Medical students typically spend more time earning a post-high school education than those seeking other careers. One reason for this is that medicine is highly specialized and there is much to learn before a license to practice is granted. Medical students must earn a bachelor’s degree before they are accepted to medical school. Some may be promised a place in future classes if they succeed as a pre-med student at the same university. Medical school usually requires another four years of upper level education before the degree is earned. After medical school, a residency and other special programs must be completed before the graduate is ready to start treating patients unassisted. While the financial rewards of becoming a physician or surgeon are high, getting there can be financially draining.

Paying for Medical School

There are many different ways to pay for medical school. By the time they graduate with a bachelor’s degree, many students have exhausted the money available to them through federal student loans, scholarships and grants. This makes paying for medical school even more challenging if the student’s family does not have the means to contribute. Options include using up any available funding through scholarships and government programs. Supplemental private loans are an option. They are available with two different types of payment plans. One is paid with interest after medical school is completed. The other is paid in part while still attending classes. The sooner the payments begin, the sooner the college loan is paid off and the lower the total amount paid will be.

Residency

Some private student loan companies offer a special plan that pays for interview and relocation expenses used in finding the right residency in addition to a standard medical school loan. Attaining the ideal residency has a great impact on a med student’s future. The right geographic location, right specialty field and right type of training are all instrumental in where they land career-wise. The medical student’s first choice for residency is not always where they spend their time. Competition is fierce and often requires travel throughout the country for interviews. Since time frames are short, this is done by plane at the student’s expense. Money spent relocating to a new city to take the position also falls on the shoulders of the resident. Residency loans can keep someone in the running for a desired position if they have the means to travel there. These terms usually require good credit and do not ask for payments until schooling is complete.