COST of MEDICAL SCHOOL | How to SAVE $250,000
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COST of MEDICAL SCHOOL | How to SAVE $250,000

As you are already well aware, medical school
in the United States is ridiculously expensive. The average cost is $60,000 per year for public
medical schools, and even higher for private medical schools. The average debt for medical
students graduating in 2017 was close to $200,000. I was fortunate enough to graduate with actually
very little debt. I’ll show you how to do the same. What’s going on guys, Dr. Jubbal, ‪‬.
Quick shout out to the Patreon supporters that voted for me to make this video. If you
want to vote for upcoming video topics and get a bunch of other perks, visit the Med
School Insiders Patreon page. Link in the description below. Now the funds to pay for medical school will
come from one of three sources: you and your family’s pockets, loans, and scholarships
or grants. You want to minimize the first two and maximize the latter, which is free
money. Let’s go over each one. First, most schools will ask for your and
your parents’ financial information. Even if your parents are not going to contribute
a dime to your medical education, schools often require their tax information in determining
who they should offer financial aid to. Remember, your parents are not required to contribute
to your medical school education expenses, so be very grateful if they contribute at
all. My parents were not able to contribute to my college or medical school costs, but
I was still able to become a doctor with very little debt in the end. We’ll get to how I
managed to do that shortly.  Next, loans. There are three main categories
of loans: federal, school, and private. Federal and school loans generally have more favorable
terms, such as longer periods of deferment and lower interest rates. Private loans have
some of the worst terms, and should be avoided. Only sign private loans when absolutely necessary. When you start medical school, you’ll be served
a financial aid package which will summarize your school’s offerings for federal and school
loans, grants, and scholarships. It’s important to create a realistic budget for yourself
and only take out loans for the amount of money that you actually need. You’ll be paying
interest on every dollar you take out. Again, only take the amount you actually need. I initially was planning on giving you a detailed
summary of each type of loan and the optimal strategy in signing up for loans to minimize
your long term cost and interest. However, I wasn’t able to fit all of that in this video.
If you would me to cover those topics in a future video, leave a comment down below so
that I can gauge interest. With recent changes in the education budget
on a national level, federal loans are not nearly as favorable as they were a few years
ago. However, some subsidized school loans will not accrue any interest for the period
of medical school, and sometimes even through residency. That’s right, you don’t even have
to pay back for inflation! These are awesome loans, so if you are offered them, I highly
recommend taking them.  Private loans generally have the highest interest
rates and are not included in most forgiveness programs. Loan forgiveness programs are a
popular way to reduce your overall loan burden. They are most advantageous for students with
significant debt. The way it works is simple – you work for a organization, employer, or
program for a set period of time, and in return, you receive either partial or complete loan
forgiveness or loan repayment.  The Department of Education’s Public Service
Loan Forgiveness program offers loan forgiveness for working in the government or non-profit
organizations. After making 10 years of monthly payments, the remaining loan balance is forgiven.
The National Health Service Corps offers a loan repayment program for those in primary
care specialties practicing in under-served areas. There are also a few options through
the military. Now on to the fun part, free money. The main
reason I was able to graduate with such little debt is through obtaining scholarships and
grants.  When you first get accepted to medical school,
I recommend reaching out to the financial aid office, even before classes start, and
asking them about what scholarships or grants are offered. Most medical schools keep a list
of annual scholarships and grants, many of which you may be eligible for. Awards are
not just for good grades. Eligibility criteria widely varies – some may be specific to a
certain background or ethnicity, specialty or practice type, religion, home town or place
of birth, etc. In addition to reaching out to your school’s
financial aid office, definitely search online for medical student grant and scholarship
offerings. I have links to websites and resources I personally found useful down in the description
below. Now the juicy part. Here’s a little known
secret that can make the difference of hundreds of thousands of dollars: if you get accepted
to multiple medical schools, let them incentivize you to come to their school over others with
scholarship offers. Obviously, you need to me accepted to more than just one medical
school. Simply send an email to the admissions office, explain you are interested in their
program but are weighing other acceptances as well. Ask if there are any scholarship
or grants they can offer to reduce your out of pocket cost. After sending out these emails
to the schools I was accepted to and interested in, I was able to get almost all of my medical
school paid for. Had I not sent out these emails, I may have been in hundreds of thousands
of dollars in debt.  Now I’m going to say this not to toot my own
horn but for full transparency: I was a highly competitive medical school applicant, obtaining
interview offers at the majority of schools I applied to, interviewing at most of the
top medical schools, including 3 of the top 4, and gaining acceptances to several. Ultimately,
I went to a program I was excited about because of its location, the people, and the culture.
And did I mention the location? They also offered me their highest merit based scholarship
and I only took small loans to cover a portion of my living expenses. Many of the largest scholarships, like the
one I received, are merit based, and are offered to students with stellar medical school applications.
This means having a top MCAT, GPA, research, and being well rounded with impressive extracurriculars.
A compelling personal statement and crushing it on interview day with refined interview
skills are also essential. You have to be a beast of an applicant. And I want to help
you be that stellar applicant. Now while its impossible to guarantee merit
based scholarships, multiple advisors on ‪‬ also earned sizable or even full ride scholarships
to medical school. These are real doctors who were top performers. At MedSchoolInsiders
we don’t settle for anything less. We can show you exactly how we did it, and teach
you from our own first hand experience of success. If you want to be a stellar applicant
and receive one-on-one advising, tutoring, interview preparation, personal statement
or secondary editing, mentorship, or any of the other services we offer, visit ‪‬.
Our services will help you become a much stronger applicant, which increases the chances that
you too will receive scholarships. And that means saving a lot of money. Talk about a
good investment. Check out these emails I recently received
from YouTube subscribers. These were fans who watched the channel who went to the website
and purchased our services. The reason they’re so happy is because of our results. We’re
different from any other medical school admissions consulting company for two reasons. First,
our advisors are all real doctors who have performed exceptionally in their field. And
second, unlike any other company, we have a proprietary systematic methodology that
ensures the best possible results. We align your goals and interests with those of our
advisors – they don’t only love mentoring and paying it forward, they’re also incentivized
to give you the best possible service. That’s why so many of our advisors go above and beyond
what they’re asked for, and why our customers have been so impressed. For a limited time, use the coupon code SCHOLARSHIP15
for $15 off your purchase of $100 or more. As always, thank you all so much for watching.
Let me know in the comments below if you want me to make a video going into more detail
about the different types of loans, or any other video requests you may have. If you
know someone else going to medical school and you want them to have less than $200,000
of debt, please share this video with them.  If you liked the video, make sure you press
that like button. Hit subscribe if you have not already, and I will see you guys in that
next one.

About James Carlton

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69 thoughts on “COST of MEDICAL SCHOOL | How to SAVE $250,000

  1. Please you should ABSOLUTELY make a detailed guide on loan repayment strategies!!! And awesome videos as usual!!! 🙂

  2. Doc! Quick question.. How old are you? I want to do medicine too but is there an age where its too late for medicine?

  3. Btw, I just stumbled onto your other channel! Sir, you are good looking!! Why had you been hiding your face all this time! lol

  4. Starting medical school this Fall. Would LOVE to see a breakdown of the loans so that I can make the most informed decision.

  5. Will be going to med school in fall 2018 & all the tuition is getting me so overwhelmed & stressed…

  6. I hope i get some grants & scholarships 😔 i feel like I'm a pretty competitive applicant. I Got into my dream school. I'm just getting so stressed with how to pay for med school. I know it is worth it in the end because this is what i want to do with my life!

  7. Dr, how did you make yourself such a stellar applicant academically and medically that is not stated above? Did you do really well in high school too?

  8. Hi.Is it possible for international students to receive full ride scholarships to medical school? I will be majoring in biochemistry for undergrad this spring at the University of Illinois.

  9. Hi can you please make a video on how to do research or any other medical related work during summer time that can help us receive certificates

  10. I'm doing med school completely free on scholarship. It's a 5 year degree here and I can even fail a year. Also don't have to pay/work back my scholarship. Good luck to those that start with debt!

  11. Hey Dr.Jubbal! Thank you for this it might be helpful for in the future, but wish you can make a video that would handle the ‘competitive applicant’ and how to write the letters, statements and interviewing skills needed. Thanks again.

  12. I'm currently studying my A-levels in the UK, and am thinking of moving to the US after sixth form to study medicine. Has anyone done this and think it's worth it, or know the process/difficulties?

  13. In Sweden you attend medical school at no cost. You might want to get a student loan just to be able to go around econimically to pay things such as rent, books and stuff like that. In that loan you have a grant so you don't pay back the full loan and the interest on it is super low as well

  14. Here in uruguay is free…. ie you pay $0 …. but you get taxed at close to 70% in total (between 30% income + 22% sales, and such)

  15. 5:00… mention how to negotiate to medical schools. Its important to mention that if you ever deny admission to ANY US medical school that accepts you that school will bann you for life. Once an acceptance is granted if denied that school will NEVER consider you for future admission. I had some hardship and instead of waitlisting i denied admission. I will forever regret that

  16. I'd like a video on how to get student loans with no credit and no co signer. I'm going to start college in fall my first year and I want to be a doctor. But my family is poor and as am I. I worked full time in retail for 3 years and don't have a dime saved up for school. And even though I financed things and paid bills I still somehow have no credit history what so ever. So i don't know if I'd be able to get student loans if so I think I'd probably only be able to get private loans for about $5,000. Which that wouldn't cover anything since the school I'm going to the tuition is 13,000 a year…

  17. Good thing about Mexico is that university is free, yes we pay a subscription every 6 months (4-5 years) but it's almost nothing compared with what you get. I paid in total $50 000 pesos wich is less than 3 000 US DL for my entire career. Of course there are private schools wich are much more expensive, but most of public schools are very cheap and the quality of the education is similar. I'd like to say that the education here in mexico for medicine has a high standard since all med school teach us to be always updated. For us speaking english is a must so most mexican doctors are billingual in order to get information from the best sources. Only bad thing is that the full career is 7 years long only to get your license. Five years of med school, 1 year of rotations and 1 year of social service. Most universities accept foreing students, and here the process to get in is different. Since the end of high school you can apply an exam to get into med school. I started med school at 19, many start even at 17. I'm 25 now and i'm about to start my social service, and I hope next year I can get into pediatrics. So you should consider studying abroad, many people do that and then get ther certifications to practice in their country.

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