Your Degree in Anesthesiology: How Much Debt Can You Expect?
Even though you can make a significant amount of money as an anesthesiologist, the degrees and certifications required are fairly expensive. Under these circumstances, you may find that the debt load you will carry may be larger than expected. That said, if you are certain that you want to be an anesthesiologist, you can always look for scholarships, part time jobs, and other methods to make money while you attend school.
Average Tuition and Living Expenses
The cost of tuition associated with becoming an anesthesiologist is broken down into four parts:
Undergraduate Tuition – can vary greatly depending on the college that you attend. Some colleges may be as low as $6,000 per semester, while others may cost as much as $20,000. You can also expect to add another $10,000 in living expenses depending on where you decide to live and the lifestyle you choose to lead.
Exams – In order to get into medical school, you will need to take the MCAT exam. The cost to sit for this exam is approximately $210.
Medical School – you may spend an average of $160,000 for four years of study.
Residency Training – even though you will be earning a salary during these four years, you can expect to carry an additional $100,000 dollars in debt.
Alternative text – To get a better sense of the cost associated with going to medical school, not just anesthesiology, I would recommend reading material written by one who has a lot of general experience in the medical field, such as this book written by Tania Heller.
Loans and Interest Rates
For the most part, the cost of a degree in anesthesiology will be covered by a combination of government programs and subsidized loans. As an undergraduate, you may be eligible for both state and federal financial aid. Depending on your family’s income level, this may be enough to cover your tuition. If you decide to accept student loans, they will usually have an interest rate lower than other types of loans that you might secure.
Other Forms of Debt
In most cases, you will find that financial aid and loans will not be enough to cover your tuition and living expenses. Therefore, you may wind up entering into other debt arrangements to secure a car, or other things that you need to live. This may include enrolling in credit card programs, as well as taking out payday loans if you need extra money during an emergency. Depending on your budget and level of thrift, this portion of your debt could easily rival the amount of debt that you accrue from paying tuition and other fees.
While anesthesiologist make a good bit of money, you should never lose sight of the fact that you will also pay a heavy price for your education. As may be expected, if you are keeping up with the news on Medicare and health care reform, you may want to think twice about taking on a level of debt that you may not be able to afford. At the very least, if you study these issues in detail, you will have a chance to select an alternative degree program, or look for ways to work while you are studying.