Medical school is always expensive. When you graduate, you will have a lot of money to pay back your debt with, but do you want to take on a five-figure debt in the first place? Paying for medical school can be done on an annual basis. And if not, there are always banks and companies that can set you straight.
Let’s take a look at some of the ways to pay for medical school.
1. Cut Back on Expenses
The easiest way to help pay for medical school is to not spend as much in the first place. Opt for the cheapest accommodation and try to limit the number of times you go out to a bar per week. So many students inadvertently add thousands of pounds to their debt piles by indulging in luxuries a tad too often.
Keep a budget so you know where to make cuts. Write down all your incomings and outgoings on paper. And review it regularly.
2. The Bank of Mum and Dad
If you’re lucky enough to come from a wealthy background, there’s nothing wrong with explaining to your parents how beneficial it is to avoid taking on any debt in the first place. You never know, they might even have a higher education nest egg already set up for you!
3. Get a Job to pay for Medical School
You can avoid taking out maintenance loans and other forms of finance by getting a part-time job at university. It will be challenging to manage both a job and an intense course like medicine at the same time, but if you learn how to schedule your time wisely, there’s no reason why you can’t make it work.
4. Start Your Business while at Medical School
More and more students are starting their businesses from the university. This can be something as simple as indulging in matched betting from time to time or registering an official corporate entity with Companies House.
Just make sure that you think this decision through, and don’t let it take precedence over your studies.
5. Apply for a Scholarship
Even in the UK, there are a limited number of scholarships. If you’re a gifted student from a tough background, you can have the majority of your course paid for. But you don’t have to be in the top bracket to get a scholarship. See what scholarships you can apply for.
Beware that it’s a competitive environment, and you will have to stand out. It’s even harder considering the government has recently changed maintenance grants to maintenance loans.
With all this in mind, there are lots of ways in which you can help cover the costs of medical school. Even if you can’t cover the full amount, it’s worth trying to pay for as much of it as you possibly can. It will teach you financial independence and reduce the overall amount you have to pay back at the end of it.
In the event you need some additional financing, don’t be afraid to consider a personal / education loan, either.