High Cost of Medical Education and Training

Video examples of the actual cost of med school

When you see the video and the extreme high cost of medical school and training from the students perspective - it is shocking.

There are lots of reports about the costs of medical training from the perspectives of the governments and universities. Lots of shocks in this report.

Overview of the Cost of Training Health Professionals (2007)

The cost of training medical and other health professionals in Canada is estimated in a 2007 

Funding awarded by the provinces to universities for the training of one medical student for one year ranges between $45,000 and $73,500.13

• Funding awarded by the provinces to train one nurse for one year of a university program ranges from $12,500 to $19,100.

• Funding awarded by the provinces to train one nurse for one year of a college diploma ranges from $9,200 to $14,000.

Association of Canadian Medical Colleges (ACMC) figures: cost of training per medical student per year (2002): $65,000 over a four-year program (2002): $260,000

Canadian Nursing Association (CNA) figures: Cost of training per nursing student per year (2002): $7,700 over a four-year program (2002): $30,000

A 2022 article about Medical school costs by Dr. Kevin Jubbal 

First-year medical students in 2000 paid around $17,000 per year in tuition. When adjusted for inflation, this comes out to about $26,000 per year. 

A first-year medical student starting in 2022 will pay around $55,000 per year in tuition. This is more than double what you would have paid just 20 years ago.

Operating a medical school costs can be broken down into two main categories: instructional costs and educational resources.

Instructional costs range from around $48,000 to $51,000 per student per year and the cost of educational resources ranges from approximately $80,000 to $105,000 per student per year. 

Combined, this is significantly higher than the tuition that most medical students pay each year. Medical schools receive income primarily from four sources: tuition, endowments, government funds, and medical services.

What I learned: In reality the schools charge students from 25 to 40% of the real cost of their medical training and they lose money.