US Medical Education – Student Loan and Steps to Obtain It

US Medical Education - Student Loan and Steps to Obtain ItThe physician’s work in America is one of the most prestigious and highly paid. According to a 2018 Medscape report, the average salary for a doctor in the United States is $ 299,000 per year, and a doctor in a specific area earns $ 20,000 more. Of course, a student before becoming a qualified doctor, has to go a long way. This is not only about the duration of training (from 11 to 15 years), but also about the financial side of the issue. So how much does it cost to study to be a doctor in the US? First we will answer the question on how to pay for a study?

How to pay for your study: Education loan

There are several participants in the process of the online payday loans MN for students.

Loan Servicer collects monthly loan payments and helps borrowers in financial difficulties. The list of terms varies depending on the lender. One way or another, there is a list of mandatory rules that must be followed when applying for a student or a payday loan for an education in the United States.

The key term for issuing a bank loan is a cosigner. The person selected for this role becomes responsible for paying the student’s debt if he himself is unable to pay it off. An exclusively American citizen or the so-called Green Card holder – a permanent resident who has stayed in the country for 2 years or longer, is suitable for this role. He must be officially employed and have a positive credit score.

It is worth noting that there are educational institutions that do not require a guarantor to study on credit from them.

How to qualify for a loan to cover some studying expenses?

Every lender sets its own requirements to qualify for a loan. But there is a strict list to be followed:

  • be at least 18 years old;
  • be a U.S. citizen;
  • be employed and have a reliable source of income;
  • have a checking account;
  • have a valid email address and phone number.

If some of the points are not met, you, less or more, will be denied a payday loan. We also should point out that payday loans cannot be used to paying the total cost of the studying. It may help cover some expenses concerning tuition.

How to get a medical degree in America?

Step#1. Obtaining a bachelor’s degree

In America, to enter medical school, you must already have one college degree. A bachelor of science degree, in principle, can be obtained in any specialty, but some universities require that the natural science program: biology, chemistry, physics, etc. In the case of foreigners, it is preferable that the diploma be American or Canadian.

Price: $30,000 – $60,000 per year

Step#2. Pre-medical program

During their undergraduate studies, students undergo a pre-medical program: they study basic natural science and medical disciplines in order to prepare for the MCAT exam. Many American universities make the pre-medical program free for their students.

Price: Free (overall)

Step#3. MCAT

Before entering a medical school in the United States, all students take the Medical College Admission Test (MCAT). This is one of the key parameters for the selection of applicants.

Price: $270

Step#4. Medical school

Medical education is one of the most expensive in America. The difficulty is that it is almost impossible for a foreigner to receive a scholarship or grant while studying to be a doctor, so that often the full cost has to be paid.

Price: $40,000 – $70,000 per year

The cost of medical education in America

In general, if we take the average prices at each stage of study in America, then obtaining a medical education will cost you $ 350,000 (excluding accommodation, insurance and general living costs). If you can get a grant or scholarship for training, the costs can be reduced to $ 100,000 – $200,000.