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First off, I want to congratulate you on your decision. The field of medicine is a very worthwhile and rewarding opportunity. If you make good choices, you’ll be glad you chose the route you did. But before you get to helping others and making solid wages, there are some obstacles to overcome…like the high cost of going to medical school. Over 85 percent of those who enter undergraduate school in a medical field leave their college or university owing thousands of dollars in student loans. But is there a way to stop debt from happening, or is it just one of the unavoidable pitfalls of higher education?
The best option for avoiding heavy costs down the road is a good 529 plan. A 529 is a prepaid plan in which your parents pay a little each month from the time you’re born until you go to college. Then once you enter college, there’s nothing left to pay. If the cost of tuition goes up, the state covers the difference. Cool, huh? Of course realistically, if you’re reading this, it’s too late to get set up on a 529, but it is food for thought to pass along to friends and relatives getting ready to start a family.
Another option is financial aid. Financial aid is a compilation of state and federal grants (PELL, SEOG, CSAP, etc.) that reduce the cost of your tuition. To be awarded financial aid, you must apply. You’ll want to do this whenever you begin thinking about putting in an application to a college. Scholarships are also available to those who are gifted in academics, sports, or some other specialty. Again, you usually must apply to earn one, although some are awarded to you without asking. There are also part-time jobs and paid internships that can reduce costs. And if all else fails, rob a bank! (Just kidding.)
Seriously though, student debt is a real problem—especially for medical students, and it’s important to plan early in order to avoid having your credit damaged. Talk to colleges you’re interested in, and make an appointment with your guidance counselor to go over additional resources and tips.
