While doctors are well paid, achieving this lucrative salary can be a long road. As a med student, you’re likely getting by with scholarships, subsidizing loans, and receiving family help.
You’ll need a side hustle that accommodates your hectic schedule. There are many ways to make money; each has pros and cons. Some are well-suited for your medical expertise, and others are less stressful or time intensive.
If you need extra income to pay off loans or to live a better lifestyle, read on. We’ll cover the five best income side hustles you can start.
How to Make Money in Medical School
Medical students are highly desirable since they excel in their academic performance. There are many routes you can take. You can tutor undergraduates or high school students, especially in STEM subjects.
If you excel in the MCAT, you can easily tutor premed students to help them ace the exam. As an MCAT tutor, the hourly rate typically runs between $15 to $150 per hour. The pay varies significantly based on location, online vs. in-person, expertise, and other factors.
The easiest way to become a tutor is to apply for jobs with test prep companies or sell your services on marketplaces that offer tutoring.
Facebook groups like this; MCAT/STEM tutoring, are another good idea to join and start advertising services.
You could build a personal brand by offering free tips on a blog, YouTube channel, or social media to attract an audience. Then, you can sell private tutoring sessions to set your own rates and tutoring packages.
- You have instant credibility as a med student
- Relatively easy to land a tutoring gig, especially with test-prep companies
- A great addition to your resume
- It can be time-intensive, but a few hours of work could earn you big bucks
- Pay varies significantly depending on which route you take.
If you love to write, you can leverage your scientific knowledge as a medical writer. There’s a wide range of content you can write for. This includes health and wellness blogs, pharmaceutical sales training guides, and journal abstracts. You can even write school papers for undergrad students and get paid handsomely for it.
Medical jobs are available everywhere. You’ll find listings on LinkedIn, Upwork, Fiverr, Craigslist, and other job boards. While there are healthcare institutions that hire full-time writers, becoming a freelancer is your best bet as a med student.
According to ZipRecruiter, the average medical writer makes $8,463 per month or $49 per hour! That’s more lucrative than most other side hustles would pay you.
We’re also constantly looking for writers on this blog. Check out our about page and send an email if you’re interested!
- Get to set your own hours as a freelance medical writer
- Allows you to take advantage of your existing passion and knowledge for health and wellness.
- Plenty of opportunities available online
- Medical writers tend to get paid more than other types of writers.
- It can take a lot of time
- Not suited for students who don’t like to write
Medical School Admissions Consultant
As someone who has already gone through the admissions process, you’d be a great fit to become an admissions consultant. You’ll help students optimize their applications. This may entail refining their personal statement and essay and improving their interview skills.
The best way to land a job as a consultant is to work for an established, reputable company. Typically, these jobs are flexible, and you can take on as many students as your schedule allows.
You may want to consider becoming a private medical school admissions consultant. This allows you to keep all the profits and charge your own rates. You’re only getting a small fraction of what the customer pays by working for an employer.
However, you’ll need to create a personal brand, network with students, and find ways to attract clients.
- Consulting is less intensive compared to writing or tutoring
- Can set your own schedule
- Satisfaction of helping other fellow med students
- Admissions consultants aren’t the best-paying job
Drive for Uber or Lyft
If you’re exhausted from your studies, you may want to earn income without all the stress of having to do more work.
There are not many jobs out that are more flexible and easier than driving for Uber or Lyft. You only need a driver’s license, a clean driving record, valid insurance, and a four-door vehicle. Your job will be to pick up riders and drop them off at their desired destination.
While both companies have made bold proclamations about making $25 to $35 per hour, this largely depends on where you live. The average Uber driver in Atlanta only makes $17 per hour or $3,266 per month.
- Very easy gig to do
- Allow you to work as little or as much as you want
- Need a car for this gig since leasing or renting one wouldn’t be worth it
- Pay isn’t the best compared to the options mentioned.
Host on Airbnb
Does your apartment have a spare room? Hosting an Airbnb space require renting or subletting your place to someone for a set period.
Whether it’s a private wing with its entrance, an entire home, or even a single room that shares your bathroom, these are all great options to host an Airbnb.
There are so many advantages to hosting Airbnb. While it does take some upfront work to set up, you can receive passive income. You can possibly earn hundreds or thousands of dollars monthly without doing any labor.
However, you will have to get permission from your landlord. Also, you’ll want to freshen up your place, add amenities, and install privacy features to make the experience comforting for guests.
- Ability to earn passive income
- It doesn’t interfere with your schedule
- Meet new people if they’re staying in your home
- High barrier to entry, since you need extra space and permission from the landlord
- Requires an upfront investment such as clean sheets, towels, bedding, keyless lock, etc.
One of the easiest methods to make money in medical school without work is to land scholarships. Rather than working a job to pay off your loans and tuition, scholarships give you access to free money so that you won’t need to repay after graduation.
Some scholarships like the National Health Services Corp offer a monthly stipend to pay for your living expenses. This scholarship is available to medical students pursuing a career as primary care physicians.
There are all kinds of scholarships out there. For example, there are scholarships for minorities or students specializing in specific fields. There are many smaller scholarships and grants, so do your research and find the best options based on your circumstance.
- Free money that you don’t have to work for
- Can cut down your med school tuition
- So many unique scholarships to cater to your specific situation
- Not many scholarships will offer a monthly stipend to cover your living expenses.
- Requires upfront work to apply to them
Born and raised in the UK, Will went into medicine late (31) after a career in journalism. He’s into football (soccer), learned Spanish after 5 years in Spain, and has had his work published all over the web. Read more.