The financial realities of a top-notch medical education are definitely having undesirable consequences for society and young physicians. And some of those consequences are directly opposed to stated goals of most medical schools. What are the realities? The cost of a medical school education keeps rising. Today, four years of med school can easily put…
Stanford Gift Helps Eliminate Med School Debt
A $55 million contribution to the Stanford University School of Medicine made by John Arrillaga, a leading Bay Area businessman, philanthropist, and Stanford University alumnus, will help eliminate medical school debt for incoming students qualifying for financial aid. Arrillaga was the recipient of financial aid himself as a student-athlete at Stanford in the late 1950s….
How Much Does it Cost to Apply to Medical School?
The cost of attending med school is well over $100,000 (yikes!), and on top of that, you’ll need to pay to apply to med school. Medical school application cost breakdown Let’s look at how much the different application components cost: MCAT costs The MCAT registration fee is $320. This includes the cost of the exam…
How to Get Accepted to Geisinger Medical and Graduate Debt Free [Episode 343]
Interview with Dr. Michelle Schmude, Associate Dean of Admissions at Geisinger Commonwealth School of Medicine [Show Summary] Geisinger Commonwealth School of Medicine is focused on admitting students who are passionate about community service, as well as allowing as many students as possible to graduate from medical school debt free. Dr. Michelle Schmude, Associate Dean of…
Entrepreneurship at HBS: How Stride will Help You Fund Your Future [Episode 341]
Learn about HBS 2+2 from Tess Michaels, entrepreneur and HBS 2+2 student [Show Summary] Stride Funding is an innovative start-up that is revolutionizing student financing with income share arrangements instead of traditional student loans. Today Linda talks to Tess Michaels, founder of Stride Funding, and second-year student at Harvard Business School who joined the class…
Cornell Weill Eliminates Debt for Qualified Med Students
According to the Cornell Chronicle, Cornell Medical’s new scholarship program will allow qualified students to complete their medical education debt-free. Thanks to donations totaling $160 million, Weill Cornell Medicine has been able to expand its financial aid program. What these aid packages cover Beginning with the 2019-20 academic year, scholarships will provide debt-free educations to…
The Paul & Daisy Soros Fellowships for New Americans Application Essay Tips [2019 – 2020]
Paul Soros was often overshadowed by his younger brother, financial wizard George Soros, but he was a millionaire in his own right. In contrast to George Soros’s success in the financial industry, Paul Soros made his mark on the world by innovating in the shipping industry, filing patents, winning several engineering awards, and innovating in…
How to Leverage an HBS Education: The Story of LeverEdge [Episode 313]
How to leverage an HBS education: The story of LeverEdge [Show Summary] Do you want to save money on your student loans? Interested in earning an MBA with entrepreneurship as your goal? Considering Harvard Business School as the place to earn that degree? Pull up a chair, or at least plug in your ear buds….
Tips for Your Stanford Knight-Hennessy Scholars Program Application
Do you aim to improve the world? Would you like to earn your graduate degree at Stanford — tuition free? Then you may be an ideal candidate for Stanford University’s Knight-Hennessy Scholars program, a program that will cover 100 Stanford graduate students’ tuition for up to three years plus provide a stipend for room and…
Making Sense of Those Financial Aid Awards Letters
Congrats! You have received multiple offers of admission to health professional schools. Any one of them would satisfy your educational goals. The question remains, though, of which of these programs will provide you with the best financial aid package. Do you need financial aid? Probably The most practical approach begins by understanding your financial needs….
Yale School of Medicine Announces Second Unit Loan Reduction in Two Years
According to the Yale School of Medicine website, the unit loan – how much med students receiving need-based scholarships are expected to borrow – is being reduced from $23,000 to $15,000 per year for all students beginning in the 2019-2020 academic year. A reduction from $30,000 to $23,000 went into effect for the current academic…
The AAMC Fee Assistance Program: Information for 2019
Applying to med school isn’t cheap (see our breakdown of costs here), and the AAMC understands that not all applicants will be able to cover these costs. AAMC’s Fee Assistance Program was created with the conviction that application fees shouldn’t prevent serious aspiring doctors from pursuing their dreams because of financial obstacles. Let’s take a…
Financial Planning for Physicians, Med Students, and Premeds [Episode 293]
Interview with Ryan Inman, President and Financial Planner at Physician Wealth Services [Show Summary] How are you going to pay for medical school? How are you going to pay off your med school debt after you start practicing? How will you be able to afford a home and some of the comforts you’ve worked so…
NYU School of Medicine Offers Free Tuition to All Med Students
According to an NYU press release, NYU School of Medicine will become the first top-tier U.S. medical school to offer full-tuition scholarships to all current and future MD program students. These scholarships are available regardless of need or merit. More than $450 million of the estimated $600 million it will need to finance the scholarship…
The Military: One Way to Get an MD Debt-Free [Episode 266]
Become an MD Through the Army, Debt Free! [Show Summary] Are you interested in practicing medicine in an environment that allows you to focus on clinical excellence? Do you want to have the option of practicing medicine in a host of different environments? Is it important for you to emerge from medical school debt-free? Do…
International Students: How to Finance Your U.S. Education [Episode 260]
Summary Brian Hoffman started Nomad Credit to primarily work with international students in helping them find and secure student loans, car loans, health insurance, and more. What many don’t realize is how difficult it is to secure credit in the United States if you don’t already have U.S.-based products, many of which you don’t even…
Can a $250 Million Gift End Student Debt at Columbia Medical School?
Attending Columbia University College of Physicians and Surgeons will give you one of the top medical educations in the country, at one of the highest costs. Tuition for one year is $59,364. If you add in fees and living expenses, you’ll easily get to $90,000. That’s close to $100,000 PER YEAR for four years! According…
5 Tips for Funding Your Medical Education
Have questions about securing the funds for your undergraduate or medical degree? CommonBond has five must-know tips for financing your education. 1. Always Complete a FAFSA It takes just 21 minutes, on average, to submit a Free Application for Federal Student Aid (FAFSA), and yet $2.7 billion of grant money went unclaimed by high school…
Managing Your Student Debt After Medical School: 5 Must-Know Terms
So you’re nearing the end of medical school and you’ve got mountains of debt, but don’t know how best to maximize savings and keep your financial picture healthy. CommonBond is here to help break down some common terms and show you how to save thousands on your student loans. 1. Grace Period What is the…
SoFi Launches Medical Resident Student Loan Refinancing Product
SoFi has introduced an addition to its market-leading student loan refinancing offering, especially designed for medical residents and fellows. The Medical Resident Student Loan Refinancing product will allow eligible medical students and fellows to keep their student loan interest from compounding (although it will still accrue) for the duration of their residency – up to…
