Name: 學生貸款101｜大學與醫學院 (Student Loans 101 | College & Medical School)
Uploaded: 2021-01-14T11:04:12.000Z
Duration: 8 min 59 s
Description: 【看影片學英語】數萬部 YouTube 影片，搭配英漢字典即點即查，輕鬆掌握單字發音與用法，長久累積看電影不必再看字幕。

The bad news is that the cost of higher-level education including college and medical school is becoming more expensive.

The good news is that this video will cover everything you need to know to better manage those pain-in-the-butt student loans.

I'll show you the strategies I used to save hundreds of thousands of dollars myself.

Student loans are unique from other loans in three key areas:

First, they must be used for education and associated living expenses.

Second, their rates are pretty bad, usually somewhere around 5 to 10% interest.

And number three, they are discharged only in the event of death or total disability,

There are two main categories of student loans:

Federal Loans, (which are also called direct loans) and Private Loans.

Federal loans are almost always better, as they have lower interest rates

and come with special income-based payments and forgiveness plans,

For that reason, always max out your federal loans prior to turning to private loans.

And generally speaking, Caribbean medical schools do not qualify for federal loans, except for those with higher match rates,

The compounding effect works wonders for you in investing,

but it also works against you when it comes to student loans.

Therefore, minimizing loan burden as soon as possible, as a college student, is advised.

Note that I'm not a tax or financial professional,

so seek out professional advice prior to acting on any of the information presented here.

Many students feel pressured to go to an expensive private institution

when a highly ranked public university would provide nearly all the same benefits with far lower cost.

I personally went to UCLA, and by doing well there,

I was able to get into a top medical school with a full tuition scholarship

which saved me hundreds of thousands of dollars.

I speak more about the importance of college prestige and how to make your own decision in a previous video.

Be sure to check for scholarships and grant opportunities at the colleges you're accepted to.

but it should be an important part of your decision when deciding between multiple undergraduate institutions.

I also recommend doing work studies to help pay for tuition.

I personally found a job in a research lab,

so not only was I making money to help pay for school,

but I was also strengthening my medical school application

by generating publications on colon cancer and mice models of inflammatory bowel disease.

Talk about killing two birds with one stone.

Those publications didn't just help me get into medical school,

but also helped pad my publication list when applying to competitive residency programs.

College is a time to be frugal, but not painfully so.

Have roommates - you can treat yourself to your own place later after graduating.

but I personally feel a big part of development in college is learning to be independent.

Learn to cook, so you aren't always eating out, which is not only more expensive, but also less healthy.

Buy used books rather than new, and sell them when you're done.

Don't feel the need to upgrade to the latest tech every single year.

Again, be smart with how you borrow money.

Only borrow what you need, since you'll be paying interest on the money you take out.

as they reduce or eliminate the amount of interest that accrues while you're still in school.

Medical school is far more expensive than college.

To get through it without significant loan burden usually means you either have parents helping you out,

or you were a super impressive pre-med that earned merit-based scholarships,

or you're able to secure scholarships based on other criteria,

like where you grew up or your family background.

Student loans in college tend to come with better terms than student loans in medical school,

usually in terms of being subsidized with lower interest rates.

For this reason, It may benefit you to max out your loans during senior year in college

and put that money towards your medical school tuition expenses.

If you go to medical school in San Francisco or New York City,

it's gonna be much harder to live frugally since the cost of living in these major metropolitan areas is just so damn high.

That is... unless you go to a tuition-free medical school.

Which brings us to point three, Apply to Free Tuition Medical Schools.

New York University and Columbia medical schools are now offering free tuition to medical students.

Hopefully, more schools follow suit in the future.

You should always apply to free tuition medical schools given the asymmetric risk profile - very high upside and quite limited downside.

I know you were living frugally in college,

but in medical school is not the time to #treatyoself.

Still live with roommates, purchase used textbooks and even used medical equipment,

ride a bike to save money but also to keep you healthy, and of course, avoid the strip club.

Medical school loans are generally not subsidized unless you are able to obtain student loans directly from your university,

called university loans, which often have better terms.

Number 6: Consider Contract Scholarships.

Certain organizations will pay for your medical school expenses with the contractual agreement that you'll work for them for a certain period of time.

Examples would be the Health Professions Scholarship Program, the National Health Service Corps,

Indian Health Services, or state primary care programs.

My recommendation is you only pursue these options if it aligns with your interests.

For example, Don't do HPSP if you aren't happy to work as a doctor in the military.

Number 7: Consider Debt When Choosing a Specialty.

Your student loan burden and the compensation of a specific specialty should not be primary considerations.

when you're deciding what type of doctor you want to be.

However, if you're graduating with $500,000 in student loans,

it's going to be much more difficult to pay off as a family medicine doctor.

And number 8: Apply to Scholarships like the Med School Insiders Annual Scholarship.

I had to front the cost of college and medical school all on my own,

and receiving scholarships and grants was a big factor in making it possible for me.

We understand the importance of giving back,

so we've created the annual Med School Insiders Annual Scholarship. Visit our website to learn more.

As a resident, you'll no longer be taking out new student loans, and you'll be earning a salary as a doctor for the first time.

Congratulations! Unfortunately, that salary is going to be around $50,000 per year,

which means you probably won't even be able to pay off the interest that's accruing on your loans month to month.

When paying off your loans, it's important you first knock out the loans with the highest interest rates.