The paper will provide the advice to the niece which is deciding to go to medical school.
Choose or not choose to study the medicine? Do you want to be in debt for about $170.000 dollar (Association of American Medical Colleges, n.d.) after you finish the studies? Does the average wage of around $100 dollar per hour cover the expanses made before the employment?
The paper will focus on macroeconomic analysis that play and important role and contribute towards the success of the medical profession. The paper will help making the decision, which if any school, to consider, pros and cons of the profession and the most important things to consider prior the applying.
First the attention will be on providing the information about various different medical schools in the country. The comparison will be made among the best known in the average tuitions and fees.
The key terminology are fees, tuition, interest rate, loan
The thesis of the paper is: the macroeconomic factor play a major role in making a decision to go to the medical school
The university fees vary a lot; the average between years 2013-2014 was $2.355. The average tuition in the same years was around $26.000 (Starts class, n.d.)
The interest rate is another thing to consider since it varies from school to school. The majority of student takes a student loan and for financial planning the total costs need to be known. You can decide for the fixed or variable rate. The calculation showed that average loan debt for a student in 2014 was at $33.000 (American Debt Help Organization, n.d.).
The unemployment rate is low at around 0.80% for surgeons and physicians, which means for the majority the possibility to get a job are high (Association of American Medical Colleges, n.d.).
The hourly average wage for physicians and surgeons is at $91.23. There exists also a difference between states and areas based on the geographic location (United States Department of Labor – Bureau of Labor Statistics, n.d.).
The enrollment in the medical school in increasing and was between 2013 and 2014 grew for about 2.7%, which means that there will be a fierce competition with applications and interviews.
The importance of the medicine is growing within the country. Health spending in the U.S. as a % of GDP was in 2015 at about 18% and projections how it will grow further (Centers for Medicare & Medicaid Services, n.d.).
The thesis has proven to be correct, since the many economic factors such as tuition, fees, fiscal and monetary police play a major role in making a decision to go to the medical school
Among the factors to consider are geography, reputation of the school, fees, tuitions, interest rates, possible debt, also accomplishments achieved prior to the college since just good grades are not enough. The preparation for applying and possible interview are very complicated and complex.
With the right goal in mind everything can be achieved. All in all, everyone must decide for themselves. Sometimes to get the benefit you need to give first.
American’s Debt Help Organization. (n.d.). Students & Debt. Retrieved https://www.debt.org/students/
Association of American Medical Colleges1. (n.d.). Tuition and Student Fees Reports. Retrieved from https://services.aamc.org/tsfreports/report_median.cfm?year_of_study=2014
Association of American Medical Collages2. (n.d.).Total Enrollment by U.S. Medical Schools. Retrieved from https://www.aamc.org/download/321526/data/factstableb1- 2.pdf
Centers for Medicare & Medicaid Services. (n.d.). National Health Expenditure Data. Retrieved from https://www.cms.gov/research-statistics-data-and-systems/statistics- trends-and-reports/nationalhealthexpenddata/nationalhealthaccountshistorical.html
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Trading Economics. (n.d.). United States Unemployment Rate. Retrieved from http://www.tradingeconomics.com/united-states/unemployment-rate