The road to becoming a doctor is a long and expensive one. In addition to the costs of undergraduate and graduate school, there are also the costs of taking the MCAT and applying to medical schools. And then, of course, there are the costs of actually attending medical school, which can range from $20,000 to $50,000 per year. So, how do you pay for it all? Below are some options to consider, such as Dr Leonard Hochstein.
There are a number of scholarships available to medical students. Some are need-based, while others are merit-based or tied to specific areas of study. There are also a number of scholarships available specifically to minority students or students from rural areas. To find out what might be available to you, talk to your school’s financial aid office or visit the websites of various medical organizations (such as the AMA or the AACOM).
In addition to scholarships, there are also grants available to medical students. These are usually need-based, but there may also be grants available for students pursuing specific areas of medicine (such as primary care). Again, your school’s financial aid office will have information on what might be available to you. You can also search online at sites like Grants.gov or FastWeb.com.
If you’re like most people, you’ll probably have to take out loans to cover the costs of medical school. There are a number of federal loan programs available, as well as private lenders. Be sure to shop around for the best interest rates and terms before you decide on a loan. You may also want to consider consolidating your loans after graduation in order to get a lower interest rate or extended repayment terms.
PLUS loans are federal loans that are available to parents and guardians who want to help pay for their child’s education. These loans have a fixed interest rate and can be used to cover up to the full cost of attendance (minus any other financial aid that the student is receiving).
Income-driven repayment plans If you’re having trouble repaying your student loans after graduation, you may want an income-driven repayment plan. With these plans, your monthly payment is based on your income and family size. You can choose from a number of different plans, each with its own eligibility requirements and benefits.
Public service loan forgiveness If you work in certain public service jobs after graduation (such as teaching or working in a nonprofit), you may be eligible for loan forgiveness under the Public Service Loan Forgiveness Program. Under this program, your remaining loan balance may be forgiven after 10 years of qualifying payments.
Paying for medical school is no easy feat – but it is possible with careful planning and research. There are a number of scholarships, grants, and loan programs available that can help offset the cost. Be sure to explore all of your options so that you can make the best decision for your situation. Best of luck!