6 easy ways to make some money in medical school
Introduction
Being a medical student is a full-time business. With long hours doing research, field placements, and spending hours in exams in between long hours in clinical practice, the thought of generating any additional income can indeed seem unrealistic. But there are some real and easy ways to make some money without putting at risk your classes.
Problem
Not just curriculum-wise but also financially, medical school is not an easy task for anyone. The AAMC prepared a survey in 2022 to show that the average medical student leaves with about $200,000 in loan balances. Adding expenses that are usually incurred during the academic year, many students will find themselves struggling to meet the bills.
Living Expenses
Tuition fees and books are some expenses that are not excluded from the ability to pay for a student. Paying medical school expenses is a little more expensive than the average national colleges and universities, especially those of the country’s cities.
Tuition
The average cost that students pay for tuition in U.S. medical schools is $40,000-$60,000 for one academic year. International students and those in private schools are charged more expensive fees than the above-mentioned students.
Textbooks and Resources
Tuition is not cheap, and prices start at $300 per book, with some of the books priced a lot more than that. As you will be getting subscriptions to medical journals as well as study material, the rates can be high.
With this kind of financial stress, looking for additional sources of income is not only desirable but also mandatory for many students who attend medical schools.
Agitation
It is not as easy to look for a job while undergoing medical school as most people might think. This implies that there is little time for a traditional source of income; the students are caught between a rock and a hard place.
Time Constraints
Data from the AAMC also shows that students spend between 60 and 80 hours per week on coursework, clerkship, and self-study. This makes working a regular job almost impossible.
Burnout Risk
Incorporation of jobs into the equation may result in increased burnout levels that can be detrimental to both academic success as well as mental well-being. According to a survey by the American Medical Student Association in 2020, more than half the students said that they have burnout due to academic pressure. The usual option of working in a part-time job is not what the bulk of medical students can take.
Solution
Now that we’ve established the principles behind effective monetization during medical school, let’s take a closer look at the practical, reasonable goals. These methods have proven effective with students and since you are a student, you know that they are realistic options.
Become a Tutor
Case Study
Sarah, a second-year student pursuing medicine at the New York University School of Medicine, was looking for a way to earn more money while at the same time not allowing it to be a distraction to her coursework. She thought of exploiting this area again and again by giving tuition to undergraduate students and other medical students.
Income Potential: Sarah charges $30 to $50 per hour and dedicates 5-10 hours a week, thereby earning $1500 to $2000 every month.
Why It Works
- High Demand: Biology, chemistry, and anatomy assignments have always been popular and there’s always a high demand for tutors.
- Flexible Hours: It can be organized according to the class and study time of the students to set up tutoring sessions.
- Leverage Your Knowledge: Since you are already engaged in the subject matter, tutoring makes you continue with the same pattern of studying.
If you already have a good background knowledge of basic sciences, tutoring should be one of the best ways you can get some extra pocket money and at the same time not interfere with your studies. Also, there is a list of other platforms, such as Wyzant and Chegg, through which it is rather easy to find students.
Medical Transcription
Case Study
Brian had to feed himself but could not work a part-time job to cover himself. He found that the medical transcription work was of great interest as one could leverage prior medical learning to transcribe medical reports as well as medical notes.
Income Potential: Focusing on the workload of 10-15 hours a week, he earned $1000 a month.
Why It Works
- Medical Knowledge: Having been a medical student, you would already be conversant with medical terms, making it easier for you to find employment in the field.
- Flexible Schedule: As for transcription, it can be done during any part of the day, meaning that you can schedule it after classes or on the weekends.
- Work from Anywhere: It’s not location-bound so it’s advantageous when on clinical rotations or when studying for exams.
There is a large number of advertised medical transcription jobs on the Internet in freelance services or at medical transcription companies.
Participate in Clinical Trials
Case Study
Emily was looking for a way to make quick money and found that participating in clinical trials provided a decent payout. She participated in a sleep study at her university, which paid $500 for two days of participation.
Income Potential: This depends on trial, and the money available ranges from $100 to $2000. Emily engaged herself in 2-3 studies per semester and was paid $1500 per semester.
Why It Works
- Short-Term Commitment: Some research may only demand a few hours or days of your valuable time.
- Extra Cash: It is one of the methods for getting paid a large sum of cash without having to work again and again.
- Research Experience: One may say that taking part in trials allows getting an idea of how it is conducted and may be helpful for a medical career.
One can search for clinical trials at medical schools or research hospitals available in the region.
Freelance Writing in the Medical Field
Case Study
Jake eventually found out that his skill of writing simple language content regarding medical issues could be his new money-making venture. He began his freelancing career as a medical writer when he was producing content on health blogs, pharma, and educational websites.
Income Potential: Jake gives services at $0.10 to $0.20 per word and he writes only 5 to 10 articles a month and he makes around $1000-$3,000 monthly.
Why It Works
- Medical Expertise: The info about diseases, treatments, and preventive measures is always highly demanded and it is written by a professional with great medical experience.
- Flexibility: Through writing, it is also possible to work on the document at the most convenient time, even at night or early in the morning.
- Remote Work: Flexible; you need not be located in one place and can tell from wherever you are; this will not interfere with clinical rotations.
To get started, visit Upwork and Freelancer, which are general freelance platforms, or go with a more specialized site like ProBlogger. It is useful work that may contribute to a future issue of medical publication of your work.
Sell Your Notes
Case Study
A fellow student advised her to sell her notes on an online platform and thus she created an account with Stuvia, a site through which students buy and sell notes.
Income Potential: Laura had $500 in her first month, and she now earns from $300 to $800 per month.
Why It Works
- Low Effort: You’re already taking notes for your classes, so this requires very little extra work.
- Passive Income: Once you upload your notes, you can continue earning without ongoing effort.
- Helps Other Students: Your notes are always a helping hand to students, particularly any student who finds it hard to follow the content.
Other sites to sell study materials include Stuvia, Nexus Notes, and Course Hero, which are not very rigorous with their sellers.
Teaching Assistant (TA) or Research Assistant (RA) Positions
Case Study
An actual situation when Michael was allowed to become a TA of an undergraduate anatomy course at his university. He uses approximately 10 hours every week that are spent on assisting students, correcting papers, and office hours.
Income Potential: For the TA job, Michael was paid $15 per hour, and this totals about $600 per month.
Why It Works
- Relevant to Your Studies: TA or RA positions allow you to deepen your understanding of the material you’re already studying.
- Minimal Time Commitment: These roles often require only a few hours per week.
- Academic Connections: These positions help you build relationships with faculty, which could lead to future opportunities.
Most universities hire TAs and RAs, and since medical students know this particular field, they can participate in the teaching of anatomy labs or pre-med courses with which they can be paid.
FAQs
How can one make easy money in medical school?
Other money-making activities include tutoring, freelance jobs, and other part-time jobs such as being a research assistant.
Can I balance work and medical school?
Yes, with time management, you can handle a side hustle while maintaining good grades.
What kind of income is one able to get during his/her time in medical school?
This depends on the job and as far as students are concerned, they can spend as little as $300 or as much as $1000 per month.
What online jobs are suitable for medical students?
Freelance writing, virtual tutoring, and medical transcription are flexible options.
Is tutoring a good option for earning money in medical school?
Yes, tutoring is popular because it’s flexible and leverages your academic knowledge.
Conclusion
The secret of making money while in school is to look for occasional and low-contracting opportunities that can build on the knowledge and skills that the student possesses. In this case, many ways are available, ranging from the simplest ones like tutoring, freelancing, and selling notes while working at the same time and not opting for a strict learning schedule.
While these methods may stem the flow and greatly reduce the burden of medical school debt, they can nonetheless help soften the load. The key is to identify patterns that make sense to a given individual so that he or she can achieve the main goal of being the best physician.