Alternatives to loans

[CaramelFrapp]

Advertisement - Members don't see this ad

Has anyone decided to finance their education through navy? military? peace corps? Do you guys know anyone who's had such experience? Is it worth it? I know its subjective, but any input is appreciated. Thanks!

 

[LizzyM]

Has anyone decided to finance their education through navy? military? peace corps? Do you guys know anyone who's had such experience? Is it worth it? I know its subjective, but any input is appreciated. Thanks!

Yes. Yes. No. Yes. Depends on what you want to do.

There are many voices over in the Military Medicine forum with experience as physicians in the military.

Keep in mind that you will be in the military. You will wear a uniform. You will salute your superiors. Not all of your superiors will be physicians. You will take orders from your superiors. You will say "yes, sir" and "yes, m'am". You will serve where you are ordered to go. You will be required to serve a specified number of years and depending on your area of expertise, you may be paid more, or much less, than your counterparts in civilian practice.

Read the military medicine forum and decide whether you want to serve your country as a physician in the military. Only if you can answer in the affirmative, "I wish to serve my country in the US military" should you take a military scholarship.

 

[ppfizenm]

Has anyone decided to finance their education through navy? military? peace corps? Do you guys know anyone who's had such experience? Is it worth it? I know its subjective, but any input is appreciated. Thanks!

My parents have told me that they won't pay for med school but I think they have come around to the idea of loaning me some money to pay for it. If it works out I won't have so much to pay back with interest.

 

[jbrharris84]

Your post reminds me... does Doctors Without Borders allow for loan deferrals/forgiveness?

 

[ppfizenm]

Your post reminds me... does Doctors Without Borders allow for loan deferrals/forgiveness?

I couldn't find anything on their website that said they do. The closest I came across is that they will pay the interest on your student loans for six months while you are with them but this wasn't specifically directed at physicians. Also, they only pay 1400 a month. That's not enough to satisfy loan debt.

 

[CaramelFrapp]

Thank you everyone for your input🙂 After some thinking I decided that militiary or navy is not for me. So loans, it is. Thank you🙂

 

[hmainn]

Apply for scholarships. Also you can try and send a letter requesting support to community places that would maybe want to support ou. You have to probably really sell yourself though.

Once you enter med school, there will also be scholarships you can apply for through the school and other institutions for your 2-4 year.

 

[notbobtrustme]

Almost all those options are terrible financial decisions because they delay you making the big bucks by several years.

If you are worried about medical school debt, explore specialty care where you can earn 2x or more what a primary care doc earns.

 

[CaramelFrapp]

Makes sense guys🙂 i will look into scholarships
thanks!

 

[Barcu]

Your post reminds me... does Doctors Without Borders allow for loan deferrals/forgiveness?

Doubt it. People seem to trip over themselves for opportunities to volunteer abroad. I doubt they need to offer it as an incentive. Maybe they do, and I"m just cynical.

There are, however, many places in the US that desperately need physicians, and they will help pay back your loans.

 

[fletchffletch]

Your post reminds me... does Doctors Without Borders allow for loan deferrals/forgiveness?

Doubtful? I read a reddit AMA with someone from MSF and he said majority of native English speaking physicians were English and Australian (I assume because of the lack of debt).

 

[searun]

Has anyone decided to finance their education through navy? military? peace corps? Do you guys know anyone who's had such experience? Is it worth it? I know its subjective, but any input is appreciated. Thanks!

If you are considering entering the military just to save money, don't do it .... it really does not pencil out when you factor in the money that you could have been earning as a doc in private practice versus the salary that you will be paid in the military. Also, your residency options may be limited.

I have the utmost respect for the military and military physicians - but financially, it usually does not pan out as your best option in the long run.