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5 Ways to Pay for Your College or Medical School without Piling on Debt

Alternatives to Student Loans

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While some medical careers are available with high school or undergraduate education, becoming a doctor or advanced practice nurse requires many years of post-secondary education. Other than student loans, which may take years to pay back, below are some additional resources for financing your undergraduate or medical schooling, which won’t bury you in debt.
  1. Scholarships - You don’t have to make top grades to get a scholarship, although there are more options for those who do. Scholarships are offered for a variety of factors in addition to academic performance, such as minority status, field of study, or even overcoming adversity.

    Academic institutions are not the only organizations which offer scholarships. Check with local corporations, your parents' employers, even your church, to see what scholarships are offered, and how to apply. Sometimes it's as simple as filling out a form and writing an essay, or meeting other circumstantial requirements.

  2. Grants / Awards - Check with your university or medical school to see what awards are offered. Alumni will often set up scholarships for students who meet certain criteria including anything from grades, athletics, volunteer work, or whatever the grantor wished to recognize with the award.

  3. Military - The military will pay for your health career and help you get the required training, if you’re willing to serve the country for a few years in return. The amount of education you receive will determine the number of years you have to “pay back” in service (active military duty).

  4. U.S. Health Service Corps - This is a great way to fund your medical education if you’re seeking to be a physician or nurse. The National Health Service Corps is a government program that will pay most or all of your tuition, in exchange for 2 to 4 years of service in a medically underserved area of the country. If you are willing to relocate to a more rural area to work for a few years, this could be an excellent option.

  5. Employer Reimbursement - Hospitals which employ nurses or doctors will often offer student loan forgiveness as part of their financial package. Therefore, if student loans were your only option on the front end, and you graduated with a load of debt, your new employer may be able to help alleviate some of that financial burden.

If, for some reason, the above aids do not apply to you, or if you need to minimize your tuition costs even further, there are additional ways to save thousands of dollars on your college costs, if you plan ahead and make smart educational decisions while in high school and college.

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