By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    HIPPA compliance
    How Medical Office Staff Can Make Your Practice HIPAA Compliant
    October 29, 2021
    Everything you need to know about hyaluronic acid treatment
    Everything you need to know about hyaluronic acid treatment
    February 10, 2022
    Which Mushroom Capsules Are Good for Your Health?
    May 5, 2022
    Latest News
    Why Custom Telemedicine Apps Outperform Off‑the‑Shelf Solutions
    July 20, 2025
    How Probate Planning Shapes the Future of Your Estate and Family Care
    July 17, 2025
    Beyond Nutrition: Everyday Foods That Support Whole-Body Health
    June 15, 2025
    The Wide-Ranging Benefits of Magnesium Supplements
    June 11, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    Image
    Healthcare Pricing Transparency Gains Momentum
    June 24, 2013
    non-clinical care factors in health outcomes
    Addressing Non-Clinical Care Factors in Health Outcomes
    November 15, 2013
    e interventions
    Healthcare Progress Depends On “E Interventions”
    July 10, 2014
    Latest News
    How IT and Marketing Teams Can Collaborate to Protect Patient Trust
    July 17, 2025
    How Health Choices and Legal Actions Intersect After an Injury
    July 17, 2025
    How communities and healthcare providers can address slip and fall injuries with legal awareness
    July 17, 2025
    Let Your Lawyer Handle the Work Before You Pay Medical Costs
    July 6, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: How the Doctors of Tomorrow Will Pay for Their Degrees
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Policy & Law > Medical Education > How the Doctors of Tomorrow Will Pay for Their Degrees
Medical Education

How the Doctors of Tomorrow Will Pay for Their Degrees

Ryan Kh
Ryan Kh
Share
5 Min Read
SHARE

 

Contents
1. Taking Out a Loan2. Receive a Grant3. Win a Scholarship4. Qualify For Loan Forgiveness

For people who want to become an emergency room doctor, cardiologist, or pediatrician, they need to plan on spending at least 8-10 years of advanced training in order to do so. This training doesn’t come cheap either: the average doctor graduates from their formal education with nearly $200,000 in debt. While their income is substantially higher than the average college graduate, that number still represents a hefty initial investment into their future.

So how are future doctors expected to pay for their education? Here are a few of the most common ways.

1. Taking Out a Loan

As with any college student, many pre-med students will turn to either private or government lenders to give them money for school. The problem is that federal student loans have a lending limit which is often exceeded for medical students. This is where private student loans allow doctoral candidates to fund their education.

More Read

7 Ways Of Becoming A Good Mental Health Professional
Your Study Path in Nursing: Hardships in Education and How to Overcome Them
Family Practice Rocks and other Cheers !
How Youth Uses Technology for Health Education. ‘The ISIS White Paper’.
Better Bedside Manners Heal Doctor-Patient Relationships

Private lenders will generally require a higher credit score to release the money than will the federal government. If you have a good score and possibly someone to cosign with you, expect to receive a very good interest rate – somewhere between 4-8% is not uncommon. Still, a standard debt repayment on a loan of $200,000 could take up to ten years, with a couple thousand every month going towards the debt, so the earliest a doctor will be debt-free on that schedule will be almost by the time they’re in their late 30’s. They can always pay that debt off faster, but it’s still a huge amount to pay back.

2. Receive a Grant

Grants and scholarships (discussed below) are very similar in that virtually anyone can apply for them and they don’t have to be paid back at any point. The main difference between grants and scholarships is who is funding them and whether or not the student “earns” them in the first place. Grants generally come from the government – either state or federal – but can also be acquired through various companies or foundations. The downside is that grants are usually hyper-specific to a field, so if you’re planning on going into a very specific type of medicine – such as pediatric cardiology – look into the grants that are available for that line of work.

3. Win a Scholarship

Whereas grants are usually awarded by organizations who hope to fill a hole in the current marketplace by funding students who can fill it, scholarships are more merit-based, which means the student has to earn them before receiving one. Academic scholarships are awarded based on their performance in school, athletic scholarships for their performance on the field, both past and future, and other scholarships can be granted based on race, income level, geography, or a number of other qualifying factors. Like grants, scholarships can also be granted by organizations who want to help people who are striving for a specific industry or even company. If you know what you want to be, look for scholarships with those specifications.

4. Qualify For Loan Forgiveness

To encourage people to work in areas that may or may not be the most ideal locations, either geographically or work-wise, the federal government has offered to forgive loans for people who are willing to fill those vacancies. For instance, the Minnesota Rural Loan Forgiveness Program offers to pay up to $25,000 a year on existing loans (up to three years) for doctors who are willing to work in remote areas of Minnesota. For those who want to avoid the lending route and having to pay the debt back, this can be a great compromise.

Share This Article
Facebook Copy Link Print
Share
By Ryan Kh
Follow:
Ryan Kh is an experienced blogger, digital content & social marketer. Founder of Catalyst For Business and contributor to search giants like Yahoo Finance, MSN. He is passionate about covering topics like big data, business intelligence, startups & entrepreneurship. Email: ryankh14@icloud.com

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

botox certification
Help Improve People’s Skin Health Via Botox Certification
Skin Specialties
July 22, 2025
Telemedicine Apps
Why Custom Telemedicine Apps Outperform Off‑the‑Shelf Solutions
Health
July 20, 2025
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
How IT and Marketing Teams Can Collaborate to Protect Patient Trust
Global Healthcare Policy & Law
July 17, 2025
paramedics in surgical gloves and masks
How Health Choices and Legal Actions Intersect After an Injury
Health care
July 16, 2025

You Might also Like

doctor
Medical EducationPolicy & Law

Don’t Call Me a Health Care Provider: I’m a Doctor

August 26, 2013
radiologists inattentional blindness
DiagnosticsMedical EducationRadiologySpecialties

Inattentional Blindness and the Invisible Gorilla Study: Are Radiologists at Risk?

March 28, 2013
Health careHospital AdministrationMedical Education

4 Career Options in Healthcare Industry that Combine Big Data & Healthcare

November 15, 2017
Image
Medical Education

National Minority Mental Health Awareness Month

July 16, 2013
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?