Many students shy away from joining medical school due to the costs involved. The cost of education should not be preventing people from pursuing their ambitions. The financial burden of medical school can be reduced if people know what exactly they are. Many students have a substantial amount of medical school debt especially those that attend public medical schools. Medical graduates have a hard time repaying the loans they accrued in the course of their studies. This happens to those who are accepted to have failed to get accepted into a residency program. They only get a reprieve when they land their first clinical or hospital job to earn the standard physician wages. These wages come with the responsibility of repaying the outstanding student loan.
However, not all is lost because there are measures that can assist in bringing down the cost of medical school to an affordable level.
Look for scholarships
Scholarships are awarded to deserving students, and if you qualify, you can inquire around or visit the student assistance office of your preferred medical school. Academically talented students are the most eligible candidates for scholarship programs. Even though scholarship might not cover everything, it will have lessened the burden of paying too much money. Most importantly, you have to read the terms of the scholarship to know what it entails.
Serve in the military
The U.S Navy offers its medical residents an annual grant as well as the residency income. The student can pay the debt in a very short time as opposed to how a medical student in the civilian world would.
Look for the Sign-On Bonus Towards loans
Some of the medical healthcare agencies, hospitals, and clinics offer sign-on bonuses to physicians who they hire. You can apply for a portion of the available bonus and repay your medical school loan.
Live like a resident
The residency years of physicians demand them to live on very little. You can come up with a budget that resonates with a resident to enable you to repay and reduce your medical school debt. You also gain financial independence.
Serving in the community
You can join the Peace Corps to lessen your debt. You will get loan forgiveness from the Global Health Service Partnership if you agree to engage in community service. There is a minimum amount of service for these volunteer programs, which you have to meet. Also, the National Health Service Corps can cover part of your loan if you join their medical student volunteer program.
MCAT prep online
Many prospective medical students have limited resources, which why there are free and revised MCAT tests. Students can take Kaplan MCAT practice tests as they seek to reduce the cost of their studies.
The high cost of medical school will lead to fewer professionals irrespective of the increase in the number of people getting sick. Students are facing huge medical school debts, a reason why some people are making other career choices. However, this cost does not need to be daunting. The options provided here is a starting in reducing this cost. Research, plan and be flexible and you will be able to manage your costs and payments well. You can pay the loan while you are in school if possible. This will service the debt and reduce the burden.
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