How to Pay for Medical School | Minimize Student Loans & Debt

As you are already well aware, medical school in the United States is ridiculously expensive The average cost is $60,000 per year for public medical schools, and even higher for private medical schools

The average debt for medical students graduating in 2017 was close to $200,000 I was fortunate enough to graduate with actually very little debt I'll show you how to do the same What's going on guys, Dr Jubbal, ‪MedSchoolInsiders

com‬ Quick shout out to the Patreon supporters that voted for me to make this video If you want to vote for upcoming video topics and get a bunch of other perks, visit the Med School Insiders Patreon page Link in the description below Now the funds to pay for medical school will come from one of three sources: you and your family's pockets, loans, and scholarships or grants

You want to minimize the first two and maximize the latter, which is free money Let's go over each one First, most schools will ask for your and your parents' financial information Even if your parents are not going to contribute a dime to your medical education, schools often require their tax information in determining who they should offer financial aid to Remember, your parents are not required to contribute to your medical school education expenses, so be very grateful if they contribute at all

My parents were not able to contribute to my college or medical school costs, but I was still able to become a doctor with very little debt in the end We'll get to how I managed to do that shortly  Next, loans There are three main categories of loans: federal, school, and private Federal and school loans generally have more favorable terms, such as longer periods of deferment and lower interest rates

Private loans have some of the worst terms, and should be avoided Only sign private loans when absolutely necessary When you start medical school, you'll be served a financial aid package which will summarize your school's offerings for federal and school loans, grants, and scholarships It's important to create a realistic budget for yourself and only take out loans for the amount of money that you actually need You'll be paying interest on every dollar you take out

Again, only take the amount you actually need I initially was planning on giving you a detailed summary of each type of loan and the optimal strategy in signing up for loans to minimize your long term cost and interest However, I wasn't able to fit all of that in this video If you would me to cover those topics in a future video, leave a comment down below so that I can gauge interest With recent changes in the education budget on a national level, federal loans are not nearly as favorable as they were a few years ago

 However, some subsidized school loans will not accrue any interest for the period of medical school, and sometimes even through residency That's right, you don't even have to pay back for inflation! These are awesome loans, so if you are offered them, I highly recommend taking them  Private loans generally have the highest interest rates and are not included in most forgiveness programs Loan forgiveness programs are a popular way to reduce your overall loan burden They are most advantageous for students with significant debt

The way it works is simple – you work for a organization, employer, or program for a set period of time, and in return, you receive either partial or complete loan forgiveness or loan repayment  The Department of Education's Public Service Loan Forgiveness program offers loan forgiveness for working in the government or non-profit organizations After making 10 years of monthly payments, the remaining loan balance is forgiven The National Health Service Corps offers a loan repayment program for those in primary care specialties practicing in under-served areas There are also a few options through the military

Now on to the fun part, free money The main reason I was able to graduate with such little debt is through obtaining scholarships and grants  When you first get accepted to medical school, I recommend reaching out to the financial aid office, even before classes start, and asking them about what scholarships or grants are offered Most medical schools keep a list of annual scholarships and grants, many of which you may be eligible for Awards are not just for good grades

Eligibility criteria widely varies – some may be specific to a certain background or ethnicity, specialty or practice type, religion, home town or place of birth, etc In addition to reaching out to your school's financial aid office, definitely search online for medical student grant and scholarship offerings I have links to websites and resources I personally found useful down in the description below Now the juicy part Here's a little known secret that can make the difference of hundreds of thousands of dollars: if you get accepted to multiple medical schools, let them incentivize you to come to their school over others with scholarship offers

Obviously, you need to me accepted to more than just one medical school Simply send an email to the admissions office, explain you are interested in their program but are weighing other acceptances as well Ask if there are any scholarship or grants they can offer to reduce your out of pocket cost After sending out these emails to the schools I was accepted to and interested in, I was able to get almost all of my medical school paid for Had I not sent out these emails, I may have been in hundreds of thousands of dollars in debt

  Now I'm going to say this not to toot my own horn but for full transparency: I was a highly competitive medical school applicant, obtaining interview offers at the majority of schools I applied to, interviewing at most of the top medical schools, including 3 of the top 4, and gaining acceptances to several Ultimately, I went to a program I was excited about because of its location, the people, and the culture And did I mention the location? They also offered me their highest merit based scholarship and I only took small loans to cover a portion of my living expenses Many of the largest scholarships, like the one I received, are merit based, and are offered to students with stellar medical school applications This means having a top MCAT, GPA, research, and being well rounded with impressive extracurriculars

A compelling personal statement and crushing it on interview day with refined interview skills are also essential You have to be a beast of an applicant And I want to help you be that stellar applicant Now while its impossible to guarantee merit based scholarships, multiple advisors on ‪MedSchoolInsiderscom‬ also earned sizable or even full ride scholarships to medical school

These are real doctors who were top performers At MedSchoolInsiders we don't settle for anything less We can show you exactly how we did it, and teach you from our own first hand experience of success If you want to be a stellar applicant and receive one-on-one advising, tutoring, interview preparation, personal statement or secondary editing, mentorship, or any of the other services we offer, visit ‪MedSchoolInsiderscom‬

Our services will help you become a much stronger applicant, which increases the chances that you too will receive scholarships And that means saving a lot of money Talk about a good investment Check out these emails I recently received from YouTube subscribers These were fans who watched the channel who went to the website and purchased our services

The reason they're so happy is because of our results We're different from any other medical school admissions consulting company for two reasons First, our advisors are all real doctors who have performed exceptionally in their field And second, unlike any other company, we have a proprietary systematic methodology that ensures the best possible results We align your goals and interests with those of our advisors – they don't only love mentoring and paying it forward, they're also incentivized to give you the best possible service

That's why so many of our advisors go above and beyond what they're asked for, and why our customers have been so impressed For a limited time, use the coupon code SCHOLARSHIP15 for $15 off your purchase of $100 or more As always, thank you all so much for watching Let me know in the comments below if you want me to make a video going into more detail about the different types of loans, or any other video requests you may have If you know someone else going to medical school and you want them to have less than $200,000 of debt, please share this video with them

  If you liked the video, make sure you press that like button Hit subscribe if you have not already, and I will see you guys in that next one

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