How can I pay for med school?
Apply for scholarships and bursaries to avoid borrowing more than you have to. Maximize government grants to minimize debt. Get government loans to cover the remaining costs. Establish good credit to ensure financial security.
How long does it take to pay off med school debt?
Average time to repay medical school loans For medical school grads who must complete a 3-year residency, the average time to repay student loans after graduation is: Standard repayment plan: 13 years. Income-driven repayment (REPAYE): 20 years.
Is med school cheaper in state?
In-state tuition costs are always lower for residents, but the amount will vary. Based on data from the Association of American Medical Colleges, the most affordable medical school in the nation is Texas Tech University Health Sciences Center School of Medicine.
How do med school students pay for living expenses?
Many medical students finance their education through federal loans, which are preferable to private loans for a number of reasons. Federal loans come with repayment options, such as income-based repayment or Pay As You Earn. Forbearance is also an option, which some students take advantage of during residency.