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Medical school is expensive. You already know that. 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.
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There are three places where you’ll get money to pay for medical school:
1) You and your family’s contributions
2) Loans (federal, school/organizational, or private)
3) Scholarships and grants (free money)
Your parents have no obligation to pay for any of your medical school expenses, so be very grateful if they do end up helping you at all. My parents did not provide assistance to my college or medical school expenses, however I was still able to graduate without significant debt. More on that shortly.
Loans can be divided into federal, school, and private loans. Avoid private loans. Federal and school loans are what you want to go with, but only take out the amount you need. Taking out extra means more interest you’ll have to pay in the end.
Scholarship and grants are free money, and you should do everything in your power to maximize their availability to you. First, when you get accepted to medical school, reach out to your school’s financial aid office and ask for their list of scholarships and grants. Apply to ones that you are eligible for as soon as possible. Eligibility criteria varies, and can include religious background/affiliation, sexual orientation, nationality or ethnicity, practice type (primary care, underserved, etc.), and many more.
Here’s the secret sauce: if you get accepted to multiple medical schools, allow the schools to incentivize you to come to their 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 say this not to toot my own horn but for full transparency: I was a highly competitive medical school applicant. Now while its impossible to guarantee merit based scholarships, multiple advisors on http://MedSchoolInsiders.com 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 http://MedSchoolInsiders.com.
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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.