1. A Financial Plot to Reduce the Burden of Medical School Tuition Fees.
- Author
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Wolford, Kathryn A., Wolford, Robert W., Franzen, Douglas, Park, Kenneth, O'Leary, Margaret, Cheaito, Mohamad Ali, Bond, Michael C., and Kazzi, Amin
- Subjects
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MEDICAL schools , *TUITION , *MEDICAL students , *MEDICAL fees , *ALTERNATIVE education , *INCOME , *USER charges - Abstract
Tuition fees for medical school are continuously and riotously increasing. This upsurge is amassing debts on the backs of students. In the class of 2018, 75% finished medical school with an outstanding balance of $196,520, on average-a $5826 increase from 2017. Tuition fees differ in terms of the ownership of the medical school (public vs. private) and according to the medical student residence status (in-state or out-of-state). It is critical that students arrange a long-term budget that shows them where they stand: in surplus or in deficit. Students may classify expenditures into two groups: "fixed" and "variable," where they can manipulate the variable expenses to fit into their budget. To pay for their tuition, medical students have four possibilities: cash, scholarships and grants, service-obligation scholarships, and loans. Loans are the most common alternatives, and so there are Traditional Repayment Plans and Income-Driven Repayment Plans. This article serves to provide medical students with attainable alternatives for funding their education and for repaying their debts. [ABSTRACT FROM AUTHOR]
- Published
- 2021
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