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October 29th, 2009 
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So, you and your wife were enjoying a nice afternoon together, watching television on the couch, when Junior walks in and ecstatically announces that he has been accepted to Harvard Medical School. After the initial whoops and hollers and the pride that swells in your chest, your son leaves to announce the great news to his friends. You and your wife turn to each other and smiles fade and eyes widen when suddenly, thoughts of the cost hits you. Stunned, you slump onto the couch in silent dismay.
There’s no need to panic when this happens. Attending medical school is a very respectable goal, and money should not stand in the way. However, very few parents or other family members can afford to put someone through medical school, and that’s where medical school loans come in handy.
Where do you obtain a medical school loan? Start with your own local bank branch and see what kinds of loans or offers they can suggest. Your next step should be to get on the Internet or ask your bank loan officer if he or she can suggest other alternatives. One of the next best ways to obtain a medical school loan is through a private student loan offered to those entering medical professions. For example, there are a number of Federal Student loans, like Stafford or other types of medical type loans offered by various health field providers and sponsors.
However, keep in mind when looking for medical school loans, that the interest rate of that loan may keep you, or your son and daughter, in debt for years to come. Studies released have shown that the average medical student loan debt for those attending United States universities is roughly $100,000. That’s a big weight on such young shoulders, and compounded with the cost of living and lower than realized pay of many medical entry level pay scales, can take the wind out of anyone. Being so much in debt may cause students, and parents, a lot of stress, so consider carefully when searching for options that may help take some of the pressure. Encourage your student to apply for as many scholarships and grants as possible.
While medical schools around the country and the world recognize the problems of student loans for their students, they don’t provide any answers to address this issue. Nearly 50% of students who take out student loans of any kind, of various amounts, take years to repay those loans. Young men and women entering the physician field today are facing some tough times. Gone are the days when medical careers were the highest paid in the job market. Balancing their pay scale with the cost of medical insurance and loan payments, and most doctors today are struggling to make ends meet just like any other white collar professional. Times are hard, and are not likely to improve any time soon. When searching for a medical student loan of any amount, just make sure you shop around and try to find one with the lowest interest rate possible. Also, try to encourage your student, or yourself for that matter, to start repaying or saving up for that debt repayment instead of allowing it to drag out for years.
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Help answer the question about medical schools
what the difference between medical research schools and primary care?I'm currentely a sophorome in HS and I aspire to become a pediatritian, but when I look for the best medical schools there is research medical schools and primary care.
* And can you please tell me what I should be doing in HS to have a good record for medical schools? And what major pediatritian would be on? Thanks!
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What do you need to know about obtaining a medical student loan? Find out more about student loans at http://StudentLoansRevealed.com.
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Job shadowing. If you are unsure which way to turn in this troubled economy I would take a brief inexpensive course as a CNA. That career is a stepping stone to so many other positions in the medical field and you will always have something to fall back on. You can also work part time and vacations anywhere and most facilities will work around your schedule.
As for careers the job shadowing is the best option for you. Perhaps volunteer at a hospital and do different jobs to see what interests you. The volunteer coordinators have excellent connections through the hospitals and can hook you up.
in the mean time get your basic course work done and something will just come to you.
Remember there is never a wrong choice when it comes to education. Take all you can get.
sorry , great place to go when broke – work.
get 2 more pt/tm jobs . save ur money – get small place by ur self.
read 'total money make over' d.ramsey for a way out.
For the love of God, please do not try to practice medicine. You're at the scary phase where you now just enough to be dangerous.
Have you considered the Public Health Service? You might get some loan forgiveness going that route. You might also look into jobs at the CDC. They probably prefer docs who were able to get through residency, though.
I hope you can find something in medicine that excites you, so that you'll finish a residency and put your talents to good use.
I don't understand what questions you have that they aren't answering about paying off your loan.
If you want to pay off the loan you simply write a check for that amount and mail it in. You don't have to wait in line… or submit a letter… you give them your money! LOL
You will probably, be able to get a certificate, to get a job, as a nursing assistant. That will give you alot of experience, in the nursing field. It is very rewarding, when you know that you are helping someone to get better. As for your career choice, you will be able to learn alot about either choice, when you are working around other people, who will know a little about which way you want to go. Just keep your eyes open, and listen, when anyone is talking about which field, that you prefer..Good Luck, in whatever you decide to do..
You can always check with your State and County Bar Associations. Most maintain a list of attorneys who provide various types of services pro bono.
Good luck!
creditreport.imess.net – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
Its good if you consolidate your medical bills as unpaid medical debt can negatively affect your credit, you can consolidate to protect your credit score. Again, make sure that you can make your monthly payment on your consolidation loan or your credit will suffer more.
There are some good options to do that, hope this is useful to you. http://www.loansstore.com/bill-consolidation/
In the December issue of Money Magazine there is an article about a couple (both doctors, both in residency) who have a combined total of $500,000 in debt. I'm betting you can still get more loans.
Talk to the financial aid officer at your college and explore your options.