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What are some methods to reduce the cost of medical school/pay off debt effectively?

Even though medical school is several years away for me, I would like to be prepared in advance. I've seen that med school is quite the hassle in terms of finances and debt, but that the result is worth it, including the income from a residency after med school. Are there any other ways to reduce debt before graduation? #medical-school #graduate-school #school #premed #medicine #psychiatry #psychology #debt #financial-services

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Sean’s Answer

Medical school is one of the few schools I believe are worth financing.


Work through school as muchnas you as you can and put a good chunk of your earnings toward school, even if it’s paying for one or two hours a semester.


The don’ts

Don’t finance books, buy them outright. Don’t use debt to relocate

Don't use debt for anything other than paying for classes


once tou you graduate and are making $250k+, take the first five years and pay your debt off as fast as you can. Only after your debt is paid off can comfortably begin to build a house and long term wealth. Once your debts are paid off, build a house and begin building a family, if you so desire.

Thank you comment icon Thank you so much for your help! I definitely need all the advice I can get! Mariya
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Richard’s Answer

Best way to keep your expenses down include: live with parents, attend community college which can be free in some cities, complete your degree at an inexpensive public institution , and applying for scholarships.
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Will’s Answer

Hi!

I second that Sean gave you some good advice, and that Christine gave you some great advice about NYU. However, this is only one school, and medical school admissions are extremely competitive even for applicants with adequate grades/MCAT score. I would recommend attending your in-state schools, as this can cut your debt significantly. It largely does not matter where you go to medical school as long as it is a U.S. MD school, so going to your in-state school is a very smart financial decision.
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Christine’s Answer

Hi Mariya,


Sean gave you some great advice. I wanted to add one thing. Take a look at NYU's Medical School. They recently started a program where every single student that's accepted into the school can go there tuition-free. If you get into NYU's Medical School, you'll still have to pay for housing and books, but at least the biggest burden is taken care of.


Good luck!!


C
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