The medical field is one of the most competitive professional sectors in the world. Every year thousands of students apply to various medical schools as the first step to fulfilling their dream of becoming a doctor. Before starting your medical education, it is important to know the cost of studying as it is crucial that you know the costs before beginning your medical school journey.
The Caribbean medical school cost varies in different institutions and incorporates several elements such as tuition, administration, graduation, and other costs that are essential to studying in medical schools. Several schools have scholarships and grants to ease the financial concerns of medical students.
While fees may vary in different schools, let’s look at the standard cost of graduating from a medical school with a Doctor of Medicine (MD) degree.
Tuition and administrative fees
The tuition and administrative fees contribute a large sum of the total medical school cost in the Caribbean. Some of the fees are refundable while others are not.
The medical school curriculum is divided into basic science and clinical medicine. The tuition fee for a basic science course taught during semesters one to five is around $16,000 and $22,000 for clinical medicine. The administrative fee for the first two years is $5000 and $3500 for the last two years of the clinical medicine program. There is also a part-time tuition fee of around $550 per credit hour and an administrative fee of $150.
Students must deposit a non-refundable administrative fee of $100 and a tuition deposit of $500 before the commencement of classes. In case any student fails to remit the tuition fee on time, there will be an additional late payment fee of $200.
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Miscellaneous fees
The medical school cost includes many other small fees on top of tuition and administration. When students are first applying to medical school they must pay an application fee. This is around $75 for the MD program and $30 for a Bachelor of Science.
Students must also deposit malpractice insurance of $300 for semesters one to five. The lab fee costs the same in most medical schools. Other fees include a deferment fee and graduation fee of $500 and each must be remitted to the medical school. There are also other small amounts to be paid such as student activity fee of $30, transcript fee of $10, returned check fee of $30, etc.
All these fees and deposits must be paid on time to avoid any issues with your medical school education.
Scholarships
As the medical school tuition and fees add up to a hefty amount, many medical schools provide eligible students with scholarships and grants to make medical education more affordable. Excellent academic records and good marks in the Graduate Record Examination (GRE) make you eligible for a scholarship in most cases. To learn more about the eligibility criteria for various scholarships, students must connect with the concerned authorities of medical schools.
Now that you know the cost breakdown of Caribbean medical schools, why not consider the next steps in applying to your medical school of choice?.
