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Rachael
Student
Macomb, Michigan
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What is the best financial advice for a pre-med student?
What is the best financial advice for a pre-med student who is receiving some help from my parents for college but will be expected to pay for medical school on my own. How do loans and interest work for pre-med and med students? How can I manage a (healthcare- related job such as a PCT) during college while balancing studying? Any advice is appreciated. Thanks!
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Dr H
Dr. H's Research
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Australia
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Dr’s Answer
Hey Racheal,
Man, the financial juggling act of being a pre-med student, honestly, sounds daunting, right? But I would say, don't worry about it so much, because you learn to navigate it along the way. And I will just toss in what I hope helps too.
First, when it comes to managing loans and interest, the earlier you start understanding how they work, the better. For federal student loans, interest accrues while you're in school, but you can avoid paying it immediately by choosing subsidized loans (if you're eligible), where the government pays the interest while you're in school. With unsubsidized loans, interest will accumulate, so try to pay at least the interest while you're in school to avoid it piling up. After graduation, when you start medical school, things can get heavy, but there are deferment and forbearance options available if you need some relief. Just be careful with the accumulation of interest—debt can snowball quickly, and medical school tuition is no joke ofc.
As for balancing work with studying, it’s definitely a tricky balance, but it’s doable, there is always a way. A Patient Care Technician (PCT) job is a fantastic idea because it's hands-on and ties directly into your medical career. I would recommend looking into part-time positions with flexible hours (nights or weekends if possible), so you can adjust around exam schedules and your study routine. If you plan well, you can even learn as you earn, which will give you valuable experience and a sense of purpose while getting paid!
But here's the thing: while a job can definitely ease the financial burden, don’t let work take over. Your studies will be intense, so you’ll need to set clear boundaries on how many hours you can realistically work without compromising your grades or your mental health. You can even talk to your professors about your situation—they often have advice or even accommodations for students with jobs. I usually recommend my students, seniors and colleagues to study hard the first 2 years, because those two years have all the intense workload of studies and exhaustion, but then as the 2nd year ends, things get a lot easier, you can start working easily and you can even apply to medical positions as an assistance and trainer. So try to hang on the first year and then start loading jobs and work on yourself, I think that would be a lot more helpful.
Lastly, start budgeting early. Track your expenses and separate your “wants” from your “needs.” It’ll feel boring, but building good money habits now will pay off big time later. Look into scholarships (there are plenty for pre-med students!), and even consider setting up a savings account to set aside any extra funds you can, no matter how small.
I know it's a lot to handle, but step by step, you’ll get there. Stay focused on your long-term goals, but don't forget to breathe and take care of yourself in the process, taking care of yourself its the most prior job in this field. All the best and hope this helped clear out some doubts buddy.
Man, the financial juggling act of being a pre-med student, honestly, sounds daunting, right? But I would say, don't worry about it so much, because you learn to navigate it along the way. And I will just toss in what I hope helps too.
First, when it comes to managing loans and interest, the earlier you start understanding how they work, the better. For federal student loans, interest accrues while you're in school, but you can avoid paying it immediately by choosing subsidized loans (if you're eligible), where the government pays the interest while you're in school. With unsubsidized loans, interest will accumulate, so try to pay at least the interest while you're in school to avoid it piling up. After graduation, when you start medical school, things can get heavy, but there are deferment and forbearance options available if you need some relief. Just be careful with the accumulation of interest—debt can snowball quickly, and medical school tuition is no joke ofc.
As for balancing work with studying, it’s definitely a tricky balance, but it’s doable, there is always a way. A Patient Care Technician (PCT) job is a fantastic idea because it's hands-on and ties directly into your medical career. I would recommend looking into part-time positions with flexible hours (nights or weekends if possible), so you can adjust around exam schedules and your study routine. If you plan well, you can even learn as you earn, which will give you valuable experience and a sense of purpose while getting paid!
But here's the thing: while a job can definitely ease the financial burden, don’t let work take over. Your studies will be intense, so you’ll need to set clear boundaries on how many hours you can realistically work without compromising your grades or your mental health. You can even talk to your professors about your situation—they often have advice or even accommodations for students with jobs. I usually recommend my students, seniors and colleagues to study hard the first 2 years, because those two years have all the intense workload of studies and exhaustion, but then as the 2nd year ends, things get a lot easier, you can start working easily and you can even apply to medical positions as an assistance and trainer. So try to hang on the first year and then start loading jobs and work on yourself, I think that would be a lot more helpful.
Lastly, start budgeting early. Track your expenses and separate your “wants” from your “needs.” It’ll feel boring, but building good money habits now will pay off big time later. Look into scholarships (there are plenty for pre-med students!), and even consider setting up a savings account to set aside any extra funds you can, no matter how small.
I know it's a lot to handle, but step by step, you’ll get there. Stay focused on your long-term goals, but don't forget to breathe and take care of yourself in the process, taking care of yourself its the most prior job in this field. All the best and hope this helped clear out some doubts buddy.