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  • 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, ‪MedSchoolInsiders.com‬. 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 agoHowever, 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 applicantAnd I want to help you be that stellar applicant.

  • Now while its impossible to guarantee merit based scholarships, multiple advisors onMedSchoolInsiders.com

  • 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, visitMedSchoolInsiders.com‬. 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.

As you are already well aware, medical school in the United States is ridiculously expensive.

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B1 medical medical school loan debt applicant forgiveness

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

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    Summer posted on 2020/10/18
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