Paying for medical school

Medical school is expensive! Paying for medical school in the U.S. can be a significant financial challenge, but there are several options available to help manage the cost:

1. Federal Student Loans

• Direct Unsubsidized Loans: Available to graduate students, including medical students. Interest accrues while you're in school.

• Direct PLUS Loans: Can cover the remaining cost of attendance after other financial aid. These have higher interest rates and fees.

• Income-Driven Repayment Plans: After graduation, you can opt for repayment plans based on your income, which may lower your monthly payments.

2. Private Student Loans

• Offered by banks, credit unions, and other lenders. These can cover costs not met by federal loans. Terms vary, so compare interest rates and repayment options carefully.

3. Scholarships and Grants

• Merit-Based Scholarships: Awarded based on academic or other achievements.

• Need-Based Grants: Provided based on financial need. These do not need to be repaid.

• Service-Based Scholarships: Offered in exchange for a commitment to work in underserved areas (e.g., National Health Service Corps).

• I have won a scholarship from the San Joaquin Valley Medical Scholarship Foundation which will pay off about half of my student loan for my commitment to work in the underserved areas of Fresno, CA. Check out the foundation at https://sjvmedicalscholarship.org/.

4. Work-Study Programs

• Part-time work opportunities offered through the school to help offset educational costs.

5. Military Programs

• Health Professions Scholarship Program (HPSP): Covers tuition and fees in exchange for military service after graduation.

• Uniformed Services University of the Health Sciences (USUHS): Provides a salary and covers tuition in exchange for military service.

6. Loan Forgiveness Programs

• Public Service Loan Forgiveness (PSLF): Forgives remaining loan balance after 10 years of qualifying payments while working in a qualifying public service job.

• State-Specific Programs: Some states offer loan forgiveness for doctors who practice in underserved areas.

7. Personal Savings and Family Support

• Using personal or family savings to cover costs can reduce or eliminate the need for loans.

8. Income from Employment

• Some students work part-time or take a gap year to save money before attending medical school, though this can be challenging due to the demanding nature of medical education.

By combining different options, such as scholarships and federal loans, medical school can become more affordable. Personally, coming from an underprivileged family, I relied entirely on federal student loans. Although this left me with significant debt, I wouldn’t be where I am today without it, and I’m grateful for that opportunity. Fortunately, there are programs available to help pay off student loans once you finish residency and start practicing. It can work out in the end. The most challenging part is getting through medical school and residency.

For more information go to https://students-residents.aamc.org/financial-aid/paying-medical-school