Medical school is a very costly and time consuming endeavor. While many are mentally prepared to deal with the intense nature of medical school, some are scared off by the financial burden it requires. Those who may abandon their dream of becoming a doctor because of money should know that it is possible to afford medical school no matter what your budget is.
The Association of American Medical Colleges (AAMC) reminds all prospective students that there are a bevy of financial aid options available that are waiting to be taken advantage of.
Planning for Medical School
The key to attending medical school and surviving is crafting a plan long before you ever set foot in a classroom. Nearly every student will have to take on some debt in the form of student loans. Yet, if you are careful with your budgeting, put together an effective plan to manage debt, and learn about all the ways you can repay your debt, you can make life much easier.
It’s also important to try to enter medical school with as little debt as possible. The less debt you enter school with means the less debt you’ll carry with you once you’ve graduated. Also try to avoid putting medical school-related on your credit cards. This includes clothes, transportation, lodging, etc.
Repaying Medical School Loans
There are many ways you can repay your loan obligations. For example, if you pursue a career in primary care, you can typically repay loans based on the average primary care physician salary. Many lenders offer service repayment programs. These programs will provide you with assistance with your payments if you are working through the public or military.
Before taking out loans and putting a plan together to repay them, speak to advisor or specialist in this area. You aren’t the first person to worry about money and medical school, and you certainly won’t be the last. There are professionals specifically trained in helping you get through school and onto the next phase of your exciting new life!