Becoming a doctor is a highly coveted career choice. However, it can be extremely expensive, so what is the best way to make the most money while getting a top-quality education? Some people choose to work as nurses first to earn a living while they are going to school. Others choose to pursue a medical degree through a scholarship or the Military HPSP Program. The bottom line is that becoming a doctor will require you to pay off a considerable amount of student debt.
Becoming a Doctor is Expensive
Becoming a doctor is an incredibly expensive pursuit. On average, a medical school graduate will owe $194,280 upon graduation. That’s double the cost of a four-year undergraduate degree! In addition to paying for college, becoming a doctor also requires you to complete residency programs, which last at least three years, and can last for seven. Even with the large salary, becoming a doctor is still very expensive. The average medical school graduate will have an outstanding debt of $241,600 when they graduate.
Medical school is also highly expensive. Depending on the specialization you want to pursue, the cost can reach hundreds of thousands of dollars. A doctor’s salary is not guaranteed, so it’s crucial to determine how much money you’ll have to set aside to finance your education. Many doctors find that a medical degree is worth the money they spend during their training. However, it’s not always easy to find a job once they’ve graduated.
Try Working As A Nurse First
Many nurses have dreams of becoming a doctor. For those who want a change from the day-to-day grind of a nurse, becoming a doctor can be the next best thing. Nursing allows you to learn more about patients and their needs while also gaining more responsibility and salary. If you are interested in becoming a doctor, work as a nurse first. Besides, becoming a doctor has a number of other benefits, too, like greater prestige and salary.
The cost of medical school is the primary consideration, but it’s not the only one. Doctors typically owe more money on student loans than NPS. According to the American Association of Colleges of Nursing, the median debt owed by NPs in 2016 was between $40 and 55k. In contrast, the average student loan debt for doctors is $241,560. The cost of medical school for both NPs and doctors can vary widely. Both careers require extensive hands-on experience in a medical setting.
Scholarships
Scholarships for medical school are an excellent source of funding, as they are free money. In addition to free money from local governments, some medical schools offer competitive merit-based scholarships. Moreover, you can earn some of the costs of medical school through public service programs. The National Health Service Corps Scholarship, for instance, is a program run by the Department of Health and Human Services that covers the cost of tuition, books, and living expenses. However, you’ll have to work for a set number of years before you’re eligible for this scholarship.
Applicants to the Diverse Medical Scholars Program must commit to serving minority groups by completing a 200-hour community service project. In addition, applicants must identify with a minority population, such as Native Americans, African Americans, or Cambodians. Scholarship recipients must also commit to serving in certain communities with a shortage of primary care providers. These programs also provide a stipend to help with living expenses.
Military HPSP Program
The HPSP Program is a free opportunity for enlisted members of the United States military to become doctors. The program pays for medical school tuition and living expenses. Students receive a monthly stipend through direct deposit and are expected to keep records of their expenses while in school. Students who are currently active-duty officers can request contingent release to attend the program. They must be U.S. citizens and meet certain physical requirements.
The HPSP Program requires a one-year annual training period complete, and this training period includes an internship or clinical rotation in a military hospital. After graduation, students receive a salary and health insurance and are required to serve one year for every year of scholarship received. After graduation, students serve as officers and are qualified to practice medicine, dentistry, nursing, or even a scientist. Military HPSP Program graduates must be U.S. citizens and meet other requirements to practice as officers.
Final Thoughts
Becoming a doctor can be very expensive and a difficult process. However, there are alternatives to help ease the financial burden. You can take advantage of many different types of scholarships designed to help cover the cost of medical school or even medical school loans. The best way to become a doctor is to get into medical school as soon as possible. You should also work as a nurse during your time in school. This way, you can learn more about what it really takes to be a doctor and gain valuable experience in the process.
