You have the merit and always have a dream of becoming a medical professional, but then the cost of studying medicine is quite expensive. Based on the findings of the Association of American Medical Colleges, the approximate out-of-state fee at a private college in the country is $56,946. Then, that does not mean you will give up on your dream of becoming a doctor.
According to an article published on https://www.forbes.com, the best way to afford your medical school fee is by working and studying at the same time. Then, there are ways to pay without going bankrupt. Here is how:
- Robert Trosten recommends opting for government aid
You can fill out the form on Free Application for Financial Aid or FAFSA, which you can do when applying for your medical post-graduate degree. The medical colleges will assess how much monetary assistance you should apply for, depending on your current financial situation. Even if you haven’t been accepted by any school, there is no harm in sending an application for every school that you have applied to.
You can also get a federal loan through FAFSA and the kinds of loans vary including Direct PLUS, Direct Unsubsidized, or for that matter HRSA Primary Care. All of these loans have a low rate of interest and flexible payment terms, unlike traditional loans. Robert Trosten cites that it will help you pay off the borrowed amount once you have a medical degree and become a successful doctor.
- Opt for local scholarships or grant programs
Did you know that there are many scholarship programs for post-graduate studies too in the US? The good news is that you will find scholarships or grants for each stage of the medical school process, whether you are a pre-med undergraduate candidate or a post-graduate student.
There are schools providing scholarships based on complete merit like the University of Pennsylvania’s Perelman School of Medicine. Then, the Physicians of Tomorrow Award, offering students $10,000 in their final year of studies. Again, you will find eminent business leaders, physicians offering scholarship programs for the most deserving students to pursue medical education.
Then, you need to look at the right place to find these scholarships. First, request your school what scholarship options it has. You can also opt for local organizations and the options depending on your background and interest.
- Robert Trosten recommends you to register for some service program
You can easily pay for your medical fees through service programs of the military or government. If you have rendered service for some number of years in one of these institutions, a part or full of your medical school expenses will be covered. The common programs are Health Professions Scholarship Program, National Health Service Corps Scholarship, Public Service Loan Forgiveness, State-run Loan Repayment Assistance Program, and more. All such programs help you to pay for medical education without taking expensive loans from private banks.
Now that you know about the financing options for your medical education, opt for the right one that suits your needs. Do some research and then apply. It will help you make an informed decision.