Bearing the cost of medical school, which is always expensive, is worth the investment when it’s your passion. But you also need to figure out how to pay for the expensive medical school bills. Some US medical school costs are different and more expensive than some Caribbean medical school cost. Keep reading this article to know what are the best and most advisable approaches of paying for medical schools, giving a kickstart to launching medical careers for many students.
Methods to pay for med school
The major three ways to pay for medical school are by – –
- Student loans
- Personal funding and savings
Paying for med school using scholarships
When it comes to scholarships, there are quite a few options. But the most favorable ones are obviously available for the students who have stellar academic records, represent multiculturalism and diversity, and have strong interests in research. Students should also explore their local and even school-specific resources or available opportunities. Some medical schools are known to offer generous awards to eligible students. You could look for other mediums of scholarship as well – like private, public, as well as governmental institutions who offer partial or full grants and scholarships. The key is to research well.
Paying with student loans
Most medical students fund their medical education through federal loans. Federal loans are preferred to private loans for several reasons. Federal loans give the options for repayment, and even income-based repayment also referred to as Pay As You Earn scheme. Another option some students take advantage of during their residency is Forbearance. Federal loans provide a better option for debt consolidation which helps students lower their interest rates and also simplify their loan payments. You’d be surprised to learn how a lower rate can immensely decrease your total expenses.
Paying with personal and family savings
Besides student loans and scholarships, there is another resource to fund one’s education – and that is family network and personal savings. Some medical students fortunately get the opportunity to seek aid from their parents, benefactors, or relatives. There are rewards for the sponsors as well, like several tax benefits. Financial support is not always lent in the form of a gift either. Some choose to loan the tuition fee expecting that the student will pay back as they start practicing.
Enroll on a medical program by doing your research on how you’d approach funding your education.
Different programs, student loans, and scholarships that support the cost of medical school, offer students the options to fund their dream education.
Now that you know the different finance routes available to you, it’s time to start evaluating your program options. Ultimately, your decision should come down to more than cost alone. Learn about what other factors to weigh in our article, “How to Choose a Medical School: 9 Things to Evaluate Before Accepting.”