1 | Consider Maxing Out Loans in Senior Year of College
Medical school is far more expensive than college. To get through it without significant loan burden usually means you either have parents helping you out, or you were a super impressive pre-med that earned merit-based scholarships, or you’re able to secure scholarships based on other criteria, like where you grew up or your family background.
Student loans in college tend to come with better terms than student loans in medical school, usually in terms of being subsidized with lower interest rates. For this reason, it may benefit you to max out your loans during senior year in college and put that money towards your medical school tuition expenses.
If you go to medical school in San Francisco or New York City, it’s going to be much harder to live frugally since the cost of living in these major metropolitan areas is so high. That is… unless you go to tuition-free medical schools.
3 | Apply to Free Tuition Medical Schools
New York University and Columbia medical schools are now offering free tuition to medical students. Hopefully, more schools follow suit in the future. You should always apply to free loans for bad credit in Alabama tuition medical schools given the asymmetric risk profile very high upside and quite limited downside.
4 | Continue to Live Frugally
I know you were living frugally in college, but medical school isn’t the time to #treatyoself . Still live with roommates, purchase used textbooks and medical equipment, ride a bike to save money but also to keep you healthy, and avoid going out every night.
5 | Seek University Loans
Medical school loans are generally not subsidized unless you are able to obtain student loans directly from your university, called University Loans, which often have better terms.
6 | Consider Contract Scholarships
Certain organizations will pay for your medical school expenses with the contractual agreement that you’ll work for them for a certain period of time. (mais…)