After my Insta post earlier this week, I got quite a few questions about how I managed to get a full tuition scholarship to medical school. I have been meaning to give a run down on how to pay for medical school for a long time, so this is the perfect reminder...
I realize this is a really extreme statement, and I am a woman who prides herself in doing what others say she cannot do, but medical school requires a significant amount of time outside of class studying, and any non-related medical school job could potentially sabotage your performance. Your full time for job four years is to graduate (and maybe parent, but mostly graduate HA!). All that to say, planning to “pay as you go” is not a good plan...
Secondly, medical school is SO EXPENSIVE. Many times, students walk away with upwards of $100,000+ worth of loans. After graduation, we stare at that terrifying amount, and residency for most of us, causes us to kind of push it into the back of our minds to “deal with it later” when we think we have the mental bandwidth - usually not until we are done with training.
Having been that resident that dealt with it later *read student loan deferment and compound interest 😩ðŸ˜ðŸ˜°ðŸ¥´ðŸ˜³* don’t be me. Deal with it now. Think about it now. You will thank yourself later.
Choose a school wisely (i.e. choosing in-state tuition or public institutions over private institutions).
As Indiana resident, I had significantly lower tuition than my out-of-state classmates. So, although many of apply broadly to medical schools, if you have the opportunity to receive in-state tuition, this is likely the smarter choice.
Also look for schools with amazing programs like NYU. NYU announced this past year that they were offering full tuition scholarships to all of their students...AMAZING!
Also look for schools with amazing programs like NYU. NYU announced this past year that they were offering full tuition scholarships to all of their students...AMAZING!
Save as much money as you can BEFORE starting medical school.
I was not one of the smart ones to do this, but I frequently hear about people on the Dave Ramsey Podcast who are about to enter graduate school, and through sheer determination, were able to save a significant amount of their tuition beforehand. If you are non-traditional student with a previous career, take advantage of this!
Find Scholarships.
Scholarships to medical school are rare but they do exist!
Scholarship sources include private companies (like insurance payers, pharmaceutical companies, organizations that tailor to special demographics), military, and the medical schools themselves.
I was fortunate enough to be awarded two scholarships. One was from a fund established by a former IUSM alumni whose mission was to train physicians for the underserved populations of Indiana. The second was from the general scholarship fund at IUSM. I was notified of this amazing blessing when I was offered admission to medical school.
Finally, although this lifted a huge burden off of me as I entered medical school, I still needed to take out student loans to help cover our living expenses, so also keep that in mind. Applying for scholarships can be tedious but little by little it can make a big difference.
Ask the schools that you are interested in about their scholarship opportunities, and here are some sites to help start your search:
For those of you who have made the journey, how did you pay for medical school? Did you get any scholarships? If so, please share which scholarship and how someone can apply.
