Cost of Medical School
Estimated Cost of Medical School at MUN
Each year we attempt to provide learners with an estimate of the costs associated with undergraduate medical education. We hope this information will enable you to plan your financial situation and budget appropriately.
|Year 1||Years 2, 3 and 4||Total|
|College of Physicians and Surgeons (NL)||$150||$0||$150|
|Medical Students' Society||$80||$0||$80|
|Canadian Fed of Med Students||$100||$0||$100|
|Student Union fees||$199||$199||$794.56|
|Health & Dental Insurance||$456||$456||$1,824|
|Campus Renewal Fee||$750||$750||$3,000|
|Student Services Fee||$150||$150||$600.00|
|Instruments & Books||$3,620||$485||$4,104|
|LMCC & CaRMS Fees (one time fees in year 4)||$0||$1,375||$1,375|
In addition to the direct cost of medical school you need to consider housing costs, which averages around $750.00 s month. Bear in mind that the estimates may be higher or lower than your actual costs, depending upon your particular circumstances. This is based on the assumption that learners are renting modest housing or sharing a larger unit with other paying residents. If you are living at home, or renting a more expensive unit, your costs may be significantly different.
Other points you may want to consider:
- If you are renting an apartment it is important that you purchase tenants' insurance. The cost is usually minimal (our estimate is about $20.00 per month) and can certainly save you a lot of hardship in the event of a fire or some other unforeseen circumstance.
- We have not included estimates of costs associated with operating a car, which typically ranges around $500,00 a month. Many learners deem a car to be essential in medical school. However, learners should explore other options where possible (i.e. living close to the university so that walking is a possibility; using public transportation; car pooling; etc.). If you are considering purchasing a vehicle, we encourage you to discuss this with a financial advisor so that you can be fully apprised of the potential financial implications.
- The only form of interest free financial assistance available to finance medical education is through the National Provincial Student Loans Programs. However, unless you have financial help from somewhere else, the Canada / Newfoundland Student Loans Programs will not meet your expenses. If you do not have access to additional resources, you may want to consider a Personal Line of Credit (PLC) from a financial institution. Currently, most banks in St. John's are willing to provide PLCs to medical learners who have a good credit history.
Remember to keep all receipts for books and instruments. You may use them for income tax deductions during the first year you have an income.