How to pay for medical school as an international student?

[deleted1128661]

Hello, I feel very fortunate to have been accepted into a US medical school this cycle. Now, I have begun the process of finding out how to finance my schooling. I have heard that most international students take out private loans, and I'm wondering if there are any trusted lenders/resources/companies/agencies that people typically use? If anyone can point me in the direction of where to obtain more information about this, that'd be great! Thank you.

---

Members don't see this ad.

 

[Goro]

Pray tell, why didn't you think about this before applying to medical school?

 

[SpoiledMilk]

If you have not done so, contacting your school's financial aid office for leads is the first place to start...

 

[Spectar]

Pray tell, why didn't you think about this before applying to medical school?

lol

 

[carbonylcarbon]

Hello, I feel very fortunate to have been accepted into a US medical school this cycle. Now, I have begun the process of finding out how to finance my schooling. I have heard that most international students take out private loans, and I'm wondering if there are any trusted lenders/resources/companies/agencies that people typically use? If anyone can point me in the direction of where to obtain more information about this, that'd be great! Thank you.

Congratulations on your acceptance, that's a real achievement and you should be proud! I'm not familiar with any particular companies or resources, but one thing to consider would be loans from your home country. You might have difficulty finding loans in the US for international students, and you might need a cosigner regardless of the country in which you find a loan. Depending on your school's policies and the availability of cosigners, there may ultimately not be any good options for financing your education, and that's a real possibility you should be prepared for. Best of luck--I hope others here are able to offer more valuable advice and that you find a way to make things work!

 

[doctorsharukhan]

Congratulations on your acceptance, that's a real achievement and you should be proud! I'm not familiar with any particular companies or resources, but one thing to consider would be loans from your home country. You might have difficulty finding loans in the US for international students, and you might need a cosigner regardless of the country in which you find a loan. Depending on your school's policies and the availability of cosigners, there may ultimately not be any good options for financing your education, and that's a real possibility you should be prepared for. Best of luck--I hope others here are able to offer more valuable advice and that you find a way to make things work!

Depends on the country. A relative of mine came to the US for a master's sponsored by his country. They paid an outrageous amount (the school charged internationals extra) and his country made his family put up their home as collateral. The stipulation was that he return and work in his home country for 10 years. Even so, he would have been better off (financially) if he found a way to stay here (would have made more than his parent's home value in 2 years). This was a government entity. I doubt any private bank in a different country would be willing to lend someone $500k since they have even LESS power of enforcing repayment

OP. What is your citizenship? The easiest would be Canada. Developed countries like the UK/Germany/France are a bit harder to obtain financing from. Any country not on this list you're SOL (sh** out of luck)

You can try gofundme.com

 

[KnightDoc]

OP. What is your citizenship? The easiest would be Canada. Developed countries like the UK/Germany/France are a bit harder to obtain financing from. Any country not on this list you're SOL (sh** out of luck)

You can try gofundme.com

THIS^^^^^^. If you are not a citizen, cannot self-fund, cannot obtain financing from your home country, or cannot get a US citizen to co-sign for your private loans, you are very likely going to be SOL.

I have never heard of a "trusted lender," other than maybe a school itself, that will extend unsecured financing, for an education or for anything else, to a foreign national. The risk of default is simply sky-high due to the uncertainty involving your immigration status and the near impossibility of securing repayment if you leave the country.

As was said above, you really should have worked this out before you went to all the trouble of applying, since, as you are now learning, things like this don't just work themselves out. The fact is, the school likely won't even allow you to enroll without proof of funding, unless they are giving you a full ride scholarship. Good luck!!!

 

[KnightDoc]

Congrats on the acceptance

Do you have any collateral to backstop a loan? You can get much better rates if you have real estate, liquid securities etc.

If so, Interactive brokers is the best mainstream US brokerage for international finance. They will allow you to borrow up to 100% of your equity (assuming high grade, low risk issues—ie. No penny stocks or AMC) at 1.5% (IBKR pro) or 2.5% (IBKR lite). I am taking advantage of this to pay since the spread between these rates and most private lenders is like 4.5%

Sounds great for you, but I'm pretty sure if OP had $400K+ in liquid or domestic assets, there would be no need for the post!

The fact is, things are impossibly difficult for foreign students. If they are not fortunate enough to be accepted at a school that not only takes foreign applicants, but is also willing to fully fund them, or are not wealthy enough to fund themselves, they have very few options to finance an American medical school education without an American co-signer.

It sucks, but it would also be unreasonable to expect American taxpayers to finance them, so, it is what it is. Just how many foreign countries finance American students obtaining MDs in their countries?

 

[voxveritatisetlucis]

true, deleted post. Thought the main reason for emphasizing international may have been trouble with recognized collateral (since most lenders want either that or a cosigner). I didn’t realize until looking it up that international students can’t get federal loans or federal grad plus loans. Thought anybody at US institution was eligible.

 

[doctorsharukhan]

I also remember from another post back in the day that some schools (it was in NY I believe) required full payment up front for all 4 years. Others didn't but it varies by school. The few internationals I know are paying all cash and come from wealthy families

 

[deleted1128661]

Thanks for the replies everyone, I guess I should have been more specific. I already made plans to take out the loans.....my path to medical school started years ago. I have a family member who will be a co-signer. At the moment, I just feel a bit overwhelmed with the funding options that I'm seeing on websites/YouTube. I'm trying to get some help from current medical students who are also international students and have taken out private loans from trusted lenders. I don't know if this is. the right forum for this.

 

[doctorsharukhan]

Thanks for the replies everyone, I guess I should have been more specific. I already made plans to take out the loans.....my path to medical school started years ago. I have a family member who will be a co-signer. At the moment, I just feel a bit overwhelmed with the funding options that I'm seeing on websites/YouTube. I'm trying to get some help from current medical students who are also international students and have taken out private loans from trusted lenders. I don't know if this is. the right forum for this.

JUst make sure you can pay it back in case things go south, your co-signer will be on the hook and risk their assets

 

[CrxRust]

Hey! I apologize for the comments individuals are making without being any help. What happened to the golden rule lol? Anyways, I’m a DACA recipient and financing has always been something I looked into if I got into medical school. The way I see it is that it’s important to acknowledge you are in a different situation than a U.S Citizen! Take out the loans and don’t be scared to do so as long as you get the best deal possible (lowest interest rate, no hidden fees etc.). Also, from speaking to the 7 schools I have interviewed at, many offer scholarships not otherwise available your first year as you progress through your education. Obviously, these are competitive but try your best to get those scholarships to lessen your loan burden or start paying it back early. Congrats on your acceptance by the way future doctor!

 

[carbonylcarbon]

It's disappointing how cavalier some people can be in making light of others' financial challenges. Almost as if to suggest that those without access to half a million in cash have no business applying to medical school. Absurd tuition fees in the US are largely predicated on the availability of federal loans, at least for students not coming from wealthy backgrounds. It's an unfortunate externality that non-US citizen students who don't have access to such loans will have a harder time financing medical education in the US. I don't understand what's so funny about this that people in this thread have chosen to mock an earnest request for advice.

Preparing a successful application involves a ton of work, and it's understandable to first focus on ensuring a successful application before devoting time and efforts to navigating available options for funding at any given school. It's commendable enough that you received an acceptance despite the competitive disadvantages of applying as an international student, and I hope you're able to find the help and resources you need.

 

[KnightDoc]

Thanks for the replies everyone, I guess I should have been more specific. I already made plans to take out the loans.....my path to medical school started years ago. I have a family member who will be a co-signer. At the moment, I just feel a bit overwhelmed with the funding options that I'm seeing on websites/YouTube. I'm trying to get some help from current medical students who are also international students and have taken out private loans from trusted lenders. I don't know if this is. the right forum for this.

In that case, you're fine. By FAR, the best source of the information you are seeking will be the financial aid office of the school you are attending, since they undoubtedly have experience dealing with all sorts of private lenders, both good and bad.

You want one that the school is familiar with, just in case there are any issues with loan disbursements. Forget websites and YouTube for something like this. Stick with the professionals at your school.

 

[doctorsharukhan]

It's disappointing how cavalier some people can be in making light of others' financial challenges. Almost as if to suggest that those without access to half a million in cash have no business applying to medical school. Absurd tuition fees in the US are largely predicated on the availability of federal loans, at least for students not coming from wealthy backgrounds. It's an unfortunate externality that non-US citizen students who don't have access to such loans will have a harder time financing medical education in the US. I don't understand what's so funny about this that people in this thread have chosen to mock an earnest request for advice.

Preparing a successful application involves a ton of work, and it's understandable to first focus on ensuring a successful application before devoting time and efforts to navigating available options for funding at any given school. It's commendable enough that you received an acceptance despite the competitive disadvantages of applying as an international student, and I hope you're able to find the help and resources you need.

I mean these international students have contributed literally nothing to the US in terms of taxes or otherwise, why should we extend to them the same benefits? I come from a low SES background and I love the fact that I have access to half a million dollars in loans (which is an investment in my self). If you invest $500k into a business (say a tim hortons or restaurant) you will generate $100k/year in profit + $35k if you work there as a manager.

This "$500K" investment (more like $350k for myself) will yield greater returns and also allow me to make a positive impact on the lives of other people. I grew up in a country where you can only go to med school if you have family wealth, no access to loans (pretty much no matter how smart you are) so I'm very grateful for the opportunities provided to me in the US.

OP can always attend med school in their own country and then apply to a US residency as an FMG whom for the most part all have $0 debt (FMG is different than IMG btw). The chances of a US residency are lower that way but that's a calculated risk they can consider.

Let's not kid ourselves. Foreigners want to become US physicians due to the financial benefit it offers them. No foreigner says "Oh I really want to help bridge the gap in access to healthcare in the US and reduce the prevalence of diabetes there". Literally every (developing) country has a GREATER need for physicians there and those individuals would make a greater impact becoming doctors in their own country. Just look at India/Pakistan and their huge shortage of doctors (it's not uncommon for family docs there to see 150 patients a day vs 15 in the US). Lots of brain drain too since the smart ones all come to the US to live/work

According to the doctor I work with and my friends who are now residents (and still relatively young) every bleeding heart will eventually change their mindset and realize that life isn't all sunshine and rainbows

 

[deleted1128661]

It's disappointing how cavalier some people can be in making light of others' financial challenges. Almost as if to suggest that those without access to half a million in cash have no business applying to medical school. Absurd tuition fees in the US are largely predicated on the availability of federal loans, at least for students not coming from wealthy backgrounds. It's an unfortunate externality that non-US citizen students who don't have access to such loans will have a harder time financing medical education in the US. I don't understand what's so funny about this that people in this thread have chosen to mock an earnest request for advice.

Preparing a successful application involves a ton of work, and it's understandable to first focus on ensuring a successful application before devoting time and efforts to navigating available options for funding at any given school. It's commendable enough that you received an acceptance despite the competitive disadvantages of applying as an international student, and I hope you're able to find the help and resources you need.

I really appreciate your kind words. And you’re right, my initial priority was getting into school first before worrying (or not worrying) about the financial aspects lol.

I will take the advice of the others on this thread and reach out to the school’s financial aid office. Thanks!

 

[deleted1128661]

I mean these international students have contributed literally nothing to the US in terms of taxes or otherwise, why should we extend to them the same benefits? I come from a low SES background and I love the fact that I have access to half a million dollars in loans (which is an investment in my self). If you invest $500k into a business (say a tim hortons or restaurant) you will generate $100k/year in profit + $35k if you work there as a manager.

This "$500K" investment (more like $350k for myself) will yield greater returns and also allow me to make a positive impact on the lives of other people. I grew up in a country where you can only go to med school if you have family wealth, no access to loans (pretty much no matter how smart you are) so I'm very grateful for the opportunities provided to me in the US.

OP can always attend med school in their own country and then apply to a US residency as an FMG whom for the most part all have $0 debt (FMG is different than IMG btw). The chances of a US residency are lower that way but that's a calculated risk they can consider.

Let's not kid ourselves. Foreigners want to become US physicians due to the financial benefit it offers them. No foreigner says "Oh I really want to help bridge the gap in access to healthcare in the US and reduce the prevalence of diabetes there". Literally every (developing) country has a GREATER need for physicians there and those individuals would make a greater impact becoming doctors in their own country. Just look at India/Pakistan and their huge shortage of doctors (it's not uncommon for family docs there to see 150 patients a day vs 15 in the US). Lots of brain drain too since the smart ones all come to the US to live/work

Your comment is a bit ignorant. Yea, there are many who study in the US and choose to remain in the US. But there’s also others that go on to their home countries to make a difference (which btw is what I plan to do). Your comment also seems to belittle the sacrifices that many make to study abroad. Financials included. International students don’t pay taxes? HA!

I think I’ve gotten the information that I need so if a moderator can shut this thread down, that’d be great. I don’t want this to become a needless argument about citizenship/IMG/international students….

 

[carbonylcarbon]

I mean these international students have contributed literally nothing to the US in terms of taxes or otherwise, why should we extend to them the same benefits? I come from a low SES background and I love the fact that I have access to half a million dollars in loans (which is an investment in my self). If you invest $500k into a business (say a tim hortons or restaurant) you will generate $100k/year in profit + $35k if you work there as a manager.

This "$500K" investment (more like $350k for myself) will yield greater returns and also allow me to make a positive impact on the lives of other people. I grew up in a country where you can only go to med school if you have family wealth, no access to loans (pretty much no matter how smart you are) so I'm very grateful for the opportunities provided to me in the US.

OP can always attend med school in their own country and then apply to a US residency as an FMG whom for the most part all have $0 debt (FMG is different than IMG btw). The chances of a US residency are lower that way but that's a calculated risk they can consider.

Let's not kid ourselves. Foreigners want to become US physicians due to the financial benefit it offers them. No foreigner says "Oh I really want to help bridge the gap in access to healthcare in the US and reduce the prevalence of diabetes there". Literally every (developing) country has a GREATER need for physicians there and those individuals would make a greater impact becoming doctors in their own country. Just look at India/Pakistan and their huge shortage of doctors (it's not uncommon for family docs there to see 150 patients a day vs 15 in the US). Lots of brain drain too since the smart ones all come to the US to live/work

According to the doctor I work with and my friends who are now residents (and still relatively young) every bleeding heart will eventually change their mindset and realize that life isn't all sunshine and rainbows

This is an awful lot of words in response to an appeal to kindness.

 

[doctorsharukhan]

Your comment is a bit ignorant. Yea, there are many who study in the US and choose to remain in the US. But there’s also others that go on to their home countries to make a difference (which btw is what I plan to do). Your comment also seems to belittle the sacrifices that many make to study abroad. Financials included. International students don’t pay taxes? HA!

I think I’ve gotten the information that I need so if a moderator can shut this thread down, that’d be great. I don’t want this to become a needless argument about citizenship/IMG/international students….

Please provide me with the statistics that show how many internationals return to their home country to work there? I only know of FMGs from saudi arabia who do US residency and return to $250k+ jobs. Their country pays $450k to fun 3 residency spots, 1 which must go to a Saudi national. This is literally the only ones I know of because their government gives them lavish lifestyles

The fact of the matter is that if you can gain an acceptance to a US medical school as an international means that you are extremely smart and can in no doubt gain an acceptance to a decent school in your own country. At the same time the majority of FMGs who do residency in the US are already attendings in their own country and essentially function beyond their level - meaning that their training was top notch in their home country.

Again, you can just download Anki, do UFAPs and get the exact same preclinical education we get in the US. US rotations at DO school are probably worse than most developing countries - where you can actually be involved and help. My cousin overseas was treating war casualties as a third year med student (at 21 years old) and learned a heck lot more than we do here. Even if you got into a US school with great clinical rotations (say Yale) are you really saying it's worth the $500k? Again, many FMG attendings who match a US residency function essentially the same as a US attending already... the US residency is just a "barrier" to gain US medical licensure and make $300k+. You won't learn anymore or less in a US residency than you would in a country like India or Pakistan where you're gonna see rarer diseases and have more autonomy, less red tape, no midlevels fighting for procedures.

 

[Orims]

I really appreciate your kind words. And you’re right, my initial priority was getting into school first before worrying (or not worrying) about the financial aspects lol.

I will take the advice of the others on this thread and reach out to the school’s financial aid office. Thanks!

International student here, current M1.

Very few schools give international students financial aid, but if yours does, I would reach out to them.

My school also offered loans through the school and a bank affiliated with the school itself. Definitely reach out to them!

 

[doctorsharukhan]

This is an awful lot of words in response to an appeal to kindness.

Say what you want but facts are facts

 

[Moko]

I think I’ve gotten the information that I need so if a moderator can shut this thread down, that’d be great. I don’t want this to become a needless argument about citizenship/IMG/international students….

Closing this thread. If any informed students have additional advice for the OP, please send them a private message. Thank you.