10 Private Medical Schools With the Lowest Price Tags
The tuition and fees at these medical schools barely reach $45,000.
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The U.S. News Short List, separate from our overall rankings, is a regular series that magnifies individual data points in hopes of providing students and parents a way to find which undergraduate or graduate programs excel or have room to grow in specific areas. Be sure to explore The Short List: College and The Short List: Grad School to find data that matters to you in your college or grad school search.
Ben Bernanke, chairman of the Federal Reserve, admitted his shock at the price tag of medical education in a congressional hearing last year. "My son in medical school recently informed me that he expects to have $400,000 in debt when he graduates from school," he said in front of the House Committee on Financial Services.
That Bernanke, who had an estimated net worth between $850,000 and $1.9 million in 2008, according to the Associated Press, was jolted by the cost of his son's medical education should come as no surprise. These days, even wealthy families can't escape the staggering cost of medical school.
For the 2012-2013 year, the average total cost for tuition and fees for nonresident, first-year medical students at private schools is $49,897, about $3,600 less than the total for nonresidents of public institutions, according to the Association of American Medical Colleges.
Of the top 10 least expensive private medical schools, Baylor College of Medicine continues to be the cheapest, with out-of-state tuition and fees totaling $30,068 for the 2012-2013 school year. Baylor was one of 47 ranked private schools that reported data to U.S. News in the fall of 2012.
The Medical College of Wisconsin had the highest price tag on the list, $45,179, landing in the No. 10 spot. The School of Medicine at Wake Forest University held this spot last year. Although the total for Wake Forest tuition and fees increased by more than $3,000 since the 2011-2012 school year, it now places ninth on the list.
The average price for out-of-state tuition plus fees for the 10 least expensive schools is $38,619, almost $10,000 less than the average for all private medical schools. Out of all 47 schools, the School of Medicine at Tufts University was the most expensive, with tuition and fees totaling more than $55,000. Unranked schools, which did not meet certain criteria required by U.S. News to be numerically ranked, were not considered for this report.