Vital Reasoning for Which Medical Students Need to Take Loan to Pay the Fees

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medical student loan
I am sure that most of readers have at least a slight idea about the different amount of costs that are incurred while studying for a professional degree. There are many factors for which a degree in business management (BBA/MBA) engineering and medicine cost students a lot. We know the reasons for this as anywhere in the world you will find the fee for these degree programs very high. It is basically the demand and supply game. As there is more interest among students, there are fewer seats available all over and hence colleges and universities demand a high fee as a result.
It is a foregone conclusion that there are high chances for a bright career for students who gets a professional degree. What about the fees and how a student with not that much amount can pursue for a professional degree like medicine. Let me shed some light on this aspect for the general understanding and advice for students who look to study in the field of medicine.

Why Students go for Medicine?

Among all professions, being a doctor is considered among the most noble professions. The respect a doctor gets from not only his patents but all the other people in his social circle is immense. There are many other reasons for which students since their childhood look to become a doctor or see them in various other roles. But for many students, the fees and other expenses come as a rude shock as some of them simply can’t manage to pay even half the fees. Even when they are given the chance to pay it in installments, it is very difficult for them.
The above scenario that I have mentioned forms the crux of this blog as I will try my best to describe what are the options for students in this concern. I would like to clear one misconception among students that the fee structure in just the big cities in the US/Canada is high. You will get more or less the same structure in any of the cities in these countries. However, in many different regions you will find this amount considerably very low like in a caribbean medical school.

Studying Medicine and not being able to Pay the Fees

There are many reasons why students who want to study medicine drop the idea as soon as they are informed about the fee structure. Student do look for some options in this regard like borrowing some money from their friends/relatives but it is not a good solution and the fee is not a one time scenario. In the subsequent semesters students have to pay similar high feed and thus they look for a permanent solution. That’s why student loans are perhaps the best way forward.
If you will talk about the figures, you will come to know that students in the US and the Caribbean region are in debt around $150,000 or more by the time they complete their degree in medicine. This is a huge sum that they have to repay but I am afraid there are no other viable solutions for students in this regard. There are many ways for students to apply for that loan. But wait, there are scholarships offered in virtually every med school. So there is an option, right? So that students don’t have to apply for a loan? Read on for more information in this concern.

Scholarships for Students

I am sure most of my readers are aware of how a scholarship works. Students get assistance for a fraction or major part of their fee so that they don’t have to pay their full fees. But it is also a fact that only a handful of students get their hand on scholarships. In a typical med school, only about 10-20 students will get a scholarship out of hundreds of students. So, you can imagine what’s the level of competition. A student needs to be a topper throughout his studies or show immense skills in the field of medicine and research to qualify for a scholarship.
All of the above reasons make it clear that only about 5% students, at most, can get scholarships out of thousands who start studying in any given year. So, a student loan is the only way out for students to study with total peace of mind and don’t think about any other thing.

Final Word

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