Although it should go without saying that doctors are well compensated, medical students are aware that the road to earning that high wage can be challenging in the meantime. As a medical student, you presumably rely on loans, scholarships, family support, or a combination.
Medical school is expensive and renowned for being demanding, making it challenging to work a regular job and pursue your studies simultaneously. Many students are left wondering how to make money while attending medical school.
This page discusses the different ways to make money in medical school.
How Much is Medical School?
The median four-year cost of attendance for the class of 2020 ranges from USD 255,000 to USD 337,000, making medical school as pricey as a home. The AAMC claims that because medical school is so expensive, 84% of graduates have debts of USD 100,000 or more.
The average cost of medical school for first-year students will be between USD 39,237 and USD 63,630 in 2021-2022. That includes tuition, fees, and student health insurance but excludes living expenses such as living costs.
For the Class of 2020, the median total cost of attendance across four years, which takes into account class time, lab time, and clinical experience, ranged from USD 255,517 to USD 337,584.
The cost of attendance is a more comprehensive measure of the expenses because it covers additional charges such as tuition, fees, housing, board, books, and supplies.
These expensive school costs do have a few significant exceptions. All accepted candidates receive a full scholarship to a medical school that doesn't charge tuition, like the Cleveland Clinic Lerner College of Medicine or the NYU Grossman School of Medicine. This suggests that the only costs students in those programs are accountable for paying are our living expenses.15 Ways to Earn Money While in Medical School
No matter where you get your education, a medical degree is pricey. You can lessen the pressure by earning money online while in medical school. Opportunities range from freelancing to blogging and teaching. Making it work requires some effort and further research.
Here are a few ways to earn money while in med school.
1. Become a Tutor
You are a competent learner because you are a medical student. Most people believe you must be brilliant and academically gifted to get into medical school.
This nation has a great need for tutors, and the pay is very high. Tutoring college students in preparing for the MCATs might earn you USD 100 or more per hour.
You can work with a tutoring firm, and they can connect you with folks who are looking for tutors. Everything is done online, and since these businesses charge the students upfront, you can count on getting paid. The tutoring company serves as a middleman, so the amount you get will probably be less than if you dealt with someone directly.
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2. Look for a Work-Study Job
You are undoubtedly already aware of work-study career prospects from your undergraduate years. These occupations, sometimes called "campus employment," offer a low-demand chance to work and study concurrently.
As a work-study student, you might only "work" 5 to 10 hours a week. Still, those hours add up to a few hundred dollars extra per month, which you might use to pay for home flights or other unforeseen expenses.
Additionally, this kind of work will not take up much of your study time and may free up more of it for you.
3. Work as an EMT (Emergency Medical Technician)
Many people we know went to medical school and worked as EMTs. Driving an ambulance was an immense delight for them. This is an incredible approach to using your knowledge and developing your skills.
Want to work in trauma or emergency medicine? An excellent place to start is as an EMT.
Gaining expertise in a field related to the one you are pursuing is typically advantageous. Additionally, you will comprehend what first responders experience before patients are sent to the hospital.
Hours can also be flexible, much like tutoring. A regular timetable is probably necessary but can be based on your classes and rotations.
4. Be a Phlebotomist
A person who draws blood is known as a phlebotomist. No, a doctor or licensed nurse is not required for this position. You might work in a lab at your local or a nearby teaching hospital.
Additionally, a whole business of mobile phlebotomists takes blood to patients' homes. You can select the hours and days you want to work according to your schedule. A list of local residents who require blood draws will be provided to you by the company you hire, and you will work out a convenient meeting time with them.
There is no limit to the number of tests you can take because you are paid per exam. This is advantageous for medical students because they can schedule their insurance examinations for the evenings, early mornings, and weekends when most patients prefer to have them done.
5. Work as a Medical Scribe
Given that you have to follow an attending physician around while taking notes and entering them into the Electronic Medical Record (EMR), this one might not be as flexible as some others. You can only do this during the doctor's office hours, which can interfere with your plans.
Additionally, the attending physicians may seek a candidate who can dedicate the hours necessary for patient care. You might be in luck if you can find an attending with a schedule that works well for you, at least one half-day per week.
This could be a method to accomplish two goals and earn a few dollars since many schools have designated days or hours for students to observe doctors in action.
6. Be a Medical Research Assistant
Your medical school probably belongs to a university or other research organization. Many academic doctors are working on research initiatives, and they want assistance. You can get compensated as a research assistant for one of them.
Hours may be changeable depending on the project and the doctor in charge. However, the study project itself may be challenging, so you should determine your level of dedication in advance.
7. Sell Your Body and Mind to Science
You could work as the research's subject if you cannot assist with the study. Many of these projects require volunteers who can poke, prod, and do other things while being paid for their time. Medical students can use this as an excellent way to supplement their income without committing to a regular employment schedule.
8. Be a CPR and First-Aid Instructor
Through seminars and workshops, a first aid instructor instructs students in cardiopulmonary resuscitation (CPR) and fundamental life support techniques.
It is unusual for medical students already to hold certification as CPR or first aid instructors. If it applies to you, you can continue to teach classes while in medical school and develop the necessary skills.
9. Participate in Paid Surveys
One of the easiest and simplest ways to make extra money is through survey websites. Of course, you will not get wealthy, but you also will not require any significant talents to begin.
You may find several sites of this caliber online. They can pay you by allowing you to complete surveys or watch sponsored advertisements. Some survey sites offer different services. Do your research and check the ones you think would help.
10. Be a Standardized Patient
Most healthcare professional programs demand a group of standardized patients or patient actors for practical assessments. If your institution offers other healthcare professional programs, look for posted chances, especially when holding functional tests. You might be unable to serve as a standardized patient in your program.
11. Conduct a Fitness Class
Students in medical schools typically spend so much time studying that they overlook their health. You may ensure that you are simultaneously taking care of your health and bank account by teaching exercise classes or working as a personal trainer.
For instance, you can earn a few hundred dollars monthly as a personal trainer. You can also teach a spin class once a week to get your club fees erased. Both are intelligent ways to earn or save money while prioritizing your health.
12. Start a Blog
Starting a blog is a lot better use of your time than the other possibilities on this list. Yes, it is a tedious, lengthy task. Furthermore, success is not assured. However, the advantages of sharing your ideas, describing your knowledge, and interacting with others go beyond the concept of merely making money.
It isn’t as easy and straightforward as participating in a survey. You will need to put in a lot more effort and time. But you can use the skills you gain to have a healthcare career. Should you wish to work in the private sector, which we strongly advise, and create and grow your own business.
13. Start a YouTube Channel
Starting a YouTube channel can be a wise decision for busy medical students who are proficient with a 4K smartphone and video editing software. Not to mention profitable.
One of the benefits of starting a vlogging career is that it is scalable, which we mentioned as one of the main deterrents against studying medicine. Once you create a video, you upload it. You continue to make money from it for a very long time.
14. Enlist in the Health Professions Scholarship Program
You can receive a stipend from the HPSP if you consider joining the military. Physical therapists have limited access to this program outside the Baylor DPT school. Still, doctors, dentists, and other medical specialists can get paid over USD 2,000 per month.
Even though HPSP is not for everyone, it is helpful that you are aware of it to pay for med school (and, in certain situations, attend for free).
15. Try General Freelancing
It might not be the most effective method for earning a side income for many medical students, especially those just out of high school. However, it undoubtedly can work for those with a bit more expertise.
Writing, coding, graphic design, and any form of marketing or sales are some of the most extraordinary abilities that work well for online freelancing. The wonderful thing about many of these is that you can learn them quickly, except for coding.
Frequently, all you need is a little more information about a particular ability than the folks trying to hire you. For instance, you can choose this option by enrolling in free online courses through sites like Coursera and Udemy. You commit and manage the time around your medical school timetable. Various platforms, like Upwork, Preply, Fiverr, enable you to register as a new freelancer and find new clients.Final Thoughts
While in medical school, there are several methods to earn money. Just be careful how much of your time you spend on them. Working full-time is not sustainable.
What are the most efficient techniques? Using in-demand expertise to freelance, launch a blog or YouTube channel, and tutoring services to other students to help them prepare for school. These are the ones with the most minor requirements to enter.
While working online has many outstanding advantages, do not let it constrain you. Sometimes there are simply a lot of fantastic chances available locally as well. So reach out to people around you.
One way is by joining the MedLife Mastery team! We’re always interested in welcoming dedicated and passionate mentors into our team. If you’re interested in helping your peers with anything from MCAT tutoring to med school application coaching, check out our opportunities!