Quote: As an older pre-med (45+)I am concerned about being able to pay back school loan debt, particularly in view of the managed care environment and high malpractice insurance costs. Are any of you having a tough time contending with this in your practices? Hi there, I am a 51-year-old general surgery resident. First of all, I got a full-ride scholarship (tuition and academic expenses) from my medical school so I only had to borrow for living expenses. I owe about $55,000 total loans. My scholarship was based on my incoming MCAT scores and my GPA. I had to include my parent’s income info on my FAFSA and school financial aid application but the scholarship money was well worth the effort. Second, you should apply to your state schools (where tuition is generally lower) and avoid very expensive private medical schools. While Howard is a private school, it has a charter so look into attending a chartered school. When Howard offered me a “full-ride” I immediately withdrew my acceptance of a place at MCV. Third, you can apply for Public Health scholarships which will offset your second, third and fourth years if you agree up front to go into primary care. One of my classmates who is now in a Family Practice residency did this and only owes about $30,000. He is obligated to spend three years serving an underserved population. For public health the primary care specialties are Family Practice, OB-Gyn, Internal Medicine, Psychiatry and Pediatrics. I had no interest in being locked into primary care so I opted out of this one but for some folks, this is a good deal. Do keep in mind that these scholarships are pretty competitive so you have to do well in medical school during your first year. The interest on my $55,000 is about 5% so I am not too worried about being able to pay this off after residency since my projected salary is well over $260,000 per year. I am even planning a year of vascular surgery fellowship after I finish residency. A non-traditional student has to be somewhat creative about financial aid but financing medical school is definitely possible. Natalie Thanks
