4 Ways To Reduce Medical School Costs

The cost of higher education varies depending on accommodation, transport, and other factors. However, a major determinant for the price usually is the course one is pursuing. Some programs don’t cost much, while others do. 

One of the expensive courses to study is medicine. This is because the program needs highly-qualified professionals to teach, and learning requires large quantities of supplies and equipment. Besides that, medicine is also an esteemed field, and it’s easy for students to get jobs faster after school. 

Student loan debt is one of the things that stresses out medical school graduates who are looking for jobs. Usually, making repayments hinders their ability to be financially stable and can cause hardships in meeting their personal needs. If you’re a graduate going through such an experience, the Medical Aid organization said it’s possible to repay your loan faster. You have options like repayment programs, loan consolidation, or financial aid. Additionally, refinancing student loans allows you to combine multiple loans into one low monthly payment and shorten the term length to lower the interest rates. Ultimately, this can help you pay off the debt sooner.

If you want a career in medicine, the cost of learning shouldn’t discourage you from pursuing your dream. There are ways to lessen the burden of unwanted debt. The trick is to identify ways to reduce the cost. This way, you’ll lower the amount of debt owed after graduation.

Below are four tips that can help you lower your medical school costs:

1. Evaluate What You Can Contribute First

Before applying for a student loan, evaluate what you can contribute. See how much your parents and other loved ones can provide, then examine what you can come up with from your savings. The contributions you eventually end up with can help you reduce the amount needed for tuition fees. This way, if you must get a student loan after, it’ll be less than what you would have applied for initially. The less you need, the less you’ll have to repay.

2. Get A Part-Time Job

Getting a part-time job is also an option to consider. Your side hustle can enable you to pay your student loan while still in school. This way, you won’t have to postpone reimbursing your debt until medical residency. This strategy is often discouraged because your debt accrues interest, meaning your loan will increase, and your required monthly payment will be higher. This will cause financial strain or derail your dream of starting your own practice.

Paying your debt while still in school helps you avoid such from occurring. A side hustle will help you reduce the amount owed after graduating and ensure you have cash for your other expenses. 

Medical studies demand more time, concentration, and commitment. As a result, some schools may prohibit students from getting part-time jobs. Nonetheless, you need a side hustle if you have no other way of getting financial help.

The best thing to consider is getting a part-time job that doesn’t require much of your time and keeps you focused on your studies. For instance, you could become a tutor. This way, you’ll earn money while reviewing study materials. 

3. Look For Financial Aid Options

Financial aid is also an option to consider. Most medical schools have an office where you can inquire about the choices available. So, upon admission, visit such an office to find out what you may be eligible for. 

That said, you must fully understand the options available before picking anything. For instance, a grant and a loan aren’t the same. The former doesn’t require paying back, but the latter does. If you’re taking a loan, ask about its interest. Some have low or zero rates, which are best to consider.

On the other hand, you may find larger loans, which can be tempting. However, these mostly have a higher interest rate and could become challenging to repay afterward. Developing a good reimbursement strategy can help here.

Some institutions also offer scholarships. They may be merit or need-based. Also, some pay only a percentage of your tuition while others cover it all. You won’t find many schools advertising their scholarships openly, so you must inquire about them.

Some companies and foundations offer scholarships to students, too. Look for such on the internet or talk to senior medical students to find out what options are available.

4. Find A Suitable Forgiveness Or Repayment Program

Some programs pay or forgive part or all of a medical student’s tuition. This is if one is willing to work as a military physician or practice in regions with fewer primary healthcare providers. Most of these programs will require you to serve for some years to receive their benefits. Explore the different forgiveness or repayment initiatives available in your area to find out what suits you. 

Final Thoughts

Medical school can be expensive, but this shouldn’t discourage you from pursuing your dream. In this article, you’ve learned some ways to reduce its cost. As advised, you should first find out how much you and your loved ones can contribute towards your education. The amount can reduce how much you’ll need to borrow. Besides that, you can get a part-time job, explore the available financial aid options, or consider suitable forgiveness or repayment programs.