Investing in your education is money well spent. After all, it’s all about your future. If becoming a physician is your lifelong passion, then you’re already aware that the expense to pursue a medical degree can be considerable. The good news is that there are options when it comes to where to apply. Did you know that the financial cost of attending medical school in the Caribbean in comparison to the United States can be less.?

This month, Xavier University School of Medicine Aruba breaks it all down so you can make the best decision for your future.

Comparing the cost of tuition

United States

According to the Association of American Medical Colleges (AAMC), in the U.S., the average cost of tuition, fees, and health insurance for first-year in-state medical students in a public medical school was $37,556 during the 2019-2020 school year. The average cost for students who attended private medical schools was considerably more—at $60,665.

If you’re an out-of-state student, you can expect to pay higher tuition rates that total $61,858 for a public medical school, compared to $62,230 for private. Overall, depending on the college, the average cost of attending medical school can range from $150,224-to-$248,920. And that does not include the cost of living. According to the Bureau of Labor Statistics, medical students spent an additional $63,0336 on living expenses that encompassed housing, utilities, food, and transportation. As you can see, the cost of living adds up, so be sure to consider the location of where you decide to attend medical school, as it can greatly impact your living costs. Compare tuition costs among U.S. medical schools here.

The Caribbean

Aside from the beauty of living in a tropical paradise, attending medical school in the Caribbean can save you thousands of dollars. On average, tuition ranges from $15,000-to-$17,000 for first-year students. And the cost of living is significantly lower than it would be in the U.S.

At Xavier University School of Medicine in Aruba, we are committed to making a quality medical education affordable for every student. First-year students can expect to pay $12,100 per semester. This brings the total cost of tuition for the MD program to $169,800—not including housing and other fees.

Paying for medical school

United States

It’s safe to say that not many medical students, or their families, have enough money saved up to pay for a medical school. For costs that cannot be covered out of pocket, many families turn to taking out student loans. According to data collected in 2018 from the AAMC, the median medical school debt was $201,490.

Scholarships are always great alternatives when seeking free money to pay for college expenses. There are options available to U.S. students that include practicing in underserved areas and military service in exchange for tuition, among others.

The Caribbean

The process for U.S. students to apply for financial aid at a Caribbean medical school is different than it is in the U.S.

At Xavier University School of Medicine, students may apply for loans through the Medinvest Loan Program. And if you’re a veteran, you can access your GI Bill benefits to help pay for medical school by applying to the Veterans Administration to determine your eligibility.

To offset the cost of attending medical school, Xavier is proud to offer its students 11 unique scholarship opportunities to make the process more affordable. From scholarships based on academic merit to others based on a student’s commitment to civic duty, Xavier offers a broad range of generous scholarships to qualifying students.

Don’t let the cost of a medical degree get in the way of your future career. Part of our mission at Xavier University Medical School is to make quality medical education more affordable. Did you know that Xavier is ranked among the best medical schools in the Caribbean? Xavier is fully accredited by the Accreditation Commission on Colleges of Medicine (ACCM) and approved by the New York State Department of Education. Discover your pathway to becoming a doctor of tomorrow. Apply today.