For any student interested in a medical education, one of the big obstacles is going to be money. Luckily there are ways to pay for the medical education you need. Below is a discussion of some of the basic facts you need to know.
Medical Education: Paying for Undergraduate Work
Nurses and most medical office staff, such as medical transcriptionists, will only need the equivalent of a 2- or 4-year degree. In the United States, these students can often pay for their medical education in part through grants. Grants are awarded through both the federal and the state governments based on a student’s need. They do not need to be repaid.
In addition to grants, another type of financial aid is work study. Work study can help pay for medical education by giving students a job through their university. They will be paid for their work and their work schedules will be more flexible than with other types of part-time employment.
Student loans are also an option, but they should be a last resort at this stage of medical education.
Medical Education: Paying for Graduate Work & Beyond
Physicians must pursue medical education beyond the undergraduate level. Medical school is usually quite expensive, but the cost depends on the school. On average, the cost will range be between $20,000 and $40,000 a year.
Students pay for medical school through a variety of mechanisms. There are some grants available – the most comprehensive grant being for MD/PhD students and covers tuition and a stipend. More often, however, students take out medical student loans. The average medical student graduates with over $100,000 in student loan debt.
More Information on Medical Education
To learn more about paying for undergraduate medical education visit http://www.fafsa.ed.gov and to learn more about paying for a graduate medical education read “Grad School or Bust… Financing Your Future“.
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