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So you want to go to medical school and become a doctor? Then you know that the MCAT, a rigorous test, is likely in your future. Since it’s an important qualifying test for medical school and can be challenging, you likely want to arm yourself with info and prepare well for it.

Here, you’ll learn some of the most important information, such as:

•   What are the MCATs

•   How to start studying for the MCATs

•   How to pay for the MCATs and medical school.

Read on, and hey: You’ve got this!

What Are the MCATs?

MCAT stands for Medical College Admission Test® (MCAT®). The test, which the Association of American Medical Colleges (AAMC) creates and administers every year, is multiple-choice and standardized. Some important facts:

•   Medical schools have been utilizing it for more than 90 years to determine which students should gain admission.

•   Most medical schools in the United States and some in Canada will require that students take the MCATs. Every year, more than 85,000 prospective medical school students take it.

•   There are four sections to the MCATs:

◦   Critical analysis and reasoning skills

◦   Biological and biochemical functions of living systems

◦   Chemical and physical foundations of biological systems

◦   Psychological, social, and biological foundations of behavior.

•   Students will receive five scores: one for each section, and then one total score.

◦   In each section, they can get a score ranging from 118 to 132, and the total score ranges from 472 to 528.

◦   Generally, a competitive MCAT score is a total of 511 or above, which would place a student in the 81st percentile.

The average MCAT score for all medical school applicants is currently 501.3. Usually, students will receive scores 30 to 35 days after they take the exam.

Keep in mind that MCAT scores, while important, are just one part of a medical school application. Medical schools often review other factors, including things like a student’s:

•   GPA

•   Undergraduate coursework

•   Experience related to the medical field, including research and volunteer work

•   Letters of recommendation

•   Extracurricular activities

•   Personal statement.

Because of this array of inputs, If a student has a high GPA from a competitive undergraduate school, for instance, and they don’t score very high on the MCATs, they may still have a chance of getting into a medical school.

Getting a competitive score on the MCAT can give applicants an edge, especially when applying to ultra-competitive medical schools. One way students can help improve their chances of getting a desirable score on the MCAT is to learn how to study for the unique demands of this test.


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Studying for the MCAT

One of the first things a student can do when determining how to prepare for the MCAT is to create a study plan. A well-crafted study plan will review what materials the student should review in order to prepare for the exam.

That said, there’s no one best way to prep for the MCAT. Consider these options; you might use one or a variety of techniques.

The AAMC Website

One great place to get started is the AAMC website, which provides an in-depth outline of the test on their website. Obviously, the same questions students will see on the actual exam won’t be listed, but sample questions that are similar to the real questions are. Students may find helpful tutorials and other content as well.

Online Resources

There are a variety of other online resources students can explore to help them review. For example, the AAMC currently recommends students take a look at Khan Academy’s MCAT Video Collection, where there are more than 1,000 videos as well as thousands of questions that students can use to review.

There are also MCAT study apps like MCAT Prep from Varsity Tutors and MCAT Prep by Magoosh that students can download and use to study.

Books, Textbooks, and Class Resources

How else to prep for the MCATs? It may also help to buy or borrow books from the library that go into detail on the MCAT. One word of advice: Students should just make sure that the books they’re reading are up to date. Information (and the MCAT) get refreshed often; you don’t want to be studying yesterday’s medical data.

It can also be helpful to review class notes and study guides from courses you’ve taken that are related to MCAT materials. Some schools have study groups and other academic support resources for students who are studying for the MCAT. If you’re currently enrolled in classes, take a look to see what might be offered at your campus. You might luck out with some great ways to learn more.

Practice Tests

AAMC offers official sample MCAT practice exams online. You can access two for free, and others for a cost of $35 each. Taking practice tests can help students familiarize themselves with the exam. Taking practice tests can also be important in helping students understand the timing of each section.

Study Groups and Tutors

Here are other ideas for how to start studying for the MCAT:

•   Getting an MCAT tutor who has taken the test could also be helpful. A tutor will generally be able to provide guidance on what kind of questions a student can expect. Plus, they will likely have hands-on experience with effective methods and tips for studying.

If you decide that how to prep for the MCAT should involve a tutor, ask friends and fellow students who have taken the MCATs recently for recommendations. There are also test preparation companies that provide resources for students to find tutors online or in person. Do check reviews and references.

•   Study groups can also be a tool to help students who are preparing for the MCATs. Students can find others who are on the same path and work together to build proficiency. If possible, find a group where each student has a different strength and weakness. This can maximize students learning from one another.

•   It may help to use a shared calendar or another tool to make sure everyone is on the same page for dates, times, and locations for when the study group will meet.

•   Want to find a study group as part of how to prepare for the MCATs? Search engines, professors’ recommendations, school bulletin boards/online groups, and fellow students are good bets.

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Important Dates to Keep in Mind

Now that you know the ins and outs of preparing for the MCAT, what about taking the test itself? Students can take the MCATs several times throughout the year, from late January through September. There are hundreds of test locations around the U.S. and Canada as well as select locations around the globe.

If a student’s preferred MCAT test date or location is not available, they can sign up for email notifications to see if it becomes available down the line.

Recommended: Refinancing Student Loans During Medical School

Paying for the MCATs and Medical School

As you explore the best way to prepare for the MCAT and plan your medical school journey, you’ll likely be keeping costs in mind. Here are details to note.

Paying for the MCATs

The registration fee for the MCAT exam is $330, and that includes distribution of scores. There may be additional fees for changes to a registration, a late registration, and for taking the test at international sites.

The AAMC does offer a Fee Assistance Program to students who are struggling to pay for the test and/or medical school applications. To be eligible for the Fee Assistance Program, students must meet the following eligibility requirements:

•   Be a US Citizen or Lawful Permanent Resident of the US.

•   Meet specific income guidelines for their family size.

Note that the Fee Assistance Program will review financial information of the student and the student’s parents, even if the student is considered independent.

Keep in mind that along with the MCAT fee, applying to medical school can be quite expensive. Most medical schools in the US utilize the AAMC’s American Medical College Application Service® (AMCAS®). To apply to medical schools, students will generally pay a first-time application fee of $170, as well as $40 for each additional school.

Some medical schools may require a secondary application, and those fees range depending on the school. Students may also need additional money to travel to and tour schools.

Recommended: Cash Course: A Student Guide to Money

Medical School Costs

The application process is just one portion of the expense of med school. After being accepted, there’s the cost of tuition, books, and more, and these medical school costs have been rising steeply lately.

•   The average cost of the first year of medical school at a public school with in-state tuition is $67,641, which includes tuition, fees, and living expenses.

•   The average cost for the first-year at a private medical school is $93,186. The average debt for medical school graduates is currently $202,453. Debt after medical school can go even higher when you add in undergraduate loans.

Obviously, that’s a significant number and can make you wonder how to pay for medical school. First, do remember that medical school is a path to a rewarding and challenging career, as well as potentially a lucrative one. The average medical school graduate earns more than $150,000, with high earners enjoying salaries above the $400K mark, according to ZipRecruiter data.

Paying for School with the Help of SoFi

Paying for the MCATs and medical school can be a challenge. SoFi understands this, which is why they offer students private student loans and the opportunity to refinance their current student loans.

Keep in mind, however, that if you refinance with an extended term, you may pay more interest over the life of the loan. Also note that refinancing federal student loans means forfeiting their benefits and protections, so it may not be the right choice for everyone.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

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You may have a debit card in your wallet and even swipe it multiple times a day. But did you ever take a moment to think about what an impressive invention that little rectangle of plastic actually is?

Debit cards offer an extremely convenient payment method (you may not even need to swipe it in this tap-and-go era) and are a relatively recent addition to banking services.

To learn more about these handy payment cards, keep reading for 21 debit card facts.

21 Interesting Debit Card Facts

Want to learn some interesting facts about debit cards? These are debit card facts that may surprise you.

1. Over 80% of Americans Have a Debit Card

Recent surveys reveal that over 83% of Americans have a debit card. That’s a lot of plastic! Many people have multiple debit cards. One report noted that there were over 6 billion debit cards in the U.S.

2. Most Debit Cards Have a Familiar Logo

Many debit cards feature the Mastercard or Visa logo, even if your bank sends you the card. This means those two familiar card issuers’ networks can help support the transaction.

Over 73% of Americans have a debit card from Visa; almost 60% have one from Mastercard. (Yes, those numbers add up to more than 100%, indicating that many people have multiple cards.)

3. Debit Cards Followed Store Credit

Who came up with the ingenious idea for a debit card? Store cards likely sparked the idea. Before debit and credit cards launched, if someone didn’t want to make payments in cash (or couldn’t afford to), they often had the option to use store credit. U.S. banks actually got the idea for debit cards from the store credit system in the 1940s.

Quick Money Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

4. Magnetic Stripes Debuted in 1967

Magnetic stripes quickly became the preferred method for making plastic cards machine-readable in 1967. In early 1971, the American Bankers Association (ABA) endorsed the magnetic stripe — also known as the magstripe — to make plastic debit cards readable on a machine. This helped usher in a new era of convenience, although debit cards were originally better suited for withdrawing cash from an ATM than shopping.

5. Magnetic Stripes Are on the Decline

Nowadays, magnetic stripes are becoming less popular as new technologies evolve. By 2033, Mastercard doesn’t plan to use magnetic stripes on their debit or credit cards at all anymore.

6. Kids Can Get Debit Cards

While 18 is usually the minimum age to open a bank account, some kids’ accounts come with debit cards. Chase offers a First Banking account with a debit card for those ages six to 17, and Greenlight and GoHenry also offer debit cards for young customers.

7. Metal Debit Cards Exist

While many of us are accustomed to plastic debit cards, some issuers make them out of metal. For instance, N26, an online bank overseas, offers premium banking clients a card made of 18 grams of stainless steel, in three different metallic shades.

8. Some Debit Cards Are Going Green

Starting in 2023, Bank of America is beginning to use recycled plastic for all of its debit and credit cards. This move is aimed to help reduce the amount of single-use plastics by 235 tons. It’s a good example of green banking at work.

9. Most People Have Daily Debit-Card Spending Limits

There may be exceptions to the rule, but most debit cards come with limits about how much you can swipe per day. These limits are typically between $400 and $25,000 per day. Check your agreement with your bank to find your financial ceiling.

Recommended: Guide to Paying Credit Cards With a Debit Card

10. The Public Resisted Debit Cards Initially

At first, people said a big “thanks, but no thanks” to debit cards. In 1972, a report commissioned by the Federal Reserve Bank in Atlanta found that the majority of the public didn’t support any kind of electronic payments system. Times have certainly changed.

11. You Can Customize the Photo on Your Debit Card

Do you like expressing yourself? Some financial institutions will let you put the photo of your choice on your debit card. For instance, Bank of America shows an example of putting an image of a furbaby on their debit card.

12. A West Coast Bank Released the First Debit Card

Debit cards made their debut in 1978, thanks to the First National Bank of Seattle. However, some say an early forerunner was introduced in the 1960s by the Bank of Delaware and should get credit as the true pioneer. Either way, it shows debit cards have been around for a while.

13. Debit Cards May Carry Fees

While you won’t rack up debt and charges the way you could with a credit card, not all debit card transactions are free. For instance, if you use your debit card to get cash at an out-of-network ATM, you might get hit with a charge. Or if you overdraw your account, you might get a fee similar to those incurred when you bounce a check. Check your account agreement or ask a bank rep for details.

14. UK Banned All Debit Card Surcharges

Originally, debit cards in the UK came with fees, such as processing charges. However, in 2018, the UK government banned any surcharges on debit cards which makes it possible to use them for a transaction of any size, even super small ones, without fees being added.

15. Chip Technology Leads to Contactless Payments

During the pandemic, contactless payments surged in popularity. This was made possible by chip technology. With chip technology, consumers can simply hold their debit card over a payment terminal to make a payment. There’s less risk of passing germs around via touch.

16. Chip Technology Doesn’t Require a PIN

Not only does chip technology make it possible to skip entering a debit card physically into the payment terminal, the use of a PIN may not be required.

17. You Can Be Liable for Charges on a Lost Debit Card

There’s a downside to the convenience of debit cards. If yours is lost or stolen, you’ll be liable for:

•   $0 if reported immediately and before any unauthorized charges are made

•   Up to $50 if you notify the bank within two days

•   Up to $500 if you notify the bank within 60 days after your statement was issued showing unauthorized usage

•   Unlimited if you don’t notify the bank within 60 days of the statement showing unauthorized usage being issued.

18. Some Debit Cards Can Be Used Worldwide

Having a debit card from a well-known issuer like Mastercard or Visa has some benefits. For example, because these two card issuers are so popular, they are accepted as a form of payment in most countries. This can make payments much easier for global travelers. That said, be wary of possible international conversion fees (possibly 1% to 3% of the amount you swipe) plus foreign ATM usage charges.

19. There Were Three Major Players Until 2002

Until 2002, there were three main players in the debit card space. Alongside Mastercard and Visa, Europay was the other big player. In 2002, Europay merged with Mastercard.

20. Debit Cards Are More Popular than Credit Cards

Consumers have the option to use debit cards or credit cards if they don’t want to have cash on them when shopping or if they are shopping online. In one recent study, debit cards were found to be used almost twice as often as credit cards.

21. People Spend Less With Debit Than Credit Cards

While people may use debit cards more often than credit cards, they tend to spend more when using credit cards (almost 30% more), whether purchasing in person or shopping online.

The Takeaway

There’s a whole array of interesting facts about debit cards, from how they were developed to how they are made to how they can be used. What may stand out most among these 21 debit card facts is just how far payment technology has come in recent years and how much more convenient purchasing has become.

FAQ

Are debit cards more popular than credit cards?

Debit cards tend to be more popular than credit cards. Recent research found that consumers use debit cards almost twice as much as credit cards. However, when they do use credit cards, consumers typically tend to spend almost 30% more than they do with a debit card.

What is the difference between debit and prepaid cards?

The main difference between debit and prepaid cards is where the funds for payment come from. A debit card is linked to a bank account, but a prepaid card is not. Consumers need to load money onto a prepaid card before they can use it. Once they do so, that amount acts as their spending limit.

What debit card is the most popular?

Most banks offer their own debit card, but the majority of these are backed by one of two issuers, Visa or Mastercard. Currently, Visa is the more popular issuer.

What debit card fact is the most useful?

The most useful debit card fact to know may be either that you have a daily spending limit or that you must report a lost or stolen debit card ASAP to avoid being liable for any unauthorized usage. The longer you wait, the more you might owe.

Photo credit: iStock/Daisy-Daisy

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The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

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