You probably already know that becoming a medical professional is a huge commitment. It's a commitment of time, energy, and resources — including money. But how much does residency cost for blossoming physicians?
Unfortunately, there's no straightforward answer here. Our goal, however, is to give you a general idea so you have a better image of what you're going to be responsible for.
The Cost of Interviewing for Residency
This is going to be one of the bigger costs you're responsible for. This number will vary but largely depends on two specific factors: the specialty you're pursuing and the location of the residency. The number of interviews you have to go through can change depending on the specialty. And the location will affect the costs due to travel expenses. While this investment can be as low as $1,000, it can surpass $13,000. The average is somewhere around $4,000.
Pro tip: Being a savvy traveler will pay off here. If you have multiple interviews in the same area, try to schedule them all around the same time, so you can knock them out in one trip! See what public transportation is like in the area. If you can stay with friends or family, opt for that. Or, check out Airbnb for more affordable accommodations than hotels.
The Cost of Your Applications
This will be a smaller fee, but the money adds up nonetheless. First, check to see if application fees are covered by your student loans.
Similar to your interview costs, these numbers can fluctuate. Variables that influence it include the specialties you're pursuing, how many applications you submit, how the programs are ranked, and how close you are to the programs geographically.
The Electronic Residency Application Service (ERAS) is a system used by most medical schools. It makes the application process easier, allowing you to more seamlessly apply to multiple residency programs. Their fees are based on how many programs you apply to per specialty. For example, to apply for up to 10 programs, it's $99.
The Cost of Matching
Residency Match Day is a rite of passage and a huge milestone for new physicians. The standard registration fee is $85.
How Much Do Medical Residents Make?
You probably already guessed it: This number will vary depending on where you're working! However, the general consensus nationwide is that residents make in the ballpark of $60,000 per year. The institution determines this number, and it's mostly based on what year you're in for your training, rather than your specialty.
So, how much does residency cost? Becoming a physician isn't necessarily cheap. However, this is only the beginning of your journey as a doctor. You have a long and fulfilling road ahead of you. And these expenses are just one of the stepping stones.
Before you can even think about your residency, you must complete your US clinical clerkship. Looking for guidance as an IMG? Contact CHHA today.