5 Ways to Pay for Medical School in the United States
Getting into medical school in the U.S. is a big accomplishment, but acceptance is only the first hurdle – you’ll also need to figure out how to cover costs. According to the Association of American Medical Colleges (AAMC), the average cost of tuition and fees for four years of medical school is US$254,872 at public schools (for nonresidents) and US$256,412 at private schools.
Nearly three-quarters of medical school students take out loans to pay for medical school. Those who do take out a loan graduate with a median student loan balance of US$200,000, according to the Education Data Initiative. Student loans are not the only way to pay for tuition, though. If you’re wondering how to pay for medical school, read on for additional ways to finance your medical degree.
Tips for paying for medical school as an international student
1. Use savings or income
Before taking student loans to pay for medical school, consider using sources of funding that you don’t have to pay back. If you have any savings, for instance, you could put those toward your cost of attendance.
You might also work a part-time job to earn income, whether in person or online. Some medical schools also offer fellowships or assistantship positions that will allow you to earn some money.
Of course, working while in school may not be the best option if it takes too much time and energy away from your studies. If you can earn some money as a student, though, you may be able to cover your living expenses without taking on too much debt.
2. Apply for grants and scholarships
Another option for paying for medical school is grants and scholarships. Both grants and scholarships are types of gift aid, since you don’t have to pay them back.
You might find grants and scholarships from your medical school or a private medical or nonprofit organization. Some are based on academic merit, while others go to students with financial need. MPOWER Financing offers scholarships, as well.
Use scholarship search tools, such as the InternationalStudent.com scholarship search tool, to track down opportunities that would be a good fit. Keep track of deadlines and apply to as many as you can to reduce the costs you’ll have to pay out of pocket.
3. Submit the CSS profile
While international students are not eligible for federal financial aid from the U.S. Department of Education, they may qualify for institutional aid from their medical school. Many medical schools ask you to submit the CSS Profile to qualify for financial aid.
Offered by College Board, the CSS Profile is a form that collects detailed information about your family’s finances, including assets and income. Schools look at your information to evaluate your financial need and award aid accordingly.
It costs US$25 to submit the CSS Profile to your first institution and US$16 for each additional school. Students whose family income is less than US$100,000 can apply for a fee waiver. Check with your individual medical school to see if it asks for the CSS Profile. If so, submit it as soon as possible to put yourself in the running for institutional financial aid.
4. Apply to a tuition-free medical school
If you really want to keep costs as low as possible, consider applying to tuition-free medical schools. While there aren’t many tuition-free medical schools, there are a few that offer full-tuition scholarships to qualifying students.
New York University’s Grossman School of Medicine, for example, offers full-tuition scholarships to all students enrolled in its MD program who maintain satisfactory academic progress. Even if you don’t get into a tuition-free school, you may apply for schools with lower tuition costs to reduce your financial burden.
5. Consider an international student loan
Once you’ve exhausted your options for grants, scholarships and institutional financial aid, you may consider an international student loan. Student loans for international students come from private lenders, such as banks and online loan companies.
Most lenders in the U.S. don’t require you to back your loan with collateral. However, you may need to apply with a cosigner who’s a U.S. citizen or permanent resident. Your cosigner may also need to meet a lender’s requirements for income and credit.
If you don’t have a cosigner – or prefer to have financial independence and take out a loan in your name alone – there are options. MPOWER Financing offers student loans to international students, no cosigner or collateral required. You’ll get a fixed rate on these study abroad education loans and won’t have to make full payments until six months after you graduate from school.
Bonus tip: Explore student loan repayment assistance programs
There are a variety of student loan repayment assistance programs that can help you pay back your student loans once you start working as a doctor, dentist or other healthcare professional. Most states in the U.S. offer student loan assistance in exchange for qualifying service. This usually means two years or more working in a shortage area or underserved community.
An increasing number of companies are also offering student loan benefits to employees. In fact, employers can offer up to US$5,250 in student loan assistance tax-free.
If you took out student loans in your home country, those might not qualify for this student loan help. However, student loans from U.S. lenders are typically eligible. If you want to make your international student loan eligible for this assistance, you could consider refinancing it with a lender in the U.S. like MPOWER Financing.
