College can be really expensive, and sometimes when you consider the expenses, it can seem impossible to pay for college and continue to live your life. But, as you consider the amazing benefits a college education can provide, the initial costs of college will become insignificant.
It's Okay to Have Fun
But, even with the future benefits in mind, coming up with the funds now, may seem impossible. As you look to finance your education, it is important to remember the many types of financial aid opportunities that are available to help college students be more successful, and accomplish all of their goals. By understanding the usefulness and purpose of different types of financial aid, you will be able to improve your college experience, and take advantage of the financial aid options available to you at your college.
Be Ready to Sacrifice
In order to afford medical school you will need to take out some loans. Federal loans are limited to thirty thousand a year meaning that you will need to take out private loans at higher interest rates. The federal loan rate has fluctuated and can be anywhere from 3.5-7 percent. Private loans are a usually a few points higher if not more. For simplicity in the math we will take say that our total loans have an average interest rate of 8 percent (make adjustments for your own rates). After the four years (assuming you have not made payments) your total debt will be ~$350,000 if compounded annually. We do the same process again through the three years of residency that you will be going through. At the end of your education, again assuming no payments as well as no undergraduate debt you will have a total debt of ~ $438,000. Compounding interest can be terrible when it is not on your side.
The next thing you should consider as you look into your financial aid for your education is grants. Grants are usually awarded based on the needs of students. This means that grants are usually given to students who have financial needs. This kind of award, many like scholarships, does not need to be repaid, and is awarded without the intent of repayment.
The last kind of aid available is loans. Loans are different from scholarships and grants because they do need to be repaid. As you consider taking out loans, remember to take into account how much you will be paid in your future career so you can be sure you do not take out more than you will be able to repay.
Attempting to balance your college life can seem impossible, but it will work if you put forth the effort. Whether you're going to college in Miami or Idaho Falls, these principles will help you to have the best college experience you can ask for.
It's Okay to Have Fun
But, even with the future benefits in mind, coming up with the funds now, may seem impossible. As you look to finance your education, it is important to remember the many types of financial aid opportunities that are available to help college students be more successful, and accomplish all of their goals. By understanding the usefulness and purpose of different types of financial aid, you will be able to improve your college experience, and take advantage of the financial aid options available to you at your college.
Be Ready to Sacrifice
In order to afford medical school you will need to take out some loans. Federal loans are limited to thirty thousand a year meaning that you will need to take out private loans at higher interest rates. The federal loan rate has fluctuated and can be anywhere from 3.5-7 percent. Private loans are a usually a few points higher if not more. For simplicity in the math we will take say that our total loans have an average interest rate of 8 percent (make adjustments for your own rates). After the four years (assuming you have not made payments) your total debt will be ~$350,000 if compounded annually. We do the same process again through the three years of residency that you will be going through. At the end of your education, again assuming no payments as well as no undergraduate debt you will have a total debt of ~ $438,000. Compounding interest can be terrible when it is not on your side.
The next thing you should consider as you look into your financial aid for your education is grants. Grants are usually awarded based on the needs of students. This means that grants are usually given to students who have financial needs. This kind of award, many like scholarships, does not need to be repaid, and is awarded without the intent of repayment.
The last kind of aid available is loans. Loans are different from scholarships and grants because they do need to be repaid. As you consider taking out loans, remember to take into account how much you will be paid in your future career so you can be sure you do not take out more than you will be able to repay.
Attempting to balance your college life can seem impossible, but it will work if you put forth the effort. Whether you're going to college in Miami or Idaho Falls, these principles will help you to have the best college experience you can ask for.
About the Author:
The Stevens Henager Idaho Falls campus is designed to facilitate educational activities, social events, and career services. This location offers Internet access, tutors, and a supportive staff to assist students.
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