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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".
Caribbean
Medical Schools: An alternative option for US medical schools,
but there can be significant drawbacks.
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