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Cost of Applying to Residency
Cheri MarksUniversity of Missouri School of MedicineCoordinator 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 ServicesElectronic 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 ServicesNRMP: $50ERAS Fee Structure
Programs Up to 10: $85Programs 11-20: $8 eachPrograms 21-30: $15 eachPrograms 31 + : $25 each
Examples (both services):15 programs = $17533 programs = $44055 programs = $990
Average Number of Applications 2012Der
mat
olog
y
Ort
hopa
edic
Sur
gery
Radia
tion
Onc
olog
y
Oto
lary
ngol
ogy
Radio
logy
-Dia
gnos
ticUro
logy
Neu
rolo
gica
l Sur
gery
Surg
ery
- C
Anest
hesiol
ogy
Emer
genc
y M
edic
ine
Obs
tetr
ics &
Gyn
ecol
ogy
Inte
rnal
Med
icin
e - C
Neu
rolo
gyPM
&R
Psyc
hiat
ryPa
thol
ogy
Pedi
atrics
Inte
rnal
Med
/Ped
s
Fam
ily M
edic
ine
Plas
tic S
urge
ry
Inte
rnal
Med
icin
e - P
Surg
ery
- P
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Average = 33
Source: ERAS as of February 15, 2012. Smaller programs were removed from overall average.
Average Cost of ERAS Applications 2012
Derm
atol
ogy
Ortho
paed
ic S
urge
ry
Radia
tion
Oncol
ogy
Otola
ryng
olog
y
Radio
logy
-Dia
gnos
tic
Urolo
gy
Neu
rolo
gica
l Sur
gery
Surge
ry -
C
Anesthe
siolo
gy
Emer
genc
y M
edicin
e
Obste
trics &
Gyn
ecol
ogy
Inte
rnal
Med
icin
e - C
Neu
rolo
gy
PM&R
Psych
iatry
Patho
logy
Pedia
trics
Inte
rnal
Med
/Ped
s
Family
Med
icin
e
Plastic S
urge
ry
Inte
rnal
Med
icin
e - P
Surge
ry -
P
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Average = $461
Average Number of Interviews Attended
Derm
atol
ogy
Radio
logy
Ophth
alm
olog
y
Surge
ry
Pedia
trics
Otola
ryng
olog
y
Physic
al M
edicin
e an
d Reh
abili
tatio
n
Urolo
gy
OB/GYN
Emer
genc
y M
edicin
e
Aneth
esio
logy
Med
-Ped
s
Inte
rnal
Med
icin
e
Psych
iatry
Family
Med
icin
e
Ortho
paed
ics
0
5
10
15
20
25
30
University of Missouri School of Medicine Survey
Average = 14
Interview-Related CostsProfessional attireTransportation costs (do your research)
Airfare or gas, taxi or shuttleAccommodations
Coordinate with other medical students, residents’ quarters, homes of those who have graduated, family
Eat frugallyAre you couples matching?
Average Total Interviewing Cost
Ophth
alm
olog
y
Radio
logy
Urolo
gy
Otola
ryng
olog
y
Physic
al M
edicin
e an
d Reh
abili
tatio
n
OB/GYN
Aneth
esio
logy
Ortho
paed
ics
Surge
ry
Emer
genc
y M
edicin
e
Family
Med
icin
e
Derm
atol
ogy
Med
-Ped
s
Inte
rnal
Med
icin
e
Pedia
trics
Psych
iatry
0
2000
4000
6000
8000
10000
12000
14000
University of Missouri School of Medicine Survey
Average = $6600
Average Number of Applications Across All Specialties
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120
5
10
15
20
25
30
35
ERAS Historical Data
42% increase
Options for Funding28% Private Loan (Residency and Relocation
Loan)27% Support from Third Party25% Credit Card20% Personal Savings5% Did not exceed COA3% Grant/Scholarship2% OtherSource: Organization of Student Representatives 2010 survey
Residency and Relocation LoansPrivate 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 termsDeferment optionsCustomer 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
Questions?