The provision of medical school loans helps medical students receive an education of their choice. That is, students no longer need to compromise on the quality education because of the lesser funds.
Medical education is a very expensive. It requires a huge some of money to buy medical textbooks and equipment. The tuition fee charged by the medical schools is also very heavy. In this case, it is very difficult for a medical aspirant from an average family to afford the course fee. But, now there are many private loan services available which help the students to complete their education at ease.
For those who cannot afford the expensive medical schools, there are some loan programs available. These are: The FAFSA (Free Application for Federal Student Aid) and The Standford Loan.
These loan programs help the students decide which loan program is the most suitable for them. If the students are not able to meet their funding requirement, students can apply to other lending agencies, banks or other private loan-offering institutes. In deciding what kind of loan arrangement is the best suited, a student can opt for the School’s Financial Aid Office. They can counsel a student and help decide which loan is best suited for the student. These loan programs also offer a monthly loan amount of $50 with zero percent interest rate.
For those who are going for internship or still studying, these loan programs provide grace period for the repayment of the loans. Also, depending upon the current financial condition, amortization can be extended up to 20 years in these loan programs.
Loans at a high rate of interest for pursuing medical studies have been a long standing problem. The American Association of Medical College has reported that for the past two and half decades, the cost of studying in public and private medical schools has soared higher. It has also reported that the cost of private medical schools has gone up to 165% while the cost of public medical schools has risen up to 312%. Another study by the American Medical Association reported that the costs of medical schools have been increasing at a faster rate than inflation. It is estimated that $100,000 is the average debt a medical student gets graduated with.
Medical education loans help those poor students who could not afford the cost of their medical studies in different medical school across the globe. There are many public as well as private agencies who offer medical loans to the medical aspirants at different rate of interest and other conditions, though many problems still persists. The governments of different countries should make the medical studies highly subsidized or make proper loan arrangements for needy to get their dreams come true.