6 Smart Ways to Pay Your Way Through Medical School was a guest post submitted by Emma Grace Brown. If you would like to submit a guest post, then please fill out the form below.
Taking on a massive amount of debt to earn a medical degree is not in anyone’s best interest. The good news is that it’s possible to pay your way through medical school without burying yourself under exorbitant interest rates and late payment fees. Learn how to do it with Melanated and Meducated.
Compare Degree Program Costs
Attending medical school isn’t cheap, but choosing the right program can make the costs more manageable. Planning starts when you’re ready to enroll in pre-med courses, or even before, and price-checking is a necessity.
Students preparing for medical school can compare not only degree program costs but the prices at various colleges and universities. The cheapest way to complete pre-med requirements is to pursue undergraduate studies at a community college first. Then, you’ll have fewer classes to complete when you reach university for pre-med.
Depending on your major, you might be able to complete an even more affordable online degree. However, pre-med majors like biological and physical sciences often require in-person labs, so are harder to complete remotely.
The Princeton Review recommends choosing a pre-med major that interests you and increases your odds of making it into medical school. More than half of med school applicants major in biological sciences, ticking off pre-med and major requirements at the same time.
Seek Grants & Scholarships
Free money is hands-down the best way to pay your way through medical school, and there are many ways students can receive grants, scholarships, and other aid. From your initial college application to your last year in medical school, check every source possible for free funds.
Most high school students are familiar with the Federal Application for Federal Student Aid, or FAFSA. The Association of American Medical Colleges notes that medical students should also complete the FAFSA each year for opportunities to receive federal grants. Read any financial aid offer carefully; FAFSA also provides loans that must be repaid.
In addition to federal grants, medical students can apply for various other grant opportunities. The caveat is that non-government grants come from many sources, and application processes vary.
One helpful site to search for college aid for medical students is College Scholarships; search for applicable grant and scholarship opportunities and follow the application requirements carefully.
Many educational institutions, nonprofits, and other organizations may offer grant or scholarship programs, too. Search for student aid programs from various sources and apply to every program you’re eligible for—every bit adds up.
Apply with Companies That Cover College
Countless college funding programs exist to help students, but there are also unique opportunities for student employees. Medical school is tough enough without a full-time job, but you, and many other students, may need to earn a living in order to pay your way through medical school.
If you fit that description, consider applying to companies that offer funding or reimbursement for college. Tons of companies help pay for employees’ college, with offerings ranging from a few thousand dollars per year (Best Buy, UPS, Chipotle) to a completely free bachelor’s degree (Amazon, Starbucks, Target).
Though no companies seem to specifically sponsor medical school, a free or subsidized bachelor’s degree could start you on the path toward earning an MD. Some medical schools offer unique opportunities for free education; search for full-ride merit scholarships at universities near you and review their requirements.
For students interested in military opportunities, the Health Professions Scholarship Program covers tuition, books, equipment, and a living stipend in exchange for a service commitment.
Build an Income on the Side
Picking up a side gig is a popular way to pay your way through medical school. Whether you plan to freelance or take on part-time employment, prepare for job opportunities with a polished resume.
As a medical student, your resume should include information about research projects, on-the-job experience, and recognition you’ve received. Even if your gig of choice is in an unrelated field, your background can illustrate qualities like reliability, being a hard worker, and more.
Creating a professional-looking curriculum vitae (CV) is good practice for future employment applications, and it’s easy to design an eye-catching resume with a free online CV builder. Write your best resume, then give this a try to make it look clean and professional.
DIY a Business Venture
Launching a business is another possible route to pay your way through medical school. A DIY business model does require a lot of time and possibly startup costs, but you could generate enough earnings to avoid taking on a separate job while pursuing medical school.
There’s no limit to the type of business you can start, whether service- or product-based. However, a service business or an online-based operation will have the lowest startup and overhead costs, ensuring your profit margin is as high as possible.
Research local and state requirements to make sure your business is legit before starting to promote products or services. Forming an LLC may also be a good idea; LLC formation means less paperwork, limited liability, and tax advantages. Filing online or with a formation service can also save money compared to hiring a lawyer.
Network for Med School Funding
Plenty of scholarship and grant programs are discoverable through an online search. But don’t discount networking as a way to pay your way through medical school. You might not be one of the lucky few future doctors who can borrow money from family. In fact, only about 27 percent of doctors can do so—but spreading the word could earn you some extra funding.
A local doctor may offer you a work-study option or provide a scholarship. Maybe your extended family will contribute cash toward purchasing books. You never know until you ask, so advertise your medical school dreams and see what happens.
The price tag on your medical degree might have you putting higher education back on the shelf. But don’t lose heart! There are plenty of creative ways to earn money for your medical career path without letting debt get you down. Stay positive and keep an open mind, and you might find it’s easier than you expected to pay your way through university and thrive.