MCAT Cost: What You Need to Know

The MCAT involves significant costs, including registration fees, study materials, and additional expenses, which students must carefully budget for. Despite the high upfront investment, the long-term financial rewards of a medical career often outweigh these costs.

Did you know that scoring in the top 10% on the MCAT significantly boosts an applicant’s chances of being accepted into medical school? Over 52,000 applicants with this score secured a spot in at least one medical program, highlighting the impact of MCAT performance.

Notably, a good score requires thorough preparation. And that necessitates using the right sources, which can be financially demanding. Therefore, students must be aware of all associated costs for the MCAT to ensure proper budgeting. 

This blog post is your comprehensive guide to all things MCAT, outlining the costs related to the registration process, study resources, and additional expenses. We’ll also arm you with essential strategies for keeping your spending in check while still ensuring top-notch preparation. 

Let’s jump right in and make your MCAT journey both smart and affordable!

Breakdown of MCAT Costs

Understanding the expenses involved in registering for the MCAT is important for you to plan ahead. So, let’s break it down.

Registration fees

The American Association of Medicine Colleges (AAMC), through which students register for the MCAT, charges a solid registration fee. The registration fees are as follows:

• Standard registration: $345
• Fee Assistance Program Registration: $140

International students taking the MCAT get charged an additional $120 fee. 

While you’ll be asked to schedule the exam-taking date right after registering, AAMC allows you to reschedule if needed. However, there are time limitations as well as additional expenses involved for a reschedule: 

• 60+ days before exam: $50 additional fee
• 30-59 days before exam: $100 additional fee
• 10-29 days before exam: $200 additional fee

If, for any reason, you have to cancel registration, you will be partially refunded, including:

• 60+ days before exam: $170 refund
• 30-59 days before exam: $100 refund
• 10-29 days before exam: $0 refund

You must note that the last chance for a reschedule or cancellation is 10 days prior to the MCAT. 

Study materials and resources

Although highly beneficial, the top suggested MCAT study materials come with steep price tags, significantly increasing the expenses for medical students. 

• Kaplan’s MCAT Review Books: Their complete 7-Book Review, which is comprehensive and easy to follow, retails for $289.99. If you’re looking for a cheaper alternative, Kaplan offers a compilation of 1000 MCAT flashcards for $39.99 to aid in preparing for the exam. 
• Princeton Review’s MCAT Books: Their MCAT Subject Review is available to purchase for $249.99. This book is a compilation of 7 complete subject guides, 3 online practice tests, and thousands of other practice questions. The MCAT Workout is another productive but cheaper resource, available to purchase for $46.99.
• AAMC’s Study Resources: This is the official resource provider. And it’s free! You can use the Free Practice Exam to review questions from previous MCAT tests, administered by the AAMC, or the Free Sample Test, which essentially is a simulation of an MCAT exam. 

Oftentimes, students like to combine learning from books with practicing on online platforms. And while resources like the Khan Academy are free, using platforms like UWorld with $569.00 as a starting fee is a significant investment. These are spaces where you can study using sample questions and transcripts of some important medical concepts that the MCAT will test you on. 

Preparation courses

Amidst all online resources and practice tests available, a preparation course might be exactly what you need to keep yourself on track. But the associated costs are high.

For example, if you register for Kaplan’s Live Online MCAT course, the starting fee is $2,299. Their most expensive prep course, the Online Bootcamp, will cost as much as $6,699 to enroll. So, be mindful of these costs as you explore your options. 

Similarly, the MCAT 515+ course offered by The Princeton Review costs $2,299. If you wish to practice at your own pace, you can choose their MCAT self-paced course for $1,599 to $1,999.

While enrolling in MCAT prep courses offers many advantages, such as structured study plans, expert guidance through live interactions or recorded lessons, and access to various practice tests, there are some notable drawbacks. 

These courses can be costly, ranging from $2,000 to $7,000, and they often demand a significant time commitment. The intensity of the coursework, combined with other responsibilities, may lead to burnout for some students.

Additional Expenses Related to the MCAT

There are other potential expenses to be accounted for when taking the MCAT. 

Retake fees

Students may retake the MCAT for various reasons. If their initial score is too low to meet medical school requirements, or if their score expires after three to five years, a retake may be necessary. But that also means you have to repeat the registration costs. 

So, to minimize the need for retakes, effective preparation is crucial. A good study plan with sufficient time and the proper resources can help you avoid the additional financial and emotional burden of taking the test for a second or third time.

Application costs

Applying to a medical school is not free. 

The AMCAS (American Medical College Application Service) charges a $175 fee for the first application and $45 for each additional school. Secondary application fees range from $50 to $150 per school. 

Additional costs might include:

• $10-$20 for sending transcripts to AMCAS
• $10-$20 for processing and mailing recommendation letters
• $12 to take and $16 to submit the CASPer test
• $500-$2,000 travel costs if invited for in-person interviews (out of state)

Prospective medical students should carefully budget for these expenses.

Travel costs

Accommodation and various other travel expenses should be budgeted for by the students when traveling to test centers. These include the gas for personal vehicles, the fares for public transport, and the parking fees, all ranging from $5 to $30 per day, depending on the location. 

If there is a need for overnight stays, the cost of accommodation increases, with hotel rates usually starting from about $80 to $200 per night. Extra expenses may occur in meals if one needs to travel. 

Considering these additional expenses is necessary to avoid financial surprises on the test day.

Financial Aid and Scholarships for MCAT Expenses

A few financial aids are available to students with a restricted financial status. 

Fee assistance program (FAP)

For applicants with limited finances, AAMC offers the Fee Assistance Program (FAP). It is primarily designed to aid students whose lack of financial support prevents them from taking the MCAT. Additionally, the program covers the application costs for medical school. 

To be eligible for this financial aid, you must:

• Have a U.S. based home address
• Have a family income that is equal to or less than 400% of the national poverty level for your family size

The application will require general and specific financial information about you, your spouse (if applicable), and your parents (if applicable). 

Scholarships and grants

Many organizations and foundations offer scholarships for MCAT preparation and medical school. Some notable ones are:

• National Medical Fellowships,
• AAMC’s Financing Your Education, and
• The Ronald McDonald House Charities. 

To effectively search for and apply for these scholarships, check the websites of schools you’re interested in or use scholarship search engines.

Budgeting for the MCAT Preparation

Employing effective budgeting strategies will reduce the financial burden associated with the MCAT.

Creating a budget

To create a budget for MCAT costs, start by listing potential expenses like cost-prep courses, study materials, registration fees, and travel costs. Estimate how much you will spend on each item. Then, add up your total income from jobs or savings, and compare that to your total expenses. Adjust your budget as needed to avoid spending more than you would like to. 

To track your spending, consider using budgeting apps like Mint, YNAB (You Need A Budget), or EveryDollar. These tools help you monitor your expenses, stay within your budget, and make adjustments as necessary. 

Cost-saving tips

Being strategic about when and how you buy can help you save money while preparing for the MCAT.

Save money on MCAT costs by opting to buy used books or rent books instead of buying new ones. It is also possible to borrow books from libraries and friends; this actually saves one a lot of dollars. Study groups are also an excellent place to share resources and cut costs.

On the question of timing your purchase, keep your fingers crossed for seasonal sales or discounts, especially back-to-school events or holidays. Set up e-mail notifications from bookstores or online retailers regarding any special offers. 

Analyzing the Return on Investment (ROI)

While the MCAT costs are high, so are the financial rewards as a physician.

Cost vs. potential earnings

Preparing for the MCAT can be a significant financial investment. Students often spend between $1,000 and $7,000 on prep courses, study materials, and test fees. However, the potential salary for physicians is much higher.

The lowest physician income is $205,000 for pediatricians, to a staggering $449,000 for pediatric surgeons. Over time, physicians can earn substantial incomes, making the initial investment worthwhile. 

Long-term benefits of preparing for the MCAT

A strong MCAT score will significantly enhance a student’s application into the competitive medical school programs. Many of the top schools use MCAT scores to filter applicants in the admissions process; a high score will raise one above most candidates. This portrays academic readiness and commitment to a career in medicine.

Thorough preparation on the MCAT offers many long-term career benefits. It is going to open doors for scholarships, which therefore would lower the financial costs in medical school. A good score also allows a student to desire and have more preferable residency positions, improving their chance at securing a position in their preferred specialty.

Conclusion

Now that you’re aware of the MCAT costs, start creating a budget and exploring financial aid options to ease the burden. Though you’re investing a significant amount of money on this one exam, remember that the financial rewards will be tripled when you become a physician. 

Share your experiences, questions, or advice about MCAT preparation in the comments below. Engage with fellow readers and contribute to building a supportive community!

Frequently Asked Questions (FAQs):

Is 2 months enough to study for MCAT?

While there is no ideal timeline, most experts recommend a study period of at least 3 to 6 months to cover all content areas thoroughly.

What is a competitive MCAT score?

A competitive MCAT score usually falls between 510 and 520, which places students in the top 25% of test-takers.