Going to Medical school is a huge commitment both in time and finances and the decision should not be taken lightly. A large and often overlooked part of making the decision is if medical school will be financially worth it to you. To help you gain a better understanding of the costs let's run through a normal scenario.
The weekly pay of the average person who has attained a college education is almost twice as much as the weekly pay of a person who has not gone to college. That difference is astronomical, and as you consider funding your own college experience, you will find that the benefits will outweigh the costs, especially in the long run.
But, even with the future benefits in mind, coming up with the funds now, may seem impossible. As you look to finance your education, it is important to remember the many types of financial aid opportunities that are available to help college students be more successful, and accomplish all of their goals. By understanding the usefulness and purpose of different types of financial aid, you will be able to improve your college experience, and take advantage of the financial aid options available to you at your college.
Be Ready to Sacrifice
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.
The next thing you should consider as you look into your financial aid for your education is grants. Grants are usually awarded based on the needs of students. This means that grants are usually given to students who have financial needs. This kind of award, many like scholarships, does not need to be repaid, and is awarded without the intent of repayment.
We will take into account your age. Assuming you started college at 18 and left promptly at 12 you are around 22 when you start medical school. After seven years you are now pushing thirty. This means that at age forty you will be making less than $50,000 a year if you choose to pay off your school debt in ten year (fifty if you opt for twenty years). There are also additional debts of a home and cars that you will need to plan for. After you pay off the debt then you can start reaping the benefits. After age forty you will have over $150,000 or more dropping in your account each year (assuming taxes and raises). If you plan on working into your sixties you will be able to amass wealth to enjoy in retirement.
As you look at Idaho Falls Colleges, make sure to pay attention to the costs of attendance and the type of financial aid that is available. And when you finally settle on an Idaho Falls College Campus, take advantage of the different types of aid you can find. When you finance your education, you will be able to accomplish your education goals without too much stress.
The weekly pay of the average person who has attained a college education is almost twice as much as the weekly pay of a person who has not gone to college. That difference is astronomical, and as you consider funding your own college experience, you will find that the benefits will outweigh the costs, especially in the long run.
But, even with the future benefits in mind, coming up with the funds now, may seem impossible. As you look to finance your education, it is important to remember the many types of financial aid opportunities that are available to help college students be more successful, and accomplish all of their goals. By understanding the usefulness and purpose of different types of financial aid, you will be able to improve your college experience, and take advantage of the financial aid options available to you at your college.
Be Ready to Sacrifice
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.
The next thing you should consider as you look into your financial aid for your education is grants. Grants are usually awarded based on the needs of students. This means that grants are usually given to students who have financial needs. This kind of award, many like scholarships, does not need to be repaid, and is awarded without the intent of repayment.
We will take into account your age. Assuming you started college at 18 and left promptly at 12 you are around 22 when you start medical school. After seven years you are now pushing thirty. This means that at age forty you will be making less than $50,000 a year if you choose to pay off your school debt in ten year (fifty if you opt for twenty years). There are also additional debts of a home and cars that you will need to plan for. After you pay off the debt then you can start reaping the benefits. After age forty you will have over $150,000 or more dropping in your account each year (assuming taxes and raises). If you plan on working into your sixties you will be able to amass wealth to enjoy in retirement.
As you look at Idaho Falls Colleges, make sure to pay attention to the costs of attendance and the type of financial aid that is available. And when you finally settle on an Idaho Falls College Campus, take advantage of the different types of aid you can find. When you finance your education, you will be able to accomplish your education goals without too much stress.
About the Author:
The Stevens Henager Idaho Falls branch campus is designed to encourage educational activities, social events, and career services. This location offers Internet access, tutors, and a supportive staff to assist students.
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