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5 Ways Medical Students Can Keep Student Debt Under Control

Pursuing a career in healthcare is admirable, and it can lead to a lifetime of fulfillment. However, before you can enjoy serving others by assisting with their health care needs, you must find an effective way to get through your training program. While expensive education bills are most commonly associated with a medical school, the reality is that the cost of higher-level education at any level can be challenging to pay for. Regardless of whether you are pursuing a career as an EMT, a registered nurse, a brain surgeon or something else, these tips can help you to keep related student loans as low as possible.

Choose an Affordable School

Some students feel as though they must attend the best school with the highest ranking in the field, but this is not always necessary. For example, if you intend to be an RN, it is not generally necessary to pay a fortune for a degree from an expensive private school. Remember that your income level may be the same regardless of where you earn your degree, so it does not make sense in many cases to take out more student loans than necessary. There are exceptions to this, so analyze the pros and cons associated with more expensive versus less expensive programs.

Get a Roommate

Many healthcare students have rigorous programs that do not enable them to work while progressing through the program. This means that they often need to use student loans to pay for living expenses. One of the best steps that you can take to keep living expenses as low as possible is to get a roommate or two to share living expenses with.

Live Frugally

Getting a roommate is only one of several steps that you can take to live frugally. For example, if you live on campus or close to school, you may be able to function without a car. By walking and biking everywhere, you can eliminate the expenses of a car loan payment, auto insurance, fuel, repairs and more. This is just one of many ways that you can live frugally to save a small fortune over time. 

Pay as You Go

Some healthcare students are eager to rush through their program and begin working in their field as soon as possible. To accomplish this goal, they may have to finance all school and living expenses with student loans. Consider the alternative of taking a slower pace. By taking a part-time load in school, you may be able to work to support your lifestyle and even to pay for some of your school expenses. This can help you to reduce the amount of debt you incur drastically.

Use Government and Corporate Benefits

There are numerous ways to obtain reimbursement or subsidized funding for your healthcare education and training. For example, the VA offers educational benefits through the GI bill, and assists in the purchasing of houses through VA Loans. The Peace Corp and other major organizations may also provide benefits. Along those same lines, some corporations or hospitals may be willing to reimburse you for your education expenses in some situations.

Medical students understandably are faced with very high expenses and very low or no income. Debt is a serious concern, but you can use some of these tips to manage and minimize student debt. Be sure and pick up anultra scope to start your medical career off right.


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