Here are some cost estimates based on our experience starting hundreds of practices over the past ten years. Degree Years Cost Bachelor 4 $40,000 -- $160,000 Medical School 4 $100,000 -- $160,000 Residency 3 Income $30,000 -- $45,000 per year This cost can vary depending on … Costs to Become a Psychiatrist. Including the first 4 years of college and then medical school with no scholarships or grants it can range from $150,000 to $250,000 and even $300,000. Don't sweat the money, If you're smart with your money you should be able to pay off your loans in under five years. The process of earning your doctor of medicine degree takes about four years to complete. The below costs are covered in more detail below. Residency sucks… and not just because of the intensity of the training and the stress of trying your best to become a decent physician. Starting a private practice represents a dream-come-true for many physicians & providfers in the United States. The doctor is in and it is time for the 10 easiest countries to become a doctor.I have never wanted to be a doctor. Becoming a psychiatrist is a hefty investment, one that is comparable to the costs of becoming a specialized physician. This article is not over yet. According to the website for the American Medical Association, the average cost of all four years of medical school for the graduating class of 2009 was $156,456. How much does it cost to open a medical practice? For much of my training, I was not yet a parent. Fees in 2019 Below BusinessTech looked at the cost of a year’s study at universities around the country. A psychiatrist must earn a medical degree, in addition to completing specialized psychiatric training and a four-year psychiatric residency. It does happen though. The cost of a doctorate degree depends on the type of degree that is being pursued and may require a significant investment or be fully funded. 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