Costs of Applying to Residency - University of Missouri

Report
Cheri Marks
University of Missouri School of Medicine
Coordinator of Financial Aid and Student Records
MATCH DAY!!!
Nicholas Governatori reacts when he finds out he
matched in emergency medicine at St. Luke's-Roosevelt
Hospital in New York City. Associate Dean of Student
Affairs Steven Specter looks on.
Remember when you applied to
medical school?
Match Application Services
 Electronic Residency Application Service (ERAS)
 Transmits electronically the applications, personal
statements, recommendation letters, Medical School
Performance Evaluations (MSPE), transcripts, and other
supporting credentials from your school to the residency
program
 National Resident Matching Program (NRMP)
 Provides the venue for matching applicants’ and
programs’ preferences for each other
Costs for Application Services
 NRMP: $50
 ERAS Fee Structure
 Programs Up to 10: $85
 Programs 11-20: $8 each
 Programs 21-30: $15 each
 Programs 31 + : $25 each
 Examples (both services):
 15 programs = $175
 33 programs = $440
 55 programs = $990
Average Number of Applications 2012
70.0
60.0
50.0
40.0
Average = 33
30.0
20.0
10.0
0.0
Source: ERAS as of February 15, 2012. Smaller programs were removed from overall average.
Average Cost of ERAS Applications 2012
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
Average = $461
Average Number of Interviews Attended
30
25
20
15
10
5
0
University of Missouri School of Medicine Survey
Average = 14
Interview-Related Costs
 Professional attire
 Transportation costs (do your research)
 Airfare or gas, taxi or shuttle
 Accommodations
 Coordinate with other medical students, residents’
quarters, homes of those who have graduated, family
 Eat frugally
 Are you couples matching?
Average Total Interviewing Cost
14000
12000
10000
Average = $6600
8000
6000
4000
2000
0
University of Missouri School of Medicine Survey
Average Number of Applications Across All
Specialties
35
30
25
42% increase
20
15
10
5
0
2001
2002
2003
2004
ERAS Historical Data
2005
2006
2007
2008
2009
2010
2011
2012
Options for Funding
 28% Private Loan (Residency and Relocation Loan)
 27% Support from Third Party
 25% Credit Card
 20% Personal Savings
 5% Did not exceed COA
 3% Grant/Scholarship
 2% Other
Source: Organization of Student Representatives 2010 survey
Residency and Relocation Loans
 Private alternative loan between the borrower and the
lender – financial aid office is involved minimally
 Fees and interest rate are based on creditworthiness of
borrower (with or without a co-signer)
 Things to consider:
 Interest rate, fees and terms
 Deferment options
 Customer Service
It’s worth it…
"Success is to be measured not so much by
the position that one has reached in life as
by the obstacles which he has overcome."
-Booker T. Washington

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