Life After Undergrad: Medical School Edition | 03.16.10
Have you ever imagined yourself saving lives for a living? A career in medicine can do that for you. But medical school is not easy. It’s grueling and demanding, and certainly not cheap. According to the Association of American Medical Colleges, the average debt incurred by medical school graduates is $156,456. So how can you get the student loans you need for the white coat and stethoscope – without breaking the bank?
Federal loans. Many of the same federal loan options available to you as an undergraduate are still an option for attending medical school. Just fill out a new FAFSA application as an independent student to determine your financial aid need. You can borrow up to $20,500 ($8,500 of which can be subsidized) and the loan carries a 6.8 percent interest rate. You can also file for a Grad PLUS loan, which allows you to borrow up to the cost of education minus any other financial aid. The Grad PLUS loan carries an 8.5% interest rate.
Medical school loan: If federal aid is not enough, you can cover some of the cost with a private medical school loan, which allows you to borrow up to the cost of attendance. The annual maximum is $45,000. Click here to apply.
Medical residency loan: Those pursuing a career in a certain type of residency program might find themselves facing costs not usually covered in financial aid award packages. A medical residency loan will cover expenses related to medical board exam prep, and even relocation. This is a one-time loan in which you can borrow up to $20,000. Click here for more information.
There are also options for earning money while participation in internships or studying for your boards. Click here for a complete overview of your medical school loan options.
As with your undergrad loans, you have the option to consolidate once you graduate, spreading out your loan payments and possibly lowering your interest rate.
We’ll be back next week with information on paying for an MBA. Until then, the doctor is out.
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