The Cost Of Medical School And How To Pay For ItNovember 16, 2013
Medical school can be expensive and if you wish to pursue a career in the medical fields, one of the first things you need to figure out is how you are going to cover the cost of the tuition.
The basic program spans 4 years and on average you will have to pay about $70,000 – $80,000 per year just in tuition and school fees. Add living expenses to this figure and it will easily mark up to an additional $20,000 -30,000. Public schools may cost less than their private counterparts, but they are still more expensive than most other non-medical programs. Another thing you will have to factor is in the 3% – 4% rise in tuition costs every year. So, how you are going to pay for all of this?
Here are a few things you can look into that will help you ease the financial burden.
Explore Various Financial Aid Packages
Financial aid packages typically consist of a base loan. If you are eligible, you may also get a grant. This will be calculated on the basis of the amount that your family will contribute towards the entire cost of your medical education. It includes fees, tuition and living expenses. Many schools also offer merit scholarships but these are granted exclusively to students who have obtained very high scores or those students who have some outstanding qualities that would contribute to the school in some way.
Put In Applications For Scholarships
Scholarships for medical students may be few and far between but they are definitely worth a try. The best way to find out what is available is to scour medical college websites and look for all the possible scholarships. Don’t hesitate to apply for scholarships to any establishment that offers them. The worst that can happen is that your application will get turned down. However, you could be lucky too.
Military Medical Schools Offer Tuition- Free Education
Yes, military medical schools offer a tuition-free education. The only stipulation is that you commit to a minimum 7 years to the service after you graduate. The curriculum, environment and the experience you get in a these schools is unparalleled.
Pay The Fees Off At A Later Date
If you do not have the funds outright, one of the things you can consider doing is building up loans with interest, which you can then pay off later. This is how the majority of students who get through medical college manage to pay the cost of their tuition. Think of all the ways in which you can cut costs and learn how to live cheaply through medical school as well as through your residency and in the few years after your residency. These little savings can add up significantly in the end and can go a long way in helping you pay off your student loans.