Medical School Financial Planning Quiz

What is the average annual cost of attending a private medical school in the U.S.?

• $60,000

• $30,000

• $50,000

• $70,000

Which of the following schools covers tuition for all medical students?

• NYU

• Johns Hopkins

• Stanford

• Harvard

What is a key factor in receiving merit-based scholarships?

• Community service

• High MCAT scores and GPA

• Extracurricular activities

• Financial need

What is a recommended side hustle for medical students that can also reinforce their studies?

• Freelance writing

• Bartending

• Tutoring

• Dog walking

Why are federal loans generally preferred over private loans for medical students?

• More flexible repayment options

• Easier to obtain

• Higher interest rates

• No credit check required

What is one way to reduce living expenses during medical school?

• Living alone

• Eating out frequently

• Having a roommate

• Buying new textbooks

What is a potential downside of choosing a medical school based solely on cost?

• Higher living expenses

• Limited networking opportunities

• Lack of family support

• Lower quality education

What is a benefit of cooking at home during medical school?

• It's more expensive

• It takes more time

• It's less healthy

• It's a valuable life skill

What is a common mistake students make when managing finances in medical school?

• Spending too much on textbooks

• Not taking out enough loans

• Ignoring the compounding effect of loans

• Choosing a school based on location

What is the main goal of living frugally during medical school?

• To live like a student forever

• To save every penny possible

• To avoid all luxuries

• To be conscious of spending