Funding Medical School by PreMedLife Magazine

The Magazine For Pre-Medical Students

November/December 2020

funding med school

There are several schools that will cover tuition for their students.

I FAILED A CLASS. HERE’S WHAT HAPPENED NEXT

One student’s experience with facing obstacles and what came after

PREMEDLIFE.COM

GETTING A FULL RIDE TO MEDICAL SCHOOL

PREMEDLIFE November/December 2020

GETTING A FULL RIDE TO MEDICAL SCHOOL

HOW TO PAY FOR MEDICAL SCHOOL

THE TRUTH ABOUT MEDICAL SCHOOL DEBT

A FULL RIDE TO MEDICAL SCHOOL MIGHT SOUND TOO GOOD TO BE TRUE.

ITâ&#x20AC;&#x2122;S NO SECRET-MEDICAL SCHOOL COMES WITH A HIGH PRICE TAG.

WILL YOU MAKE ENOUGH MONEY AFTER GRADUATION TO PAY OFF YOUR MEDICAL SCHOOL DEBT?

November/December 2020 | PREMEDLIFE.COM | 3

contents

NOVEMBER/DECEMBER 2020

Free your mind of the belittling voice. Your failures don’t define you. It is how you deal with them that matters.

Newsbites

There is a lot happening these days. Here are a few of the issues and current events that you should know about. From changes to medical school admission processes to stories about students making a difference during these unprecedented times, check out these stories to get relevant news.

5 Sacrifices I Made to Become a Successful Medical School Applicant

They say natural birth - our journey from inside the womb to the outside world- is the most arduous voyage we all take on as human beings. Going through medical school might be a close second. And getting into med-school, probably a closer third.

WHAT’S INSIDE...

I Failed a Class. Here’s What Happened Next

4 | PREMEDLIFE.COM | November/December 2020

3 Things Premeds Can Do When Nothing is Going Right

Millions of students dream of getting into med school. Of this, thousands of students take on the hectic premed workload and apply to med-school every year. Everyone knows getting into Med school is tough.

How to Craft a Pitch for Your Medical School Interviews

Every product needs an advertisement, every brand needs a model, every company needs a motto, and somebody looking for an opportunity needs an Elevator Pitch. Jordan Belfort from The Wolf of Wall Street is proof that a great elevator pitch is all you need to buy a person’s attention.

Digital

NOVEMBER/DECEMBER 2020

Combating Burnout as an Undergraduate Student

istockphoto/xx

COVID-19 has turned our worlds upside down and inside out. This crisis has presented challenges for pre-medical students, but it has also given them an opportunity to develop the skills they’ll need as future physicians.

What’s on premedlife.com Taking Care of Your Mental Health During a Pandemic

8 Fears Every Premed Must Overcome to Succeed

Medical Schools Are Pivoting During Covid-19

If you’re a pre-medical student, you cannot afford to ignore your mental wellbeing. You’re not alone and more pre-medical students need to talk about their struggles with mental health.

The path to medical school is hard. It can also be scary. But remember the words of Jack Canfield, everything you want is on the other side of fear.

Here are a few notable ways some schools have adjusted to meet the needs of their students and needs of the health care community during the pandemic

6 | PREMEDLIFE.COM | November/December 2020

From the

Publisher

ONE STEP AT A TIME.

“Past and Present I know well; each is a friend and sometimes an enemy to me. But it is the quiet, beckoning Future, an absolute stranger, with whom I have fallen madly in love.” – Richelle Goodrich what a year this has been. I’ll say it again - what a year this has been. there probably isn’t a single person who wouldn’t agree with this statement.

The year is coming to a close and has certainly taken us all for one heck of a ride. For many of you, there have been moments of fear. For many of you, there have been moments of anxiety. For many of you, there have been moments of overwhelm. For many of you, there have been moments of sadness. For many of you, there have been moments of anger. For many of you, there have been moments of worry. For many of you, there have been moments of everything in between. It is during these moments in life that are there to shape who we are as individuals and show us that as much as we plan out our lives, as much as we’d like to think that we have control over certain aspects of our journey, s*it happens. From the experiences that you have lived this year, it is important to take a step back and reflect on how this has changed you as a person and ask yourself, what have you learned about yourself over the last year that you never knew before? And if there’s nothing new that you’ve learned about yourself, what has this last year reaffirmed what you already knew. Some say that this pandemic has drawn back the curtain on many of our hidden realities and exposed parts of our lives that needed attention. As the year comes to an end, I beg that you take a moment to just be - just be still, just be okay, just be you. Take care Future Doctor. Your cheerleader, Tasheema

Tasheema Prince Publisher @PrinceSheem tprince@premedlife.com

Tasheema Prince

8 | PREMEDLIFE.COM | November/December 2020

PREMEDLIFE the lifestyle magazine for premedical students www.premedlife.com

Founder & Publisher | Tasheema Prince VP, Development| Monique Terc Contributing Editor | Njeri McKenzie Digital Marketing Consultant | Portia Chu Find us on Twitter @premedlife Find us on Facebook.com/premedlife Here’s How to Reach Us: Kisho Media, LLC P.O. Box 10572 Rockville, MD 20849 Main (646) 571-8035 Have a Story Idea? Email us at editor@premedlife.com Want to Subscribe? Visit www.premedlife.com and sign-up to our mailing list to receive an email when the latest issue is available online Want to Join Forces? (a.k.a. Partner With Us) Email us at info@premedlife.com Advertising Inquiries? Email advertise@premedlife.com PreMedLife magazine is published six times per year by Kisho Media, LLC. and copies are provided to select colleges and universities free of charge. The information in PreMedLife magazine is believed to be accurate, but in some instances, may represent opinion or judgment. Consult your pre-medical/pre-health advisor with any questions you may have about the medical school admissions process and related topics. Unless otherwise noted, all articles, photographs, artwork, and images may not be duplicated or reprinted without express written permission from Kisho Media, LLC. PreMedLife magazine and Kisho Media, LLC. are not liable for typographical or production errors or the accuracy of information provided by advertisers. PreMedLife magazine reserves the right to refuse any advertising. All inquires may be sent to: Kisho Media, LLC. P.O. Box 10572 Rockville, MD 20849 To reach us by phone call (646) 571-8035 or email us at info@premedlife.com.

Newsbites

MCAT

Morehouse School of Me

A new program called ‘Go D.O.” aims to make medical school more accessible by waiving the Medical College Admission Test (MCAT). The program, a collaboration between West Virginia Wesleyan College and the West Virginia School of Osteopathic Medicine, is designed to break down the barriers to working in medicine and inspire more students to pursue a career in medicine. Students who are accepted to the program are required to complete their undergraduate work and medical school prerequisites, then they are able to matriculate directly into medical school. While the new collaboration was announced last month, the program has been in development for three years. “Something we’re very, very interested in is students being able to study here, not only do their undergraduate, but their graduate work in the state of West Virginia,” said John Waltz, vice president for enrollment management at West Virginia Wesleyan. “And to be able to contribute to our great state, hopefully in careers and in service, for years and years to come. That sustainability is really what’s most important to us.”

istockphoto/ biscotto87

New Program Waives MCAT to Make Medical School More Accessible

GIVING BACK

Bloomberg Gifts $100M to Historically Black Medical Schools

The former Mayor of New York City Michael Bloomberg has made a pledge to donate $100 million the country’s four historically Black medical schools. The purpose of the donation will be to help lessen the student debt for Black students who are pursuing a career in medicine. Earlier this year, Bloomberg’s Greenwood Initiative was created to help address the economic justice issues that have affected Black Americans for centuries. The donation to the HBCUs is part of this initiative. According to Bloomberg Philanthropies, the generous donation will go to benefit students who attend Howard University’s College of Medicine in Washington, the Morehouse School of Medicine in Atlanta, Meharry Medical College in Nashville and the Charles R. Drew University of Medicine and Science in Los Angeles. The schools will use the gift to create scholarships of up to $100,000 for students who are currently enrolled and receiving financial aid.

10 | PREMEDLIFE.COM | November/December 2020

Newsbites

INNOVATION

Medical School Application Rates Rise

Company Raises $30M to Create Cool Sketches to Help Medical Students Learn

istockphoto/ Viktoriia Hnatiuk

Applications to medical school were up at the end of August, according to the American Medical College Application Service (AMCAS), pointing to signs of a trend that the volume will be higher during this 2020-21 cycle. According to the American Association of Medical Colleges, experts do not know exactly what’s behind the jump, but they do highlight a few possible reasons. The AAMC website states that “Some are rather mundane, including students having more time to focus on applications as college classes moved online. But at least some of this year’s applicants are driven by COVID-19 patients’ terrible suffering and front-line providers’ extraordinary heroism,” According to AAMC data, this year has seen nearly two dozen medical schools with applications jumping at least 25%.

istockphoto/ Kana Design Image

ADMISSION

MCAT

Applicants to UMN Can Opt Out of Taking MCAT

Due to Covid-19 related hurdles, the University of Minnesota Medical School has made the decision to make the Medical College Admissions Test (MCAT) optional for all applicants. “We were made aware of the fact that applicants are finding it challenging to prepare for the test with limited to no access to quiet study spaces, concerns about sitting for the test in a closed space with others given personal or family health challenges, difficulty securing testing accommodations, and difficulty with rescheduling their test date due to multiple cancellations,” a statement on the Medical School’s website said. In light of Covid-19, the school has decided to take a more holistic approach when reviewing applications than in previous years. According to the school’s website, this decision to waive the MCAT applies to all applications looking to enroll in the school next fall.

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An education company that creates animated sketches to help students in medical school memorize complex concepts and topics has received a substantial investment to continue making cool products. The company, called SketchMedical, was create after the founders were in medical school themselves and saw a need to create a resource to help them solve difficult problems. “Learning in medical school is like trying to drink water out of a fire hose,” the Cofounder and CEO of SketchyMedical. “There’s just so much information to learn that is seemingly unrelated that you have to learn quickly and be able to recall — all of that while the stakes are very high.” The four cofounders of the company were all medical students discovered a method of learning that combined stories and humor to create sketches that incorporated the information that they needed to memorize for exams. Cofounder and chief content officer Andrew Berg said that their method replicates a memory technique called “The Memory Palace.” “The original name for the method was the method of loci, it comes from Ancient Greece where it was used by the orators then to remember days-long orations,” Berg says. “We took that technique and we applied it to medical education, it helps reduce study time, increases their ability to retain the topic and it’s a lot more fun.” It started when they created a fun YouTube video to explain salmonella. Today, SketchyMedical has produced over 600 videos that are divided into either pre-clinical or clinical. “Historically students were at the whim of their school, but now they are able to make these decisions for themselves and really augment their education with a variety of tools,” said Michaela Venuti, Vice President at TCG which led the investment. “Additionally, Covid-19 has accelerated this because now students aren’t getting the same educational infrastructure.” The company says that it has plans to expand into other health-related fields like undergraduate science education. For more information about SketchyMedical visit sketchymedical.com or to check out the video that started it visit www.youtube.com/ watch?v=EiKg08WoKPM.

the money issue

MONEY MATTERS

getting a

full ride

Medical Schools That Offer Tuition Free Options to Students

an you get a full ride to medical school? A full ride to medical school might sound too good to be true. Medical schools are notoriously expensive in the United States, with student loans for doctors taking years to pay off after graduation. Today, medical students can often be over $200,000 in debt upon graduation and a typical federal repayment plan can last up to 10-years. While most medical schools only offer partial scholarships, it is possi-

14 | PREMEDLIFE.COM | November/December 2020

ble to secure an awesome deal at some schools that covers the full cost of tuition. A few medical schools within the United States offer free tuition programs. In addition, several international schools offer free tuition programs as well, even to international students. Different schools offer different tuition free options, with programs available for students with financial need and other programs making their decisions based on merit. Find out which schools offer tuition free options to which students. >>>

istockphoto/ yacobchuk

<<< xx

the money issue

NEW YORK UNIVERSITY SCHOOL OF MEDICINE

New York University (NYU) School of Medicine made headlines when it’s dean announced that every graduating student would get free tuition at a white coat ceremony in 2018. Based in the heart of Manhattan, NYU is one of the largest medical schools to make tuition free for all of its students, a true pioneer in terms of making medical school more affordable. NYU School of Medicine was able to declare its tuition-free initiative thanks to funding provided by generous donors. It was especially impressive that NYU provided free tuition for every single medical student, with no requirements other than to maintain satisfactory academic progress. You will still have to cover the cost of your living expenses, which can be quite expensive in a city like New York. Still, not having to pay a tuition fee that used to cost upwards of $55,000 is a true burden lifted for aspiring doctors. New York University was established in the 19th century and is connected to the NYU Langone Medical Center. This institution offers numerous joint M.D./ Ph.D. programs. In order to score free tuition at this prestigious university, you’ll have to be a part of the small 1% acceptance rate. If you do gain admittance, you will join roughly 700 medical students that get to enjoy free tuition while studying in the heart of NYC.

UNIVERSITY OF CALIFORNIA LOS ANGELES

Take a trip from New York City over to the west coast, and you will find that the University of California Los Angeles (UCLA) also offers a tuition free option. Unlike NYU, however, this Southern California tuition-free option isn’t for every student. Only 25% of students at UCLA won’t have to worry about paying those massive tuition bills. The David Geffen Medical Scholarship provides free tuition based on merit. Another difference from NYU is that these students also receive a living stipend to cover basic living expenses such as food and rent. That’s a pretty big deal in a city as expensive as LA! The goal of this scholarship program is to produce top doctors in the field by allowing star students to focus on their studies rather than on paying off student loans.

CORNELL UNIVERSITY

loans with scholarships, meaning you could score a free ride depending on your financial situation. Another tuition free option at Cornell is to pursue a dual M.D. and Ph.D. degree. If you take this route, you could qualify for free tuition plus a small living stipend. This could be a big savings considering that the cost of attendance for Weill Cornell Medical is a staggering $90,000 for the first year.

“The goal of this scholarship program is to produce top doctors in the field by allowing star students to focus on their studies rather than on paying off student loans.”

Heading back over to the east coast, another prestigious university that is helping to make medical school more affordable by providing a tuition free option is Cornell University. The well-known Weill Cornell Medicine program announced in the fall of 2019 that it too would be joining the list of tuition free medical schools. While UCLA bases its tuition free option on merit, Cornell University decided to focus on students with financial need. Cornell University replaced

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COLUMBIA UNIVERSITY

Another Ivy League medical school offering a tuition free option is Columbia University through its Vagelos Scholarship program. The College of Physicians and Surgeons is a prestigious medical school located in Upper Manhattan. The Vagelos Scholarship initiative was one of the first tuition-free initiatives at a prestigious medical school beginning back in 2017. The initiative was aimed at lower-income students, meaning that if your family earned a household income of less than $125,000 you could qualify for 100% need-based aid. The aid included tuition as well as fees plus room and board. Having room and board covered is a huge win considering the high cost of living in a metropolitan area like New York City.

STANFORD UNIVERSITY

Another California medical school to make the list, in 2020 Stanford University School of Medicine announced that it would be making its medical school tuition-free for those that qualified for need-based aid. This tuition-free program was made possible by the generous donation of a philanthropist from the Bay Area. If you qualify for need-based aid, Stanford University will waive its tuition and provide a small living stipend to eliminate the need to take on student loans. While not necessarily an ivy league university, Stanford School of Medicine is recognized as one of the primer schools of medicine in the country. However, with that top-tier education comes top-tier costs, as the normal price of tuition to attend Stanford University School of Medicine is over $60,000.

WASHINGTON UNIVERSITY IN ST. LOUIS

The popularity of tuition-free medical schools has been growing amongst prestigious universities. Washington University in St. Louis is among one of those universities beginning with its announcement in 2019. Washington University considers both need and merit when making its

decision on who will receive a full ride. Around half of medical students at the university will receive full tuition. The other half of students will receive a partial tuition scholarship. Highly ranked among medical schools in terms of its education and research, receiving a full ride is a chance to make your dream of becoming a top-notch doctor possible without the massive student debt.

GEISINGER COMMONWEALTH SCHOOL OF MEDICINE

Located in Scranton, Pennsylvania, Geisinger Commonwealth School of Medicine is focused on community and service, offering a unique tuition-free program to some of its students. Around 40 students are eligible to receive free tuition plus a small living stipend of roughly $2,000 per month under the Geisinger Primary Care Scholar Awards. The criteria for selection include financial need, merit, diversity, as well as any demonstrated history of community service. However, if you are selected for the program you will need to give Geisinger 4 years of service after you complete your residency. In addition, you will need to provide service under one of their specialty requirements-- family medicine, internal medicine, or medicine pediatrics. Geisinger Commonwealth School of Medicine offers a second tuition-free program under the Abigail Geisinger Scholar Award, which launched in 2019. If accepted, 10 students will get their tuition and fees covered up to four years. This program does not provide a stipend and you will still need to provide 4 years of service. This service can be within the entire Geisinger network. If you agree to provide this service, you will be able to graduate medical school virtually debt-free.

CLEVELAND CLINIC LERNER COLLEGE OF MEDICINE

A private medical school in Cleveland, Ohio, Cleveland Clinic has been offering free tuition for all of its students. However, this program is one of the most competitive programs to get into across the country with just over 30 slots available for first-year students. The college aimed to offer its students free tuition in order to make sure that students could focus on their education and research, rather than worry about how they were going to pay for it all. Kaiser Permanente School of Medicine In February 2019, the Kaiser Permanente School of Medicine announced that it would waive its tuition for all for years. This applies to any student who enrolls in the medical school between 2020-2024. This is a small and competitive program with just under 50 spots available each year. Located in Pasadena, California, you will still need to cover the high cost of living while studying in pricey Southern California. Still, if studying medicine while enjoying a little sunshine during your limited free times sounds ideal, it might be within your reach if you are admitted and don’t have to pay tuition.

UNIVERSITY OF BERGEN NORWAY FACULTY OF MEDICINE

Interested in getting your medical degree abroad? The University of Bergen Norway Faculty of Medicine offers its students free tuition, even to international students. A prestigious public university in the country of Norway, this university teaches roughly 2,000 medical students each year. One catch -- most of the classes taught at the medical school are taught in

Norwegian, meaning that you will need to be fluent in order to score a free ride at this international medical school.

FREE UNIVERSITY OF BERLIN FACULTY OF MEDICINE

Another international school to make our list is the Free University of Berlin Faculty of Medicine. Located in Berlin, Germany, this institution is committed to providing a high-quality medical education at no tuition cost for its students. If you speak German and are interested in taking your medical across seas, consider applying to this university.

THE UNIVERSITY OF MEDICINE IN VIENNA

There are a number of international medical schools that offer free tuition, including the University of Medicine in Vienna. As a country, Austria is known for offering top-notch higher education. There is a small fee for international students of 800 Euros per year, but other than that the rest of the tuition is free. There is one catch. In order to gain admission to the University of Medicine in Vienna, you will need to present a letter of acceptance from a medical school in your home country. If you speak German and want to live in a historical European city during medical school, be sure to include this school on your list.

HOW TO SCORE A FULL RIDE

More and more medical schools are offering tuition free options for some if not all of their students. Considering medical school could often cost more than $200,000 for a four-year education, scoring a full ride takes a considerable financial burden off your shoulders. Many of the schools on this list are prestigious universities, so in order to get in and score that full ride you will need a high GPA, impressive MCAT score, plus shadowing experience and stellar letters of recommendation.

WHAT ARE INSPIRING FREE TUITION PROGRAMS

In the United States, many studies have concluded that the high cost of attending medical school leads to physician burnout and lower grades. In addition, there is currently a shortage of primary care physicians within the United States. This is particularly because primary care physicians do not get paid as much as doctors in other specialties. As a response, some schools are offering free tuition in order to encourage students to attend medical school without having to fear taking on debt. Remember, Free Tuition Doesn’t Mean Totally Free While each of the schools listed above offers some sort of tuition free program to attend its medical school, this doesn’t mean medical school will be totally free. Most programs do not cover living expenses, meaning you will still need to pay for your room and board. Some programs also waive fees and add stipends for educational materials such as books, while others do not. You can use other scholarships, grants, and loans to cover the rest of the full cost of attendance. Free medical school is still relatively rare, with those lucky enough to get into a prestigious program like at NYU or Cornell. However, if you do get in, you are less likely to suffer physician burnout while taking intensive courses and worrying about how you are going to pay all of your bills. p.

November/December 2020 | PREMEDLIFE.COM | 17

Getting In

I istockphoto/ Witt Udomsilp

t’s no secret that medical school comes with a high price tag. Between studying for the MCATS and gathering together your letters of recommendations, you may be overwhelmed wondering how you even are going to pay for medical school. With a price tag of $200,000 and upwards for a 4-year degree, it’s crucial for you to consider how you are going to pay for it all. Yes, once you are an attending physician you may be making a six-figure salary, but if you’re not proactive most of that salary will go towards paying off massive student loans. So how do you go about paying for medical school? Consider 5 easy ways to get started financing your dream of becoming a doctor.

How to Pay for Medical School: 5 Easy Ways to Get Started 18 | PREMEDLIFE.COM | November/December 2020

1. APPLY FOR FEDERAL AID Depending on your financial situation, you may qualify for federal aid when attending medical school. The first step you can take to pay for medical school is to apply for federal aid. Federal aid can take the form of either grants or loans. In order to qualify for any aid, you will have to fill out the FAFSA, or the Free Application for Student Aid. Most federal aid will take the form of a loan, with the most popular being the Unsubsidized Stafford Loan. However, it is also possible to receive certain grants, which you won’t have to pay back. Grants are awarded on a need basis, so you will only qualify for these grants if you have financial need. There are multiple types of federal loans for medical school, so make sure to do your research in order to get the aid you require. 2. CONSIDER PRIVATE LOANS Chances are you are going to have to take out a certain amount of student loans in order to finance your medical degree. While applying for federal aid is a great place to start, it might not cover the total cost of attending a school. In order to cover the gap, you may want to consider private student loans. Private student loans are not regulated by the government, so you will need to apply with a private lender in order to secure one. Interests rate, loan amount, and eligibility will vary depending on the lender. You will have to pass a credit check in order to qualify for a private student loan. So, make sure to have your credit in order before applying. 3. LOOK FOR SCHOLARSHIPS Finding a partial scholarship is another way to finance your medical education. Most scholarships are merit-based, meaning they will depend on your GPA, MCAT score, and in some cases your

demographic. Some medical schools provide full scholarships, such as the University of Pennsylvania. Many different organizations and institutions also provide partial scholarships to medical school. Scholarships such as the Physicians of Tomorrow award or the Diverse Medical Scholars award offer thousands of dollars in scholarships to dozens of medical students each year. Make sure to do your research when looking for scholarships. Some scholarships are more competitive and prestigious than others. So, look for minor scholarships, with lower award amounts, as well as larger scholarships. Every dollar adds up! Many scholarships exist based on demographic, and could be awarded based on your heritage or if you are a first-generation student. If you are a part of one of these groups, research what scholarship opportunities exist. Scholarships are a fantastic way to pay for medical school without adding to your medical school debt total. You can look for scholarships each year of medical school to help pay for your education. 4. WORK PART-TIME Working part-time while attending medical

school may seem daunting. After all, you want to focus on your studies and make sure you become a top-notch future doctor. However, there are some practical ways you can work part-time while attending medical school in order to help pay off those bills. One possible option is to become a teaching assistant (TA) or a research assistant (RA). Teaching assistants often help professors with coursework, such as leading small group studies, and is a great way to both focus on your education and get paid. A great perk about working to pay off your tuition is that, unlike with a loan, you wonâ&#x20AC;&#x2122;t incur interest and take on debt. It may feel stressful while you are in medical school, but upon graduation it will certainly feel worth it! Make sure to speak to your medical school to find out what opportunities for work exist and meet any application deadlines. 5. ENROLL IN A SERVICE PROGRAM Service programs are most typically offered through the government or military. In exchange to committing to a certain line of service or work after graduation, your medical school tuition will be covered. Different service programs have different terms and conditions, so if you take this route to pay

for medical school, you will want to do your homework. You also have to be willing to make a significant commitment upon graduation. One popular service program is the National Health Service Corp Scholarship (NHSC). If you agree to work with an underserved population for a minimum of two years after graduation, you can have up to four years of tuition and living expenses paid for. The program even offers a small stipend while in medical school, although this stipend is subject to federal taxes. Another service program is the Health Professions Scholarship Program (HPSP), which covers your tuition and fees. This program also includes a small living stipend. Funded by the military, you will be required to serve in the armed forces for a minimum of three years. There are many different ways to pay for medical school. If you stay proactive and follow the steps above, youâ&#x20AC;&#x2122;ll be able to put together a plan to finance your education and your dream of becoming a doctor. p.

the money issue

istockphoto/ Darren415

Let’s get real.

The Truth About Medical School Debt When you’re thinking about medical

school debt, you may be thinking, is it worth it? Will I make enough money

after graduation to pay it off? Or, am

I resigning myself to a lifetime of paying off massive amounts of loans?

20 | PREMEDLIFE.COM | November/December 2020

hat is the truth about medical school debt? What is the average amount of medical school debt a student takes on? How long does it really take to pay it off? And is it worth it? Let’s explore the truth, so that you can make the best financial decisions when funding your medical school education. In the year 2020, a medical school graduate will have racked up an average of $200,000$250,000 in student loan debt. This average includes other higher education debt, such as loans from undergraduate degrees. Undergraduate loans tend to average between $25,000-$50,000. Roughly 76-89% of medical students graduate with some amount of debt and about 43% of those students also have pre

medical school debt. That is about 8 out of every 10 medical school graduates owing money once they embark on their career. Perhaps even more shocking, almost 18% of medical school students have over $300,000 of medical school debt! While most medical school graduates earn six-figure incomes, this is still a staggering number.

Private versus Public Medical School Debt There are some differences in the amount of debt between medical school graduates from private versus public schools. Unsurprisingly, new doctors graduating from private schools tend to have more debt than those graduating from public school. While private medical school graduates have an average of roughly $215,000 of student loan debt, public school grads have roughly $193,000. Don’t Forget About Interest Rates When understanding the truth about medical school debts, it’s important to consider varying interest rates. Different loans have different interest rates, with some being fixed while others are not. For example, undergraduate, graduate, and PLUS loans all have different tiers of interest rates. The average interest rate for federal student loans is 4.79% for undergraduate loans, 6.36% for direct unsubsidized graduate loans, and 7.41% for PLUS loans. The actual amount you pay in medical school debts depends on these interest rates. It also depends on how long it takes you to pay off the loan and the payment plan that you agree to. With residency ranging anywhere from 3 to 7 years, many medical students only make partial loan payments during this time. Some medical residents will make no loan payments at all. This means that interest rates will accrue on your medical school debt during this time. The longer it takes you to

pay off your loan, the more you will end up paying. In fact, the average student loan interest charge during residency is over $58,000! The average amount of time it takes someone to finish off paying their medical school debt is roughly 13 years on a standard repayment plan. This can vary based on payment plan and personal circumstances. Sure, you might be making a six-figure salary after you graduate, but that interest adds a hefty load to your medical school debt! How to Pay Off Those Loans After reading these staggering statistics, you may be wondering, is there even any hope? Is it really worth it to become a doctor? Don’t give up on your dreams just yet! While paying off medical school loans is unique because medical students take on more graduate loans than other students, it is not impossible to pay them off. In fact, there are several different options you can choose in order to pay off your medical school debt. Loan Forgiveness? Loan forgiveness sounds too good to be true, right? It’s not, but there are some conditions. You may qualify for Public Service Loan forgiveness if you end up working for the government or a qualifying nonprofit organization. Loan forgiveness occurs after 10 years of student loan payments. You can also qualify for loan forgiveness even if you don’t work in public service.

After making 20-25 years of debt payments on an income-driven repayment plan, you may qualify for loan forgiveness. Pay Some Off During Residency (If Possible) Yes, it is difficult to make full payments on your medical school loans while in residency, but you still have options. If you absolutely cannot afford to make any payments on your medical school loans, you can defer payment until after your residency. However, if you can afford to pay off some of your medical loans during residency, you can consider an income-driven repayment plan. There are four different income-driven repayment plans, which help you set up monthly payments in line with your residency income and cost of living. Two popular income repayment plans include the Pay As You Earn (PAYE) plan and the Revised Pay As You Earn (REPAYE) plan. When using one of these payment plans, monthly debt payments could be as low as $350. Keep in mind that an income repayment plan is not necessarily the fastest way to pay off a loan, nor will it necessarily cover all the interest that accrues on your medical school loan. The total balance on your medical school loan may increase, but you can fight the balance increase of the total interest you accrue. Repayment structures and eligibility will vary depending on the type of income repayment plan. For exam-

ple, the REPAYE plan has a partial interest subsidy that will waive half of the unpaid interest. In addition, they can often take longer than the standard 10-year federal repayment plan, usually lasting for terms up to 25 years. Also keep in mind that payment amounts will increase with your salary Therefore, at some point an income repayment plan may have payments that are more expensive than the standard 10-year federal repayment plan. Do your own research to determine which repayment plan is best for you. Consider Refinancing or Consolidation If you want to repay your student loans aggressively and avoid too much interest, you may want to consider refinancing your medical school loans. Choosing to refinance your medical school loans depends on several factors, including the type of loans you have, federal or private. Some lenders have refinancing options for medical school residents and many have refinancing options for after your medical school residency. As your income grows, you will be eligible for lower interest rates. You also have the ability to refinance your loans multiple times, allowing you to save more money by securing lower interest rates. To read the entire article, visit www.premedlife.com. p.

Admissions

istockphoto/ Prostock-Studio

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In-State Out-of-State Tuition versus

With the high cost of attending medical school, many medical school students consider attending a public university in order to lower the amount of student debt they take on. However, all public medical school tuitions are not created equal. Learn more about what you need to know about in-state versus out-of-state medical school tuition. >>>

the money issue

Public Medical School vs. Private Medical School Attending a public medical school often offers significant savings when it comes to tuition. However, the biggest savings come when you attend an in-state medical school. If a medical student is able to pay an in-state tuition price for their medical education, they can easily save upwards of $80,000 over the course of four years. Not having to take out an extra $80,000 worth of loans is a huge savings, especially when you consider that interest on loans will continue to add to that number. Public in-state tuition vs. public out-of-state tuition In-state tuition means that if you attend a medical school that is located in your state of residence, you qualify for a lower tuition rate than students who attend the school from out-ofstate. However, in-state tuition costs vary between school and state, with some being more affordable than others. For example, Texas Tech University Health Sciences Center School of Medicine offers some of the most affordable tuition. If you are a resident of the State of Texas, you could secure an in-state tuition price of approximately $19,000 per year. However, expect a 40% price increase to attend the same university from out-of-state, with out-of-state tuition being closer to $32,000. In addition, out-of-state tuition can sometimes reflect private university tuition prices depending on the institution. In fact, many out-of-state tuition prices can cost closer to $60,000. Considering that some private school tuitions are around that same price, it means that public medical school isn’t always the cheaper option. Some more affordable private schools, like Baylor College of Medicine, only have a yearly tuition of slightly over $30,000 per year. This means that attending a public medical school outof-state is not necessarily the cheaper option.

Most Affordable Medical Schools For In-State Students Do you happen to be a resident of Texas? Once again you are in luck because your state has some of the most affordable in-state tuition prices. University of North Texas Health Science Center and Texas A&M University both offer in-state tuition prices under $20,000! Another state with affordable tuition-- New Mexico. Enjoy some dry, humid air while studying medicine at the University of New Mexico only around $15,000.

“The goal of this

scholarship program is to produce top doctors in the field by allowing star students to focus on their studies rather than on paying off student loans.”

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Living on the east coast of the United States? If you are a resident of New York or West Virginia, you also have the opportunity to stay close to home and study medicine at an affordable price. SUNY Upstate Medical University and West Virginia School of Osteopathic Medicine both offer tuitions slightly over $22,000. Staying in-state might make sense when studying to become a doctor if you are lucky enough to live in one of these states with affordable in-state tuition. Most Affordable Medical Schools For Out-of-State Students As mentioned, some state schools are more affordable than others, especially when taking into account the increased rate for out-of-state students. This isn’t true for all schools, however, and out-of-state public schools are still a popular choice for many medical students. In fact, close to 78% of applications to state medical schools are from out-of-state students. If you are looking for a “reasonably” priced state medical school, but are ready to leave the comforts of your hometown, consider one of the most affordable out-of-state medical institutions. The most affordable out-of-state medical institutions tend to be located in the great Lone Star state of Texas. We already mentioned Texas Tech University Health Sciences Center School of Medicine. However, Texas A&M University and University of Texas Southwestern Medical Center both offer

the money issue

more affordable out-of-state tuitions at just over $30,000. Not interested in living in Texas while studying to become a doctor? Consider SUNY Upstate Medical University, which has a tuition rate of just over $35,000. Since the average tuition price for out-of-state students is closer to $60,000, the above universities are still reasonable-- at least in terms of prices for attending medical school. Consider Cost of Living Cost of living also plays a considerable role in the cost of attending medical school. Attending a public university in a pricey area of the country such as Southern California means you will be paying more for housing and food. In contrast, attending a private school in the Midwest means paying much less in terms of housing and food. Cost of living factors can tip the true cost of medical school, meaning that a public out-of-state university is not always cheaper. For example, attending the West Virginia School of Osteopathic Medicine boasts affordable in- and out-of-state tuition, as well as a relatively low cost of living for its students. Other colleges, such as SUNY Upstate Medical University, may offer lower tuition but it comes with New York State living prices.

“

“Cost of living also plays a considerable role in the cost of attending medical school. Attending a public university in a pricey area of the country means you will be paying more for housing and food.”

Consider Financial Aid Some colleges do not have a significant difference when comparing in-state versus 26 | PREMEDLIFE.COM | November/December 2020

out of state tuition. Universities such as the University of Virginia School of Medicine has only a $10,000 difference when comparing in-state versus out-of-state tuition. Depending on the aid you receive, attending some public universities out-of-state can be rather affordable. Certain public universities offer more financial aid than others. Some public universities that offer the most financial aid include the University of Central Florida College of Medicine, UCLA David Geffen School of Medicine, and the University of South Dakota Sanford School of Medicine offer considerable amounts of financial aid to students. In addition, some private colleges offer considerable amounts of aid, such as NYU with its free-tuition program. If you are lucky enough to get into a tuition-free medical school, public medical school is not always the cheapest option. Your best bet when applying to medical school? Apply to a range of public out-of-state and private schools, as well as in-state public schools you are interested in. Make sure to fill out the FAFSA and apply to any school scholarships you may be eligible to receive. Then, make sure to compare your financial aid packages from any school that you are accepted into. p. To read the complete article, visit premedlife.com.

get your mind right

3 Things Premeds Can Do When Nothing is Going Their Way Millions of students dream of getting into med school. Of this, thousands of students take on the hectic premed workload and apply to med-school every year.

Millions of students dream of getting into med school. Of this, thousands of students take on the hectic pre-med workload and apply to medschool every year. Everyone knows getting into Med school is tough. Each candidate has to have exceptional pre-med education and pass the MCAT (according to the AAMC guidelines). To have a good chance of entering med school, you have to have excellent grades, an exceptional GPA, and pass

the MCAT at the top. Even top scores in these exams donâ&#x20AC;&#x2122;t guarantee a seat in a med school. You are expected to have additional qualifications, work experience, and research to make your application more attractive. The Stressful Life The journey towards Medschool can be demanding and lengthy. Students should cover long courses of basic sciences in pre-med and MCAT.

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The acceptance rate of top medical colleges is 2.3% to 3%. Almost 98% (which is a lot) fail to enter their dream med school. Most of them donâ&#x20AC;&#x2122;t get to enter any med school. All the pre-med students know these numbers. It can be overwhelming and stressful. Many often have a few (or more than a few) setbacks during this period. You could get less than perfect scores. Your application might not seem convincing enough.

Your extra activities might feel deficient, you might have personal issues that would affect your studying or someone close to you might get sick. The stressful lifestyle could affect your health. You might go into depression, affecting your concentration and your life as a whole. In these, you would be overwhelmed and feel like nothing is going your way. To read the complete article, visit premedlife.com.

the money issue

Getting the Best Financial Aid Package

We all know medical school is expensive. In fact, itâ&#x20AC;&#x2122;s the most expensive out of all graduate schools, with an average cost of $150,000 to $250,000 for 4 years of public medical schooling! Applying to medical school is stressful enough without having to worry about how you are going to pay for it. Thatâ&#x20AC;&#x2122;s where your financial aid package comes in. >>>

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istockphoto/ Kritchanut

November/December 2020 | PREMEDLIFE.COM | 31

the money issue

Financial aid packages are often shrouded in mystery, but did you know that there are ways to ensure you get the best financial aid package possible from a medical school? Here are some practical steps you can take to get the money you need to finance your medical degree. Apply For Financial Aid Seems obvious, right? To get financial aid, you need to apply for financial aid. However, it is crucial that you don’t miss this step, especially while you are studying for the MCATs and gathering together your letters of recommendations. One of the most valuable pieces of advice we can give you -- pay attention to deadlines! You don’t want to miss out on any potential financial aid you could receive. Ready to start getting that money? Follow the steps below when applying for financial aid. Complete the FAFSA First things first, you have to fill out the Free Application for Federal Student Aid (FAFSA) to be considered for financial aid. If you want to get the best possible financial aid package, complete the FAFSA as soon as possible. The form becomes available each year on January 1st. Medical schools will use the FAFSA to calculate your eligibility for federal, state, and local loans. They will also take into consideration your demographic plus you and your spouse’s (if you have one) financial circumstances

to calculate your eligibility for need-based financial aid. In addition, most medical schools will take your parents’ finances into account when you apply for financial aid. So, check in with your medical school’s financial aid office to see what is required. If your parents are retired, elderly, or have financial hardships, this could help you to receive need-based aid. It is also important to have your own finances in order. Even if you don’t have any income, you may want to check your credit score and ensure you have not defaulted on any loans. Your financial history will affect your ability to receive certain types of loans. Finally, don’t be afraid to get some professional advice. For example, if you do have a lot of personal assets, it may be wise to contact a financial advisor who specializes in financing medical school. Did you know that if you have assets in a tax-free savings account, this may reduce the amount of aid you receive? Consulting a professional can help ensure you get the best financial aid package possible from a medical school. Complete Any Supplemental, School-Specific Documents Some medical schools will have additional, school-specific financial aid documents that you can submit (or may even be required to submit). School-specific financial aid is different from federal, state, or local loans that you may receive. By com-

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pleting any supplemental school-specific applications, you may be considered for specific types of need-based aid from the school. Investigate Merit Scholarships Some medical schools will offer merit scholarships in addition to need-based aid. If you have an impressive GPA and MCAT score, it is important to apply to all possible merit scholarships. Contact your medical school’s financial aid office to inquire if the school offers any merit scholarships to apply to or if the school automatically considers you for merit scholarships when you apply to a program. Some schools may also offer “service-scholarships” for students interested in specific

fields, such as working with underserved populations. This will be a commitment to a specific career path after graduation, but if you are interested be sure to inquire about any service scholarships. In addition, research independent merit scholarships. You can contact your local medical association’s chapter or explore the Association of Medical Colleges website to research potential merit scholarships. There are often scholarships available for certain demographics, such as first-generation students, so be sure to do your research. If you do apply for and receive an independent merit scholarship from outside of your medical school, be sure to inform the financial aid

istockphoto/ Nik01ay

terms to understand when evaluating your package:

office so that it is included in your financial aid package. They will not automatically be added. Receive Your Financial Aid Offer Once you have submitted your financial aid application, along with any school-specific supplemental documentation, they will be reviewed. After some time, you will receive your financial aid offer. And trust us, there will be a lot in there to sort out! Financial aid can be confusing even for the savviest students. You want to be a doctor, not an accountant, after all. So, let’s help you make sense of your financial aid package.

Understanding Your Financial Aid Package Financial aid packages contain different components and the “package” is the total amount of fiscal aid you are offered by a medical school. In your total package, different types of financial aid are taken into consideration. This includes federal and nonfederal loans, need-based grants, and merit scholarships. Some aid, such as loans, will need to be repaid. Other types of aids, such as grants and scholarships, will not. When you combine these various forms of financial aid together, it creates a “package” to finance your education. Here are some common aid

•Unsubsidized Federal Stafford Loan -- does not require any need and will need to be repaid after graduation •Perkins Loan -- awarded to students with need and will need to be repaid •Grad Plus Loan -- supplemental loan if your Stafford loan does not meet the cost to cover tuition for medical school •School Based Lending -granted by certain medical schools to cover the cost of tuition with varying repayment terms •Grants -- typically needbased aid that will not need to repaid •Scholarships -- typically merit-based that will not need to be repaid •Work Study -- usually federal aid where you work in exchange for payment towards your tuition Once you add together your loans, grants, scholarships, and work study, you will be left with your expected contribution. Remember to consider interest rates for each loan in your financial aid package. This will contribute to the true cost of your education. After evaluating your financial aid package, you may want to consider negotiating with your medical school. Negotiate With Caution If Possible

financial aid packages from different schools, it may be possible to negotiate. Negotiating generally works better with merit aid than need-based aid. Remember to negotiate with caution and professionalism, as you don’t want to leave any bad impressions! Generally, a medical student will tell one school that another school gave them a bigger merit scholarship. This is in hopes that the first school will match or top the other scholarship offer. However, remember that you don’t want to sour any relationships you have with a school. So, it is best to only take this route if you truly think that the school can give you a better offer. It is also best to call the financial aid office yourself, and never have a parent, spouse, or financial advisor try to negotiate on your behalf. If you do negotiate, it is helpful to point out why you want to attend that specific medical school, what unique talents you could bring to their student body, and why you truly require the additional aid in order to attend. Do not simply say “school b offered me more, so you should too.” Be polite, logical, and ask if there is any formal process to negotiate a scholarship offer. To read the full article, visit premedlife.com.

If you have received multiple November/December 2020 | PREMEDLIFE.COM | 33

If you canâ&#x20AC;&#x2122;t stop thinking about it...

...donâ&#x20AC;&#x2122;t stop working for it. www.premedlife.com

Getting In

36 | PREMEDLIFE.COM | November/December 2020

istockphoto/ fizkes

Craft an Elevator Pitch for Your Medical School Interviews Every product needs an advertisement, every brand needs a model, every company needs a motto, and somebody looking for an opportunity needs an elevator pitch. Jordan Belfort from The Wolf of Wall Street is proof that a great elevator pitch is all you need to buy a person’s attention.

It might It might sound like an elevator pitch is a sales or marketing strategy, but it’s more than that. You are not selling a product or equipment. You are selling your time, your vision, your goals, and the hard work that you are capable of putting into a particular field. If you want the attention of your employers, your mentors, or your opponents, you need a good enough elevator pitch to close a deal and to close more of their attention and time. In simple words, it’s a quick introduction about yourself, about your vision, what it is that you rep-resent and what it is that you’re capable of. To make it engaging, attractive, and memorable, you need to put some effort into crafting yourself a proper Elevator Pitch. Ever wonder why are all these huge brands like Nike, Versace, Calvin Klein spend so much time and money on creating these innovative and new advertisements and billboards? It’s because they know what sells. They know what the buyers are looking for. And the buyers are not looking for the product only; they are looking for more. They are also looking for an idea, an innovation, and something that has never been brought to them before. The same goes for a medical student or any other person looking for a job opportunity or work. In the medical school interview, they’re not looking for the knowledge you have. They want to see how much you can add to it and how capable you are of bringing innovation. That is why you need an elevator pitch. It is not just your average speech introduction. It demonstrates your authority and reinforces the ideas and the goals that you have for your future life. To read the full article, visit premedlife.com.

The Goods

Erasable Note Wedge Set

Your well-organized left brain and creative-genius right brain just aligned at the sight of this tabletop whiteboard.

The Box of Emotions

Was that little jump in your stomach excitement? Or maybe it was anxiety. Perhaps a bit of both? Putting words to feelings isnâ&#x20AC;&#x2122;t easy. This set of 80 cards gives you a head start.

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Inner Strength Candles

Gentle reminder: Self-love takes practice. These heavenly scented coconut wax candles will encourage you to embrace your inner strength and beauty. Light them before a yoga practice, when you set your morning mantra, or at the end of a long day. Itâ&#x20AC;&#x2122;s a delightful reminder to inhale happy thoughts and exhale your troubles. Designed by Valerie Wray in Harlem and hand-poured in North Carolina.

100 Things To Do Scratch Off Poster

The most fun to-do lists you’ll ever cross off—or in this case, scratch—these posters make art out of trying new things. From dates to memorable trips, each square will reveal charming themed artwork underneath, creating a visually cool piece sure to inspire you to go for 100 more.

Flavored Water Gift Set

These delicious, organic, dried fruit, herb, and spice infusions have the flavor oomph you crave, without the sugar, chemicals, calories, or caffeine. Mixed with any sort of bubbly water, their subtle, natural flavors are extra refreshing. The

u A Year of Connection

Mindfulness. Slow living. Connection. All three have powerful, positive impacts, and this thoughtful stationery kit brings them together. How it works: Send one card (not a text! or an email!) a week to people you care about, and record your thoughts and feelings about it in the journal.

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LAST WORDS

istockphoto/ CarlosDavid.org

I Failed a Class. Here’s What Happened Next...

As cliche as it sounds, let me remind you again, you haven’t failed unless you stay fallen. It is a sign showing you lack something. No, it’s not the genes; it’s not the talent; it’s not memory. It is the necessary knowledge and skillset you are lacking. Treat yourself fairly and give yourself a chance. It’s never too late to improve yourself. Start Fresh. The first step to achieve greatness is to remove yourself from all the pressure, may it be from family, friends, and especially from yourself. Free your mind of the belittling voice. Your failures don’t define you. It is how you deal with them that matters. Remove the tension and the need to impress. We are all creatures with a lot of capacity to learn and grow. And our mindset plays a key role. What you tell yourself is what makes the difference. Treat this article as an opportunity to learn something new, apply it, and make a change so you will learn henceforth. 40 | PREMEDLIFE.COM | November/December 2020

Remove all labels from yourself like, ‘can’t do, don’t have genes, dumbest the class’ and all the other negative names you call yourself should be crushed and thrown into the bin. Try writing them down on pieces of paper and burning them in a fire. It’s fun too. Review Your Intentions. One important thing is to ask yourself if you are doing what you want to do. Often we blindly pursue what everybody else wants, follow the path others have trodden for us, ultimately resulting in us losing interest. The chances of not having realized it are high!. So knock on yourself and ask if you are doing what you want. Imagine ten years ahead; where do you see yourself in the future? Give yourself a break, think of what is going wrong, and get back on track. This time do it differently. Identify the Root Cause. Identify what you are lacking. The knowledge or the skill set? They are both achievable with practice. For example; 1.) Change your environment. Sometimes it could be our home environment, could be electronic distractions, could be relationship distractions, bad sleeping habits, and you would know what else. Make sure you manage them well. To give examples, try going to a library to study, or to a friend’s house or a relative’s house. Or it could be just a change of rooms. Change your studying environment. Remove electronic devices from your sight, take a break from screen time. 2.) If it’s excessive sleepiness find out why. Try to have good sleep hygiene. Our body is connected to our mind. Make sure you treat your body well by eating healthy and exercising. I know it’s cliche, but it does make a difference. Exercise has proven to help you focus more and improve memory. If it is the studying method that’s dragging you behind, then several methods work for different people. You have to find out what works best by trying these methods. >>>To read the full article, visit premedlife.com