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  • I've got good news and bad news.

  • The bad news is that the cost of higher-level education including college and medical school is becoming more expensive.

  • The good news is that this video will cover everything you need to know to better manage those pain-in-the-butt student loans.

  • I'll show you the strategies I used to save hundreds of thousands of dollars myself.

  • Dr. Jubbal, MedSchoolInsiders.com.

  • Student loans are unique from other loans in three key areas:

  • First, they must be used for education and associated living expenses.

  • Second, their rates are pretty bad, usually somewhere around 5 to 10% interest.

  • And number three, they are discharged only in the event of death or total disability,

  • but not bankruptcy.

  • There are two main categories of student loans:

  • Federal Loans, (which are also called direct loans) and Private Loans.

  • Federal loans are almost always better, as they have lower interest rates

  • and come with special income-based payments and forgiveness plans,

  • which we'll get to shortly.

  • For that reason, always max out your federal loans prior to turning to private loans.

  • And generally speaking, Caribbean medical schools do not qualify for federal loans, except for those with higher match rates,

  • such as AUC, Saba, and St. Georges.

  • The compounding effect works wonders for you in investing,

  • but it also works against you when it comes to student loans.

  • Therefore, minimizing loan burden as soon as possible, as a college student, is advised.

  • Note that I'm not a tax or financial professional,

  • so seek out professional advice prior to acting on any of the information presented here.

  • First, go to an affordable school.

  • Many students feel pressured to go to an expensive private institution

  • when a highly ranked public university would provide nearly all the same benefits with far lower cost.

  • I personally went to UCLA, and by doing well there,

  • I was able to get into a top medical school with a full tuition scholarship

  • which saved me hundreds of thousands of dollars.

  • I speak more about the importance of college prestige and how to make your own decision in a previous video.

  • Be sure to check for scholarships and grant opportunities at the colleges you're accepted to.

  • This shouldn't be the only factor,

  • but it should be an important part of your decision when deciding between multiple undergraduate institutions.

  • I also recommend doing work studies to help pay for tuition.

  • I personally found a job in a research lab,

  • so not only was I making money to help pay for school,

  • but I was also strengthening my medical school application

  • by generating publications on colon cancer and mice models of inflammatory bowel disease.

  • Talk about killing two birds with one stone.

  • Those publications didn't just help me get into medical school,

  • but also helped pad my publication list when applying to competitive residency programs.

  • Number 3: Minimize living expenses.

  • College is a time to be frugal, but not painfully so.

  • Have roommates - you can treat yourself to your own place later after graduating.

  • if you're really hardcore, live at home,

  • but I personally feel a big part of development in college is learning to be independent.

  • Learn to cook, so you aren't always eating out, which is not only more expensive, but also less healthy.

  • Buy used books rather than new, and sell them when you're done.

  • Don't feel the need to upgrade to the latest tech every single year.

  • Again, be smart with how you borrow money.

  • Only borrow what you need, since you'll be paying interest on the money you take out.

  • Opt for subsidized loans when possible,

  • as they reduce or eliminate the amount of interest that accrues while you're still in school.

  • And that's a pretty big deal.

  • Medical school is far more expensive than college.

  • To get through it without significant loan burden usually means you either have parents helping you out,

  • or you were a super impressive pre-med that earned merit-based scholarships,

  • or you're able to secure scholarships based on other criteria,

  • like where you grew up or your family background.

  • Student loans in college tend to come with better terms than student loans in medical school,

  • usually in terms of being subsidized with lower interest rates.

  • For this reason, It may benefit you to max out your loans during senior year in college

  • and put that money towards your medical school tuition expenses.

  • Second, Consider the Cost of Living.

  • If you go to medical school in San Francisco or New York City,

  • it's gonna be much harder to live frugally since the cost of living in these major metropolitan areas is just so damn high.

  • That is... unless you go to a tuition-free medical school.

  • Which brings us to point three, Apply to Free Tuition Medical Schools.

  • New York University and Columbia medical schools are now offering free tuition to medical students.

  • Hopefully, more schools follow suit in the future.

  • You should always apply to free tuition medical schools given the asymmetric risk profile - very high upside and quite limited downside.

  • Number 4: Continue To Live Frugally.

  • I know you were living frugally in college,

  • but in medical school is not the time to #treatyoself.

  • Still live with roommates, purchase used textbooks and even used medical equipment,

  • ride a bike to save money but also to keep you healthy, and of course, avoid the strip club.

  • Number 5: Seek University Loans.

  • Medical school loans are generally not subsidized unless you are able to obtain student loans directly from your university,

  • called university loans, which often have better terms.

  • Number 6: Consider Contract Scholarships.

  • Certain organizations will pay for your medical school expenses with the contractual agreement that you'll work for them for a certain period of time.

  • Examples would be the Health Professions Scholarship Program, the National Health Service Corps,

  • Indian Health Services, or state primary care programs.

  • My recommendation is you only pursue these options if it aligns with your interests.

  • For example, Don't do HPSP if you aren't happy to work as a doctor in the military.

  • Number 7: Consider Debt When Choosing a Specialty.

  • Your student loan burden and the compensation of a specific specialty should not be primary considerations.

  • when you're deciding what type of doctor you want to be.

  • However, if you're graduating with $500,000 in student loans,

  • it's going to be much more difficult to pay off as a family medicine doctor.

  • And number 8: Apply to Scholarships like the Med School Insiders Annual Scholarship.

  • Med school is expensive, I get it.

  • I had to front the cost of college and medical school all on my own,

  • and receiving scholarships and grants was a big factor in making it possible for me.

  • We understand the importance of giving back,

  • so we've created the annual Med School Insiders Annual Scholarship. Visit our website to learn more.

  • As a resident, you'll no longer be taking out new student loans, and you'll be earning a salary as a doctor for the first time.

  • Congratulations! Unfortunately, that salary is going to be around $50,000 per year,

  • which means you probably won't even be able to pay off the interest that's accruing on your loans month to month.

  • When paying off your loans, it's important you first knock out the loans with the highest interest rates.

  • For private student loans,

  • you can refinance, thus allowing you to pay a lower interest rate and also have lower monthly payments.

  • It's standard to be going from a 6 to 10% interest rate before refinancing to a 4 to 6% rate after refinancing,

  • although I do have friends and colleagues who have gone substantially lower than that by having a parent cosign on the loan.

  • Federal student loans aren't so straightforward because there are a variety of programs you can use to your advantage.

  • Income-driven repayment programs, or IDR for short,

  • tie your monthly payments to your income family size rather than your loan amount or interest rate.

  • There are a few loan forgiveness programs too, the most notorious of which is Public Service Loan Forgiveness,

  • or PSLF, for short. It offers tax-free forgiveness of all your loans after 10 years of payments.

  • The catch is that you must be a full-time employee of a non-profit 501(c)3 during those 10 years.

  • It sounds great, but note that it currently has a 99% rejection rate.

  • Things are looking up in the future,

  • but as it's a complex topic, it's best explored in a future video.

  • Once you've made it through residency,

  • congratulations, you're an attending physician living in the promised land.

  • You should be able to refinance your loans to get even lower interest rates,

  • meaning more of your payments go toward the principal rather than paying off interest,

  • which translates to paying off your loans even faster.

  • Depending on your specialty,

  • You should have a sizeable six-figure income and should be able to pay off your loans in just a few years,

  • assuming you live like a resident and don't let lifestyle Inflation get the better of you.

  • Paying for college and medical school is daunting,

  • but I want to congratulate you on taking the first steps to tackling it head-on responsibly.

  • I've made a few other videos regarding the cost of medical school and how to best address it.

  • There are links to those related videos down in the description below.

  • Remember that a big part of earning merit-based scholarships,

  • which saved me hundreds of thousands of dollars,

  • is being as competitive as a medical school applicant as possible.

  • Once you get multiple top 10 medical school acceptances,

  • you can shop around and see which program is able to provide you with the most appealing financial package.

  • Our team at Med School Insiders specializes in helping students become as competitive as they can be.

  • And we don't rely on wishful thinking.

  • My team and I worked tirelessly to perfect our proprietary and systematic processes

  • that ensure the highest quality service for each and every student.

  • Unlike other companies, you'll never worry about being "unlucky" and not getting a phenomenal advisor.

  • Our results speak for themselves, and it's why we have the best ratings in the industry.

  • Learn more at MedSchoolInsiders.com.

  • Thank you all so much for watching.

  • Let me know what other financial topics you'd like me to cover with a comment down below.

  • Make sure the notification bell is enabled so you don't miss any new uploads.

  • Much love to you all, and I will see you guys in that next one.

I've got good news and bad news.

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B1 中級

学生ローン101|大学・医学部 (Student Loans 101 | College & Medical School)

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    Summer に公開 2021 年 01 月 14 日
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