College can be really expensive, and sometimes when you consider the expenses, it can seem impossible to pay for college and continue to live your life. But, as you consider the amazing benefits a college education can provide, the initial costs of college will become insignificant.
The costs of medical school can be quite large. To start off with let's understand the costs of the first four years of medical school. Medical school tuition has actually been increasing quite steadily as the years have gone by. Last year there was an increase of 7.8 percent tuition for in-state and 6.3 percent for out of state residents.
The first thing that you should do is acknowledge that you have personal needs. While your first priority should be your schooling, it is unrealistic to assume that your needs can continue to take a backseat. Managing college is not about strangling your desires for sleep, food, or fun; it's about learning to incorporate everything into your schedule. So don't feel guilty for going out with friends and having a good time, just make sure that you do so responsibly and that you are in control over your schedule.
There are three main types of financial aid, the first is scholarships, the second is grants, and the third is loans. Each of these types of aid can be extremely helpful to individuals seeking a college education, but understanding the differences between them can help you to understand their purpose more fully.
In order to afford medical school you will need to take out some loans. Federal loans are limited to thirty thousand a year meaning that you will need to take out private loans at higher interest rates. The federal loan rate has fluctuated and can be anywhere from 3.5-7 percent. Private loans are a usually a few points higher if not more. For simplicity in the math we will take say that our total loans have an average interest rate of 8 percent (make adjustments for your own rates). After the four years (assuming you have not made payments) your total debt will be ~$350,000 if compounded annually. We do the same process again through the three years of residency that you will be going through. At the end of your education, again assuming no payments as well as no undergraduate debt you will have a total debt of ~ $438,000. Compounding interest can be terrible when it is not on your side.
Stay Organized
The last kind of aid available is loans. Loans are different from scholarships and grants because they do need to be repaid. As you consider taking out loans, remember to take into account how much you will be paid in your future career so you can be sure you do not take out more than you will be able to repay.
So does becoming a doctor make fiscal sense? The answer is more than likely no. There are many other ways to make more money with less investment. However, the financial benefits of becoming a doctor are not he reasons to seek this profession. There are many more things to consider such as the joy of helping individuals heal. There are also other downsides like limited amount of time with your family. The decision is up to you, but now you have a better understanding of the debt you will face as you choose a medical profession. Better to step into the future with your eyes open.
The costs of medical school can be quite large. To start off with let's understand the costs of the first four years of medical school. Medical school tuition has actually been increasing quite steadily as the years have gone by. Last year there was an increase of 7.8 percent tuition for in-state and 6.3 percent for out of state residents.
The first thing that you should do is acknowledge that you have personal needs. While your first priority should be your schooling, it is unrealistic to assume that your needs can continue to take a backseat. Managing college is not about strangling your desires for sleep, food, or fun; it's about learning to incorporate everything into your schedule. So don't feel guilty for going out with friends and having a good time, just make sure that you do so responsibly and that you are in control over your schedule.
There are three main types of financial aid, the first is scholarships, the second is grants, and the third is loans. Each of these types of aid can be extremely helpful to individuals seeking a college education, but understanding the differences between them can help you to understand their purpose more fully.
In order to afford medical school you will need to take out some loans. Federal loans are limited to thirty thousand a year meaning that you will need to take out private loans at higher interest rates. The federal loan rate has fluctuated and can be anywhere from 3.5-7 percent. Private loans are a usually a few points higher if not more. For simplicity in the math we will take say that our total loans have an average interest rate of 8 percent (make adjustments for your own rates). After the four years (assuming you have not made payments) your total debt will be ~$350,000 if compounded annually. We do the same process again through the three years of residency that you will be going through. At the end of your education, again assuming no payments as well as no undergraduate debt you will have a total debt of ~ $438,000. Compounding interest can be terrible when it is not on your side.
Stay Organized
The last kind of aid available is loans. Loans are different from scholarships and grants because they do need to be repaid. As you consider taking out loans, remember to take into account how much you will be paid in your future career so you can be sure you do not take out more than you will be able to repay.
So does becoming a doctor make fiscal sense? The answer is more than likely no. There are many other ways to make more money with less investment. However, the financial benefits of becoming a doctor are not he reasons to seek this profession. There are many more things to consider such as the joy of helping individuals heal. There are also other downsides like limited amount of time with your family. The decision is up to you, but now you have a better understanding of the debt you will face as you choose a medical profession. Better to step into the future with your eyes open.
About the Author:
The Stevens Henager Idaho Falls branch campus was created to facilitate educational activities, social events, and career services. This location offers Internet access, tutors, and a supportive staff to assist students.
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