What Are Some Ways to Pay for Education for a Medical Career?

You have decided to pursue a medical career, but you do not have the finances to pay for the required education.  What are some ways to pay for education for a medical career?

Start Planning While in High School

If you are lucky enough to still be in high school, then you can start planning ways to save money for college and medical school before you ever start college.

  • Advanced Placement (AP) Classes:Taking AP classes while in high school will give you college credit without the expensive college cost.  Take advantage of AP classes in high school when they are offered.  Make sure the course credits will transfer to the university or college you plan on attending.
  • Local Community College:Take some courses at a local community college.  The prices are normally less expensive than state and private colleges.  Make sure the course credits will transfer to the next college or university you plan on attending.  Since the community college is local, maybe you have the option of living where you were living when you attended high school in order to save money.
  • Local Public University: Consider choosing a public in-state college or university in order to save tens of thousands of dollars.
  • Combined Bachelor’s and Medical Degree Programs: Some colleges and universities offer combined Bachelor and Medical Degree programs.  This will allow you to obtain your Bachelor’s Degree and your Medical Degree in six years instead of the typical eight years, which will save you two years of college tuition and costs.
  • Keep Focused: Try to choose your schools and majors wisely.  Each time you change schools or majors, you are likely to lose some course credits that might not transfer to your new school or major.

Student Loans

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One of the most popular ways to pay for education is by obtaining student loans.  The only problem is that when you graduate college, you start your career with a huge amount of debt.  Student loans are financial aid that must be paid back with interest.

Loan Forgiveness

  • Federal Government: Research the federal government to see if you qualify for loan forgiveness on your student loans.
  • Employers: Research employers to see which employers offer loan forgiveness as part of their financial package.

Tuition Payment Plans

Research universities and colleges to see if they offer any type of tuition payment plan.  Some universities and colleges offer interest free plans that can spread the cost of tuition over a number of months.

Scholarships

Research academic institutions, local corporations, churches, etc to see what scholarships are offered and how to apply.  You can get a scholarship for academic performance, minority status, field of study, etc.  There are many different types of scholarships available.  Take the time to perform thorough research on all scholarships available to see if you qualify for one or some of them.  Scholarships do not need to be paid back.

Grants & Awards

Research universities and medical schools to see what grants and awards they offer and how to apply for them.  Perform a thorough research on all grants and awards that are available to see if you qualify for any of them.  Grants and awards do not need to be paid back.

Federal Work-Study Program

The Federal Work-Study (FWS) program encourages students with financial need to perform community service and work related to their courses of study to help pay for their education expenses.  Check to see if your university or college offer FWS and if you qualify.

Military

The military will pay for your health career and required training in exchange for military service.  The amount of military service is dependent upon the amount of education you receive.

U.S. Health Service Corps

The National Health Service Corps is a government program that will pay some or all your medical tuition (for physicians, nurses, dentists, and mental/behavioral health professionals) in exchange for two to four years of service in a medically underserved area of the country.

AmeriCorps

AmeriCorps is a network of national service programs that help students pay for school in exchange for ten to twelve months of work.  AmeriCorps allows for full time and part time work.

Peace Corps

Peace Corps offers Graduate School combined with Peace Corps service (Master’s International) in over fifty colleges and universities.  They also offer scholarships or reduced tuition at forty participating schools for volunteers that have returned from Peace Corps service.

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