3 answers
Jasmine
Student
Floral Park, New York
1
Question
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How can I prevent student debt/loan from piling up?
I want to become a doctor, but it may be too costly for my family and I was wondering if there was a way to avoid the immense amount of debt that comes with this job.
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3 answers
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity.
3773
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hi Jasmine,
I'm here to guide you on how to keep student loans from stacking up while you chase your dream of being a doctor.
First off, it's important to know that student debt is a hurdle that many students face, but there are several tactics to help you handle it. Here are some tips that might help you dodge or lessen student debt:
1. Scholarships and Grants: Keep an eye out for scholarships and grants that you could qualify for. These types of financial aid don't require repayment and can help cover a big chunk of your education costs. You can check with your school's financial aid office, or use online resources like Fastweb, Scholarships.com, and Cappex.
2. Federal Student Loans: Think about getting federal student loans, like Direct Subsidized and Unsubsidized Loans. They usually have lower interest rates and more flexible repayment options than private loans.
3. Work-Study Programs: Join work-study programs, which let you work part-time while studying and earn money to help cover your costs.
4. Income-Driven Repayment Plans: If you do need to borrow money, think about signing up for an income-driven repayment plan, like Income-Based Repayment (IBR), Pay As You Earn (PAYE), or Revised Pay As You Earn (REPAYE). These plans can help lower your monthly payments based on your income and family size.
5. Medical School Scholarships: A lot of medical schools offer scholarships and financial aid to their students. Do some research to see if you qualify.
To back up my answer, here are three reliable reference titles:
1. "The Student Loan Handbook" by Joseph P. Kerschner and David A. Cummins
2. "Managing Student Loan Debt: A Guide for Students and Parents" by Mark Kantrowitz
3. "The Medical School Admission Requirements (MSAR) Guide" by the Association of American Medical Colleges (AAMC)
Remember, becoming a doctor is a great investment in your future, and there are ways to handle the financial stress of student debt. By looking into these strategies and resources, you can reach your dream while keeping the debt load light. Best of luck, Jasmine!
I'm here to guide you on how to keep student loans from stacking up while you chase your dream of being a doctor.
First off, it's important to know that student debt is a hurdle that many students face, but there are several tactics to help you handle it. Here are some tips that might help you dodge or lessen student debt:
1. Scholarships and Grants: Keep an eye out for scholarships and grants that you could qualify for. These types of financial aid don't require repayment and can help cover a big chunk of your education costs. You can check with your school's financial aid office, or use online resources like Fastweb, Scholarships.com, and Cappex.
2. Federal Student Loans: Think about getting federal student loans, like Direct Subsidized and Unsubsidized Loans. They usually have lower interest rates and more flexible repayment options than private loans.
3. Work-Study Programs: Join work-study programs, which let you work part-time while studying and earn money to help cover your costs.
4. Income-Driven Repayment Plans: If you do need to borrow money, think about signing up for an income-driven repayment plan, like Income-Based Repayment (IBR), Pay As You Earn (PAYE), or Revised Pay As You Earn (REPAYE). These plans can help lower your monthly payments based on your income and family size.
5. Medical School Scholarships: A lot of medical schools offer scholarships and financial aid to their students. Do some research to see if you qualify.
To back up my answer, here are three reliable reference titles:
1. "The Student Loan Handbook" by Joseph P. Kerschner and David A. Cummins
2. "Managing Student Loan Debt: A Guide for Students and Parents" by Mark Kantrowitz
3. "The Medical School Admission Requirements (MSAR) Guide" by the Association of American Medical Colleges (AAMC)
Remember, becoming a doctor is a great investment in your future, and there are ways to handle the financial stress of student debt. By looking into these strategies and resources, you can reach your dream while keeping the debt load light. Best of luck, Jasmine!
Jerome Dees Jr.
Sales Professional and Networking Expert
500
Answers
San Francisco, California
Updated
Jerome’s Answer
Be intentional with what loans you take out. I wish it were mandatory for schools to show you what your projected monthly payment would be based on your current loan load. Look at your projected starting salary and compare that to your anticipated monthly loan payment. You’ll want to make sure your payment isn’t more than you can bare.
Some programs offer loan forgiveness if you dedicate a certain amount of time to working within a certain community. Some companies may also help with tuition reimbursement which could help lighten the load.
Some programs offer loan forgiveness if you dedicate a certain amount of time to working within a certain community. Some companies may also help with tuition reimbursement which could help lighten the load.
Chris von Berg
Senior Manager
5
Answers
Springfield, Pennsylvania
Updated
Chris’s Answer
This is a great question for any student, college debt can be overwhelming. College debt does not always just impact the student but it can impact the student’s family. There are several approaches a student can take to offset the cost of college and continuing education.
A pathway to explore is financial grants. Grants are given to students based on financial needs to continue their education. Grants can be given by the school one attends, as well as community and professional based organizations. Grants will have specific requirements, and an application process. Many organizations provide grants for a multitude of reasons.
Scholarships from a college/university are a wonderful way to offset costs. Students should explore scholarship from every angle. Scholarships are given based on merit, academics and achievements. Being a good student in high school can pay off with scholarships. There are requirements for the scholarships, but that should never be a limiting reason to apply for the scholarship. Most college are have significant endowments to help offset the student offset the cost to attend the college.
Another consideration to offset cost, it to attend a local community college and take several general education classes. Community college will be less expensive than a private college or university. Depending on the state, one can find that community college can be free. One point to keep in mind is to ensure that the private college/university you attend will accept credit transfers from your community college.
To begin the process, engage your high school counselors, they will have information on grants, scholarship, and community college. The process can be overwhelming, but there is a deal of grants and scholarship available to students. When you pick a college, work with the financial aid office for their insights on what you can do to offset the costs. Additionally, work with the admissions office to understand what credits you can transfer into the college.
Now, depending on your geographical location to the college, you could live at home and commute. This would save money by not having to pay for on campus housing and meal plans. This can be a significant cost to attending college. If commuting is not a possibility, discussing your situation with the college many very well lead to them finding a cost saving plan.
These suggestions come with a level of effort by the student, but well worth the result. There is no harm in the student applying for all grants, and scholarships. And add in having conversations with the college of choice may lead to a successful outcome.
Goof luck with your future and desire to be a doctor.
A pathway to explore is financial grants. Grants are given to students based on financial needs to continue their education. Grants can be given by the school one attends, as well as community and professional based organizations. Grants will have specific requirements, and an application process. Many organizations provide grants for a multitude of reasons.
Scholarships from a college/university are a wonderful way to offset costs. Students should explore scholarship from every angle. Scholarships are given based on merit, academics and achievements. Being a good student in high school can pay off with scholarships. There are requirements for the scholarships, but that should never be a limiting reason to apply for the scholarship. Most college are have significant endowments to help offset the student offset the cost to attend the college.
Another consideration to offset cost, it to attend a local community college and take several general education classes. Community college will be less expensive than a private college or university. Depending on the state, one can find that community college can be free. One point to keep in mind is to ensure that the private college/university you attend will accept credit transfers from your community college.
To begin the process, engage your high school counselors, they will have information on grants, scholarship, and community college. The process can be overwhelming, but there is a deal of grants and scholarship available to students. When you pick a college, work with the financial aid office for their insights on what you can do to offset the costs. Additionally, work with the admissions office to understand what credits you can transfer into the college.
Now, depending on your geographical location to the college, you could live at home and commute. This would save money by not having to pay for on campus housing and meal plans. This can be a significant cost to attending college. If commuting is not a possibility, discussing your situation with the college many very well lead to them finding a cost saving plan.
These suggestions come with a level of effort by the student, but well worth the result. There is no harm in the student applying for all grants, and scholarships. And add in having conversations with the college of choice may lead to a successful outcome.
Goof luck with your future and desire to be a doctor.