One of my biggest fears as a premedical student was figuring out how I will afford a US medical school education. This fear was further compounded by hearing horror stories of persons who had to drop out of medical school in their third or final year due to inability to pay because a loan cosigner disappointed. I briefly considered succumbing to my advisor’s advice to not bother applying to medical school unless I could get guaranteed financial support from my family or home country which was simply not an option for me. Eventually, I decided to take a leap of faith, albeit a strategic one to just apply and worry about affordability later. Fortunately, my plan worked. I truly believe in not allowing the fear of affordability to be the only deterring factor to not apply to medical school. I will share with you financial resources available to international students that may make you more confident to apply. I will briefly share my thoughts on the MD/Ph.D. program but the rest of the blog will mainly apply to those considering the MD program.
Disclaimer: The information provided below is entirely based on my experiences and is not meant to be exhaustive. Please do your research and fact check with each medical school.
MD/Ph.D.: The MD/Ph.D. program usually promises full tuition and fees scholarship and even pays a stipend that covers the cost of living. The source of funding depends on each medical school. Generally, schools that receive MSTP funding from the federal government (NIH) are not allowed to accept international students into their program. So I encourage you to reach out to each program before applying to determine their source of funding and if they can accept international students. While the upfront zero-dollar cost might be an encouraging factor for some to apply to MD/Ph.D. programs, there are several reasons why one shouldn’t allow this to be the sole reason they choose to pursue MD/Ph.D. If you are not passionate about research or do not see the research being THE major component of your career, do NOT apply to MD/Ph.D. programs because it’s “free”.
Financial aid: this is a customized package offered through each medical school. The packages are usually need-based with the intent of making medical school education affordable to persons from low-income backgrounds. The definition of low income depends on each medical school. Since there is a lot of variability with each institution, the key here is to do your research and strategically apply to medical schools with a track record of giving such aids. Usually, these schools take into account your and your parent’s incomes from the previous tax year of when you apply. The package usually comes in the form of institution-based scholarships (money you never have to pay back) and/or institutional loans. In my research, I learned that Yale, Dartmouth, Washington University in St. Louis, Johns Hopkins, Harvard, and Stanford offer some sort of need-based financial aid package for international students.
As usual, I will provide a concrete example based on my experience. For the 2021/22 academic year, the total cost of attendance (tuition, fees, room and board, medical insurance, travel to rotation, personal and transportation, books) for the first year at Yale School of Medicine is $97,349. If an international student is determined to have maximum need i.e. $0 student or family contribution based on yearly income and assets by the financial aid office, the student will be required to take out a minimum of $15,000 in loans and the difference of $82,349 is covered with scholarships for that year. The international student loan is offered by Yale and does not require a cosigner. The only caveat is that the interest rate is relatively higher at 7.75% and starts accruing upon disbursement. Also, note that the package is revaluated each year of medical school so the student/family contribution may increase (or decrease) if there is a change in you or your family’s financial status. Life changes like getting married (or divorced) can also significantly affect the package. Any amount determined to be a student or family contribution must be paid to the medical school for continued attendance.
As you can see, financial aid packages can be complicated and require applying. As such, I cannot emphasize the importance of being proactive enough. Once you receive an interview, contact the financial aid office to get more information on your specific situation. Most schools will have your customized financial aid package ready by the end of April. You can also start gathering application material like you and your parent’s tax return (there’s an alternative form if you are from a non-tax filing country). You may also be required to complete a CSS Profile through the college board (yes that SAT website).
Scholarships and Grants: aka free money. Scholarships can be from an institutional, governmental or private source.
Institutional: In theory, some medical schools offer institutional merit-based scholarships to students with exceptional applications. I do not know of any school that offers this to international students. I encourage you to check websites for updated information.
Governmental: research educational or health grants/scholarships available through your home country or other countries where you have citizenship or permanent residency status to study abroad. There may be stipulations for receiving these grants including a requirement to pay back through service in the country for some time.
Private source: these are scholarships from private funds, usually an individual or an organization. They are very few ones that international students are eligible for and usually only cover a small portion of the medical school cost. I encourage you to still apply for them though as all money is good money. Google and each medical school's financial aid office are probably the best way to find these scholarships.
Free-tuition medical schools: yes they exist. Cleveland Clinic Lerner College of Medicine (CCLCM) and NYU are the two that I am aware of that promise free tuition to every accepted student. CCLCM is a unique program in that it is 5-years long and only matriculates 32 students each year. I know several international students who successfully matriculated at CCLCM so I’m a huge advocate for applying here. The only caveat is that you will have to pay for room and board, textbooks, and travel to rotations either from personal/family funds or take out private loans (see next section). Luckily, the cost of living in Cleveland, Ohio is relatively low. NYU also claims to accept international students so shoot your shot there. These schools are the best option if you have parents who can cover the cost of your room and boards.
Private loans: these are loans from private financial companies. They often have high-interest rates and require a US citizen or green card holder cosigner. Discover appears to be one that international students have had the most luck with. Others include Sallie Mae. Please reserve this for your last option and carefully select your cosigner. Cosigners have been known to back out at the last minute. They are taking on a huge financial risk by agreeing to cosign a loan. I chose a school that offered an institutional loan with no cosigner requirement over a free tuition institution that will require a cosigner to get a room and board loan. MPower Financing and STILT loans may not require cosigners. Make a list of every loan granting agency, call to ask for their terms as they make frequent updates.
Other things to consider
Budgeting: while I don’t believe that any amount of budgeting will make a difference in one’s ability to afford medical school, I do think having some financial responsibility is important, especially when on financial aid. My general rule of thumb is to not make any non-essential purchase that I can’t afford 3x the cost. Choosing to live in safe but affordable housing is also crucial. This may mean having roommates, living in on-campus housing, or even with family if they are in the area. Also, take advantage of free lunches/dinners. Eating out often can be very costly. The extra savings from budgeting can help offset the cost of board exams, travel to away rotations, educational resources, etc.
Side gigs: international students are allowed to work a maximum of 20 hours on campus. Since medical school is a full-time job, I do not advise taking on any time demanding job opportunities. Medical school-friendly jobs include recording lectures for your class, facilitating workshops, acting as a patient model, taking notes during lectures, tutoring, research study volunteering, etc. Ask student affairs at your school for available opportunities. They won’t pay enough to offset the cost of tuition but can make some lifestyle difference. I used income from these side gigs to pay for my car insurance. Don’t get lost inside gigs though, doing well in medical school is the most important priority.
I want to add that some medical schools accept international students but are not financially friendly, Georgetown, Boston University, and Sidney Kimmel (please fact check) come to mind. These schools, however, do not ask for proof of affordability until after acceptance so if there’s a chance you can afford them, I encourage you to still apply. The places you have no business applying to are those that ask for upfront proof of tuition in an ESCROW account unless, of course, you have it.
I acknowledge that thinking about money can be anxiety-inducing. However, don’t allow this fear to be the sole reason you don’t follow your dreams of becoming a physician. I hope that you find the resources above helpful as you embark on the next steps. Please share with your friends and colleagues and as usual, we are here to answer any questions.
Yours in support,
Olamide O.
Credits: Photo by Karolina Grabowska from Pexels; ISM member B.U for providing me with updated info for this cycle.
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