Paying Your Way for a Career in Medical School

Becoming a medical doctor is one of the most expensive careers and is among the longest post secondary education one can invest in. But it pays. Despite that, tens of thousands of college students attempt to pass the MCAT (Medical College Admission Test) every year and in 2009 alone, only less than 19,500 passed from among 50,000 applicants. The profession remains in strong demand across the country so that hospitals are taking in migrant and overseas doctors in their medical staff.

Overcoming the Cost

Student loans are very accessible but they can take years to pay off and will surely burden you with debt years before you start earning from your medical career. But there are ways to overcome your financial status when going to college, Here are some of the more common routes to take.

• Scholarships – These are available to a number of students who, in addition to having excellent academic performance, can look at sports and athletic scholarships, government and minority group scholarships. There are public and private organizations and foundations, parent’s employers as well as churches that offer them. It’s often a matter of checking out what’s available in your own school, from your parents or the community. In addition, spending some time online to check scholarship offers from universities and colleges as well as companies can open up your options.


• Military – The US Military can pay part of the tuition in your medical career if you’re amenable to serving the country for some time after graduation. The payback in years of active military duty is directly proportional to the amount you received for your medical study.


• U.S. National Health Service Corps – This is a government program that helps fund students aiming to be a nurse or doctor in exchange for 2-4 years serving in a low income rural region of the country. If you have no objection to being uprooted for rural work for a period commensurate to the medical education shouldered, this is an excellent option to finance your way to a medical career.


• Hospital Financing – A number of large hospitals can pay off your student loans as part of an economic package deal when you are taken in as part of their medical staff. If you have no other option than to take student loans, consider looking at taking internship or subsequent employment in a hospital that cover debt forgiveness on student loans as part of its economic compensation package.

Paying Your Way for a Career in Medical School