4 answers
Robert
Student
Amherst, Massachusetts
26
Questions
Asked
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How it is possible to pay high college and med school tuition without having a job yet?
#medicine #premed
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4 answers
Soha Mohiuddin
Campaigns Manager
4
Answers
Markham, Ontario, Canada
Updated
Soha’s Answer
It can be a challenge! However, there are a lot of grant, scholarship and student loan options available to new university students. Definitely check within the university itself and inquire payment assistance programs
Damon Anderson
Dentist
5
Answers
Los Angeles, California
Updated
Damon’s Answer
Unless you’re a genius with a scholarship it’s not worth it unless your parents pay. I’m 51 and still paying student loans.
Don’t be a doctor unless you can get into a public school.
Damon recommends the following next steps:
Claire Cooper
Medical Student
14
Answers
Cincinnati, Ohio
Updated
Claire’s Answer
In addition, you can find things like work-study while in college and medical school that can help a little with finances. They are jobs through the university where you get paid to work but end up studying about 80% of the time. If you are on loans, it can feel a little overwhelming but if you live frugally after graduation and work to pay off your loans ASAP, it will work out.
Richard A.
physician
2150
Answers
Updated
Richard’s Answer
Most people rely on student loans or, if they are lucky, they rely on their parents.
If you can keep your expenses down (live with parents, attend community college which can be free in some cities, complete your degree at an inexpensive public institution etc) debt doesn't have to be out of control. However the typical student does not do everything they can to decrease expenses then has to be stressed during their first years of practice.
Another unfortunate consequence of debt is limiting the student's choices after graduation. If a student has a passion for pediatrics, but crippling debt, they may be forced to apply to residencies with higher future earning potential.
A typical experience would be to complete residency and become an employee of a group. You aren't able to pay down your debt much because you are saving to become a partner. You buy into the group and then start making partnership money. That's when you are able to really tackle that debt.
But typically you are looking at 10-15 years to pay back your student debt.
If you can keep your expenses down (live with parents, attend community college which can be free in some cities, complete your degree at an inexpensive public institution etc) debt doesn't have to be out of control. However the typical student does not do everything they can to decrease expenses then has to be stressed during their first years of practice.
Another unfortunate consequence of debt is limiting the student's choices after graduation. If a student has a passion for pediatrics, but crippling debt, they may be forced to apply to residencies with higher future earning potential.
A typical experience would be to complete residency and become an employee of a group. You aren't able to pay down your debt much because you are saving to become a partner. You buy into the group and then start making partnership money. That's when you are able to really tackle that debt.
But typically you are looking at 10-15 years to pay back your student debt.