January 4, 2014
Article by Global Pre-Meds
Hospital doctor shadowing & global health experience programs.
Medical School Can Be Affordable
Getting into medical school is an attractive career choice of career not just from the financial aspect but also for the job satisfaction it offers. However, as everyone knows, it can be very expensive and this is often a huge deterrent to so many students who would otherwise wish to pursue a career in medicine. If you are at this point where you are afraid to apply to med school only because of the lack of finances, you should know that there are several solutions that you can explore when it comes to financing your way through medical school.
In fact, statistics show that most students who graduate from medical school have done so on the back student loans and other finance grants. What you also need to do is to plan and budget very carefully, while familiarizing yourself with the various repayment options and determining which one would suit you best.
Draw up a plan
The trick to successful financing is to have a plan to effectively manage your debt. There are websites like the one by AAMC – FIRST for Medical Education where you will find in great detail, information on how to apply for the loans, the coast entailed, the different kinds of loan available and how to repay the loans.
Get some reliable help
If you find all of the information and formalities too much to go through and handle, you need a financial advisor who will give you good advice. Keep in mind you need advice that is timely and sound so make sure you go to someone who you can trust. There are a number of people you can approach – a financial aid officer, a health officer or the admissions officer where you are thinking of applying. Most of them are well-informed about the various types of loans and the repayment options. Getting the best possible advice at this stage is very important and it will help you sail through this period. Ask questions about things you don’t understand and write down any questions that come to you before you go looking for the advice.
What about repayment?
When it comes to repayment, there are many ways to do that. You can repay it with your average salary as in the case of primary care or you could serve in a far-off area or in the military and you can repay your loan with easier options.
The main thing is, if you want a medical career and it is your passion, you should not have to give it up only because of money. Find the best loan and repayment option and obtain that loan. Try and keep your credit card loan to the lowest possible when you go to get that student financial loan. If you have a problem, get help from the financial aid office – you’ll find that in most places, they are very efficient and very helpful.
There are a number of financial aid programs and you should also take a look at all the available grants and scholarships so you can cut down the amount of loan you apply for. There are scholarships and loans for primary care, for disadvantaged students and other alternative loans. The best people to talk to would be the financial aid office at the school you intend applying to.