There’s no doubt that a higher education is expensive. The average student who’s taken out loans graduates owing $37,172. That’s nearly double the average from a decade and a half ago. While medical school may lead to a profitable and meaningful career, exercising caution is important. Mitigating your debts early on can prevent them from getting out of control, but there are also other costs to take into consideration. A solid approach to practical finances can get you a long way, but there are a few things med school students can do specifically.
Consider a Future in Primary Care :
The job of a primary care doctor may not be the most glamorous medical profession available, but that doesn’t make this specialization any less important. In fact, the demand is so high that many institutions are offering incentives to students looking to pursue a future as a primary care doctor. If this is a track that interests you, be sure to do your research carefully. Programs can vary significantly depending on the demand in the region. Students willing to commit to five years of primary practice in California’s Inland Empire may be able to get a full four-year ride, and schools in Ohio and Massachusetts offer similar programs.
Scrutinize Your Loan Options Carefully :
Not all loans are created equally, and the decisions you make in financing your college education could affect you for years or even decades to come. This is the kind of thing where you want to be diligent in your research. Low monthly payments mean less pressure in the short term, but interest can accrue quickly, and you could spend years just trying to catch up and start paying down the actual heart of the loan. Federal loans will offer you the best options, but that doesn’t mean you should rule out personal loans entirely. They can help you bridge the gap in your spending, and having all the money you need to pay for your tuition can avoid unnecessary stress and approach your studies with a clear head.
Consider Peace Corps Enlistment :
Whether you’re an undergrad looking to get a head start on your debt or an alumnus trying to chip away at your loans, the Peace Corps offer some great opportunities for medical school alumni looking to chip away at their student loan debt. Most prominent is the Global Health Service Partnership, a special program dedicated to improving healthcare conditions throughout the world, with a special focus on developing nations. It’s also a great way to gain practical experience out in the field and an opportunity to do good while building a portfolio of personal experiences. GHSP volunteers work in roles as nursing educators and physicians. Graduates who spend four years volunteering in their program can reduce a Perkins loan by as much as 70%.
Getting Through the MCAT :
It might not be pricey on the scale that a student loan is, but the MCAT isn’t a cheap course, and it’s not easy. The registration fee is over $300, and that can quickly add up if you don’t manage to pass the first time. Online MCAT prep courses can help spare you the repeated costs of registration and the stress of having to take an exam multiple times. And since the courses are handled remotely, you can prep on your own schedule, and you don’t have to worry about traveling to a classroom or lab.
