Not only are healthcare costs leading more Americans to bankruptcy than any other financial issue in their lives, the escalating costs of education is also a burden many medical, dental, and chiropractic students must face.
The average cost of attendance for one year at a public medical school (including tuition, fees, and health insurance) was $34,592 for in-state students and $58,668 for out-of-state students in 2016–2017. For 4 years, the costs will range from $134,000 to $234,000. According to the AAMC, the average student loan debt in 2014 was $176,348 with close to half (43%) of those accruing more than $200,000.
In the United States, the average tuition cost paid for attending a chiropractor school for four years is approximately $120,000. However, the total cost that a student is responsible for involves much more than just the ‘sticker price’ of college tuition, such as books, cost of living, etc. Many are faced with an average debt of $150,000. Therefore, the starting salaries for new graduates and median annual wages for the occupation as a whole are considered low according to COST VS REWARD OF A CHIROPRACTIC SCHOOL EDUCATION.
Average debt for all dental school graduates who owed money was $247,227: public school graduates ($216,437) and private school graduates ($289,897). According to the American Dental Association’s Health Policy Institute, the average net income in 2013 for a dentist in private practice was $180,950 for a general practitioner; and $283,900 for a specialist.
The Return on Investment (ROI) is a real issue every healthcare student must consider. Unless the prospective student is solely motivated by a compassion for the profession to serve the sick and needy with chiropractic care, the fact remains the medical monopoly has the best ROI.
According to the latest data from the Bureau of Labor Statistics’ Occupational Employment Statistics, as of 2017, the average income of chiropractors is $85,870. The highest paid DCs on average were in Rhode Island at $147,900 and fifth lowest DCs practiced in Georgia at $61,020. Only 4 states have lower average incomes than Georgia: Missouri ($59,560), Utah ($57,030), Arkansas ($57,010), and Wyoming ($45,010).
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