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How to Pay for Medical School
If you are asking yourself, “how do I pay for medical school?,” you are not alone. Remember, many doctors have asked the same question before you! Choosing to go to medical school comes with a pretty high cost of attendance. But, not to worry, because we have you covered with tips and tricks on how to pay for medical school with less stress. Let’s dive right in!
Preparing yourself for the costs
As you most likely have already noticed, attending medical school is not cheap. For many people, it is 100% worth the money they spent. This is not only because they achieved their dream to help others, but also because of the high salary earned after graduating. The average yearly cost of medical school is $54,698, so prepare yourself for steep tuition, although there are a number of ways to offset that amount.
Different ways to pay for medical school
Just like an undergraduate degree, there are various ways that you can pay for your medical school costs. Keep reading to learn about a few ways to help fund your medical school education.
1. Financial aid
Just as you probably did each and every year as an undergraduate student, start out by filling out the FAFSA. The FAFSA, or Free Application for Federal Student Aid, is how your school and the government see how much financial aid you may require based on your income. The FAFSA determines if you qualify for lower cost federal loans. In addition to that, the FAFSA is how most schools determine how their scholarships are distributed, which is another option for paying for medical school.
2. Scholarships
It is always a good idea to apply for scholarships, whether you are applying for undergraduate studies or beyond.. Scholarships are more than just “free money.” Sometimes, they are also awards that you can put on an academic CV. So, you receive money for your tuition and impress at the same time. Not to mention, scholarships are made up of money that you don’t have to pay back, so you can graduate medical school as debt-free as possible. Applying to scholarships should be at the top of your list. At Scholarships360, we have a plethora of scholarships in our database, so you can be custom matched to find the scholarships just for you.
3. Student loans
The final option to turn to (after filling out the FAFSA and seeing how much money you can receive in scholarships and grants) is student loans. There are federal and private student loans, which is money that you eventually have to repay to the government or the bank that you received a loan through.
The good thing about student loans is that you do not technically need to start paying on them until you graduate– but they do collect interest the longer that they are not paid off.
4. Paying for medical school through service
For students interested in having their loans paid off or borrowing less in student loans, medical service organizations may be the direction to take. This means that because you work in a certain field, companies and organizations are willing to pay for your college for you– which is awesome. Some of the qualifying organizations are:
- Public Service Loan Forgiveness
- National Health Service Corps
- Military service
- State and Federal Loan Forgiveness programs
5. Attend a tuition-free medical school
Surprisingly enough, there are tuition free medical programs all over the country. Some of these include New York University, Columbia University, Cornell University, and the Cleveland Clinic. These are all great options, but keep in mind that they are extremely competitive to earn. It is important to note that even if you apply, you may not qualify for a complete full-ride. They choose people depending on their financial need and academic merit.
Final thoughts for students
Medical schools produce amazing health care professionals that continue to change our world for the better each day. You should not feel that you can’t apply just because you think you may not be able to afford it. Medical schools want to work with you, so if you are qualified and passionate about your field of study, they will help you find a way to make it work. If you are a low-income student, check out the U.S. Health Resources and Services website for scholarships and grants.
Additional resources
At Scholarships360, we have some informative articles about medical school, so be sure to check out how to attend medical school for free, and/or how to get into medical school with a low GPA. Good luck, future health care professional!
