Finding financial aid for medical students is not difficult if you look in the right areas. Medicine is one of the most expensive fields to study in because there are so many years of study to pay for and because the field in itself is an expensive one.
Most people who want to study medicine, unless they are lucky enough to be able to afford the courses or if their parents are guardians are willing to finance them, are obliged to find financial aid to pay for their studies. Because it is such an expensive field to study in and because there are so many years of study to pay for, it can be difficult to find a loan.
The idea of paying back such a large loan is also incredibly daunting. This is why it is so important to understand student loans and to find the right one for your needs and situation. It is also important to be smart in the way that you pay the loan back.
Where to find financial aid for medical students
Most financial service providers will offer student loans to applicants wanting to study in a broad range of fields including medicine. ABSA, First National Bank, Standard Bank and Nedbank are just examples of some of the financial service providers who would be willing to finance your education. You could also approach the National Student Financial Aid Scheme (NSFAS), an organisation that aims to provide a sustainable financial aid scheme to individuals wishing to study in a tertiary institute.
They provide both bursaries and student loans as well as advice and assistance. There are several financial service providers or other interested companies that only offer financial aid to medical students. These schemes will be aimed specifically at the requirements of a medical student and will take into account the expenses as well as the large amount of years that will have to be paid for. First Step Me is a website with a lot of advice for potential medical students looking for financial aid.
What to avoid when looking for financial aid
It is always best to ensure that you go with a reputable financial service provider that is well-known and that has a happy and satisfied customer base rather than a loan shark agency. Getting your loan through a company that you suspect might be a loan shark agency would mean very high interest rates that compound in a small amount of time leaving you with a huge debt that you cannot pay. The pressure of a large amount of debt hanging over your head can be intense, especially if you are a student who has just graduated and is yet to find employment.
In your first job you are unlikely to earn a huge amount meaning that even if you have a job and can begin to pay back your student loans you will still be under pressure. Therefore, it is best to go with a reputable financial service provider who you can trust to be honest about interest rates and how they work. Make sure that you read the fine print and understand the terms and conditions of your student loan before you sign anything.
Paying back your student loan
Many students’ guardians or parents, or even the students themselves, start paying off the interest on their loans from the very beginning. If you are able to do this, or if you have a parent or guardian who is willing to do it for you, it will definitely help you in the long run. You want to be sure that you do not leave your tertiary institute with a mountain of debt hanging over your head, and keeping the amount of debt under control by paying off the interest regularly will be a very good way of keeping control of your debt.
The financial service providers that finance the loans will usually give the student a grace period of a few months after they have graduated from their tertiary institute before they start requesting repayment to begin.