In the United States, medical school is an expensive ordeal. The average cost of medical school per year is about $50,000 for public schools and $60,000 for private schools.
It should come as no surprise then that the average medical student will graduate with about $240,000 in student loan debt with $216,000 coming from medical school alone.
If we take it a step further and consider current loan interest rates and the average amount of time it takes a physician to pay back their debt, the average physician will ultimately pay between $365,000 and $440,000 for their student loans. This is a tough pill to swallow if you’re pursuing a career as a doctor.
There are two fundamental solutions to affording medical school, you can either increase your financial resources or decrease your costs. We’ll break down how to do both in this video.
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TIMESTAMPS:
00:00 Introduction
00:27 The Cost of Medical School
01:55 How To Afford Medical School
02:12 Financial Aid
02:38 Scholarships and Grants
03:24 Side-Hustles
04:44 Loans
05:13 Decreasing Your Expenses
05:22 Choose an Affordable School
05:54 Minimize Your Expenses
06:56 Financial Mistakes to Avoid
LINKS FROM VIDEO:
Student Loans 101: https://www.youtube.com/watch?v=Iat9AuCl_nU
Medical Student Financial Advice – The Good, Bad, & Useless: https://www.youtube.com/watch?v=K0uHGvEn35g
#studentloans #medicalschool #premed
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Disclaimer: Content of this video is my opinion and does not constitute medical advice. The content and associated links provide general information for general educational purposes only. Use of this information is strictly at your own risk. Kevin Jubbal, M.D. and Med School Insiders LLC will not assume any liability for direct or indirect losses or damages that may result from the use of information contained in this video including but not limited to economic loss, injury, illness or death. May include affiliate links to Amazon. As an Amazon Associate, I may earn a commission on qualifying purchases made through them (at no extra cost to you).