolomon4924 All 4 years are free. That's a good point. I feel like schools are incentivized to graduate physicians into specialized residencies for prestige (+ whatever else comes with it) but I could be totally wrong. It is incredibly difficult to enforce people going into primary care specialties.
@@Benboy887 I think culture varies from school to school. You cannot force people to go into primary care but I do believe through selection you can increase the odds.
@@murraysolomon4924 I agree, I'm moreso alluding to some ulterior motive for not having that type of system in place to ensure they go into primary care fields.
decent video however it omitted the biggest reason, because they can! it was mentioned but glossed over. another is high salaries for administrative costs namely ceo and other people in high positions. the supply and demand is sort of BS as there's always been more looking to get in. one reason why more applications are being submitted is because there's more people who think they can get in but can't either due to not having good enough grades, or not having the right classes. the application and fees are insane yet not surprisingly there is no check to help students out before they pay all kinds of fees including high application costs for each school and all the other nonsense.
The dean of the medical school affiliated with the hospital I work at gets paid $600,000 a year 🤷🏽
What’s wrong with that? 🤷🏻♂️
I mean it’s a dean tho. Deans at elementary schools make ab 100k
That’s not that much higher than some medical specialties, considering he’s a dean, that’s sounds like a typical salary for that position.
@@luckyluke2671 Especially since the dean is likely an MD.
Seriously. What is your point? They get paid that much because they deserve to get paid that much.
Can you do (so you want to be a hematologist) pls
it’s 1000 $ per year in Spain
NYU charges $0 for medical school.
Can you talk about sterile processing technician next?
if my med school dean doesnt have at least 3 lamborghinis, I would drop out.
I know 10 people who went to med school. All but one were sons of doctors or lawyers
Sister’s keeper
I wish I could become a doctor rip
It's because we live in a Capitalist system that extracts wealth from the working class and funnels it upwards to the capitalist class. Donations are often tax deductible, so rich people donate to avoid paying taxes. Also if the US government stopped spending $800 billion per year on wars (Aka US imperialism), bailing out corporations during every recession, and providing giant subsidies to corporations, among other nefarious things the government does, they could pay for everyone's education, healthcare, and housing. This is very obvious if you look at it from a Marxist perpective. There is no justification for making medical students, who want to help the public by become doctors, drown in student loan debt (which by the way is the only type of debt that can't be canceled by declaring bankruptcy)
Why is medical school in the United States is so expensive? Here in Europe medical school and colleges are cheap and even private schools are cheaper and affordable and offers scholarships and financial aid to students but why usa is so expensive they need to do something about it
This is what i have always wondered
Yea.... like most if not all students leave with no loans/dept
Ig its because in europe the social system is stronger. So more is payed by the government via taxes.
Whereas the US is more like "deal with it yourself"
Because even though we need highly trained medical providers here in America, money comes first. Here in the states, schools are a business first and an educational institution second. It’s sad, honestly.
Taxes are much higher in Europe and the government heavily subsidizes medical education. There is no appetite in the U.S. to pay the tax rates found in Europe. In the U.S. this is viewed as "socialism" which has become a dirty word.
Look at your crushing tax rates. That’s how!
Medical school.needs a way out
I'm in AIIMS ( All Indian institute of medical sciences) , India ...
India's top most medical college .
The fee per year is around 6 USD ( yes ,you heard it right , only 6 dollar ) including tution fees , hostel facilities , electricity
Govt of India spends 250k USD on every AIIMS students
Incoming comments from Europeans that no one asked for
😂
So?
Lol
Bro just say it’s because they want to keep poor people out
They don’t want to keep poor people out. They just can’t afford to foot the cost for all of them.
Laughs in Saudi Arabia
Free medical school
No bill of rights in Saudi Arabia either.
First
Seriously… I’m tired of all these videos. Yes, they charge us a lot. Yes, it costs a lot. But doesn’t everything cost a lot in life nowadays?
bringing awareness to issues like this is the first step to making a change
When the rise in tuition costs far outstrips the rate of inflation, it is not simply a matter of "everything costs a lot in life nowadays" and the crushing debt burden delays important life choices after becoming a doctor.
There is a big market in today’s victim mentality mindset for content that helps people feel sorry for themselves. So expect to see lots more of these videos.
@@edhcb9359 Absolutely! Our parents have faced many many issues being young, our grandparents too. There’s a crisis in every generation. No need to constantly feel sorry for ourselves. If they did - they wouldn’t have us. What doesn’t kill you makes you stronger.
@@PatchaXEtaw It wouldn’t be a crisis either if more students and families approached it correctly. How about not sending kids away to undergrad to accrue debt before attending med school? How about the family putting away a few hundred bucks a month while their kids are growing up? No need to owe big bucks at the end.