The big question of financing medical school and residency interviews is often swept under the rug, but this year things are – believe it or not – simpler: The virtual interview process is going to save everyone – applicants and institutions – a wad of cash. Please check out my Physician on Fire guest post The Virtual Interview for Medical School and Residency Will Save Everyone a Bundle of Money and feel free to share.
This NYT article regarding college students’ recruitment to Wall Street is compelling. The author highlights the financial incentives that direct students to financial careers – and away from graduate degrees like medicine.
Just a reminder regarding the Association of American Medical Colleges’ (AAMC) Fee Assistance Program (FAP). The FAP is designed to offer help to individuals with extreme financial limitations who cannot pay the MCAT registration or AMCAS application fees without financial support.
If you think you are eligible, it’s worth applying for an FAP grant early: If an applicant submits his/her AMCAS prior to receiving a decision on his/her FAP application, that candidate will be ineligible to receive the FAP for the AMCAS. In other words, the candidate will not receive a refund.
For more information on the FAP, please click here. I offer reduced rates for applicants demonstrating financial hardship through the AAMC FAP grant. Once you have been granted the FAP, contact me for more information.
A recent article in the NY Times highlights how individual debt taken on as a student has the power to adversely affect one’s subsequent relationships. You can link to the article here.
You are feeling less anxious and more comfortable with the whole medical school applications game. The interviews keep rolling in. Finally, you start to receive acceptance letters from multiple schools. Suddenly you find yourself in the enviable position of having a choice between a reputable state school, where tuition is relatively low, and a reputable private school, where you will go deeply into debt. You visit the private school and see stars: the buildings are made of marble, the admissions officials wear designer suits, and the alumni network, everyone assures you, will give you a leg up in residency applications. Should financial considerations play into your decision? Should you ignore finances and follow your heart, assuming that as a future physician you’ll comfortably be able to pay off any educational debt? Read more ›
I’ve have several clients who were admitted to medical school this season and may not be able to go secondary to difficulty securing tuition. Remember that getting a Federal GradPlus or other type of loan is difficult now, and that will likely continue at least through next year. Start to think now about how you will finance your education and whether you are a good risk for a loan. If not, consider what family member might co-sign a medical school tuition loan for you. The AAMC has a section on their site called Financing Your Medical Education, which is a good starting point in considering these issues.
Dr. Finkel is a graduate of Stanford University and Harvard Medical School. On completing her residency at Harvard, she was asked to
stay on as faculty at Harvard Medical School and spent five years teaching at the world-renowned Massachusetts General Hospital.
She was appointed to the Assistant Residency Director position for the Harvard Affiliated
Emergency Medicine Residency where she reviewed countless applications, personal statements and resumes. Read more
