Paying for Medical School
You CAN Afford Medical School
You want to be a doctor or physician scientist — that’s a good career choice,
both socially and financially. You probably know that medical school is expensive,
but what you may not know is that once you are admitted to medical school,
there are options for financing your education. The key is to find the solution
that best meets your goals.
Things to Think About
There are many different ways you might choose
to pay for your education, but student loans are
a reality for most students. The keys to successful
borrowing and loan repayment are careful planning
and budgeting, learning how to effectively manage
your debt, and educating yourself on the various
repayment and forgiveness options.
Have a Plan
One of your first stops on the road to creating
a sound financial plan is AAMC’s FIRST program.
FIRST provides extensive information on the cost of
applying to medical school, various types of loans,
repayment information, and other related topics.
Even with these resources, the process of financing
medical school may be a bit overwhelming at times,
so your next step is identifying a financial aid advisor
to assist you.
Get Good Advice
The importance of getting sound, accurate, and
timely advice cannot be overstated. Whether it’s
your prehealth advisor, a current medical student
or resident, or the admissions or financial aid officer
where you are applying, there are people who can
help you navigate this often complex process. Look
at each school’s financial aid office website to see
what information is available. Bring your financial
aid questions with you when you visit schools,
and stop by the financial aid office to get your
questions answered.
Learn About Repayment Options
It may seem too early to learn about loan repayment
options, but being aware of them can help ease
the fear of student loan repayment down the
road. There are various repayment plans currently
available, and it’s important to know that you have
options when it comes to selecting the plan that
works best for your financial situation. Another
opportunity for repayment can be found with service
repayment programs. These programs can help
you repay your loans while practicing in a medically
underserved area, or through public or military
service. For more information, review the financial
aid fact sheets at aamc.org/first/factsheets.
Final Thoughts
Stay true to your passion. Explore your options.
Find a good advisor/mentor. If you can, enter medical
school with little or no credit card debt and be aware
of the status of your undergraduate loans. The less
debt you begin medical school with, the less debt
you will have at the end. Do what you can to not
put application and interviewing costs (fees, travel,
hotels, etc.) on credit cards. Frankly, there will be no
room in your medical school budget to pay off that
debt. Lastly, remember the financial aid office; they
will be essential to you throughout medical school.
They are there to help, so make sure you get the
help you need.
aamc.org/first
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