Federal Student Loan Forgiveness

 Federal Student Loan Forgiveness


Federal Student Loan Forgiveness
Performance is ultimately what really matters.
Federal Student Loan forgiveness is an exceptional concept applicable to students only under certain circumstances. It means the loan amount received by students might be canceled in half or in full amount by Federal Government. It is not impossible and depends completely on your work performance. If you want to be one of those special students who want to be a recipient of Federal Student Loan forgiveness, then act to your best.
You just need to show your excellent performance in the following ways:
1. Organize and perform volunteer work

2. Organize and perform military services

3. Teach/preach/practice medicine in selected communities

4. Make a thorough research and meet other criteria specified by loan forgiveness programs
In case of volunteer work, loan forgiveness is conducted by Ameri Corps, where the student needs to serve for one full year, get stipends and extra amounts that can be used towards loans. In another organization, Peace Corps, volunteers can specially apply for deferment of variety of loans like Stafford, Consolidation loans and Perkins loans with partial cancellation of Perkins Loans. This dream can come true in the lives of students only if they can serve with a difference and truly devote their time in work.
Students who are in military field can also make a mark in the lives of others and at same time contribute to Federal Student Loan forgiveness scheme. Students who are in Army front are therefore highly eligible for Student Loan Repayment program. In case of teaching, Federal Student Loan forgiveness program can be conducted only if the students can become full-time teachers in elementary or secondary schools, mainly teaching students who span the low-income family groups. Under this teaching plan scheme, the students are allowed to be forgiven of Perkins Loan under The National Defense Education Act. In legal field, many law schools forgive the loans of students who dedicatedly serve in public interest or non-profitable organizations. Federal student loan forgiveness programs for medical students include several plans like NIH AIDS Research Loan Repayment Programs, NIH General Research Loan Repayment Program, Indian Health Service [HIS] Loan Repayment Program and US Force, Army and Navy Financial Assistance Program. Under each of these plans, the student should work faithfully, if they want their loan to be forgiven.
Apart from these fields, there are other ways where Federal Student loan forgiveness program becomes successful. These fields include Bachelor’s Degree in Colleges of Arts and Sciences, where student will perform the job required in institutions. Students who receive the Michael Murphy Loan specially for studying Law enforcement, probation and parole, law and penology or other significant fields related to these studies, can work off one-fifth per year to get enrolled under Federal student loan forgiveness scheme.
Therefore, Federal Student Loan Forgiveness program is applicable when the student can perform the following activities:
1. Perform full-time/partial service as a teacher in designated/recognized elementary or secondary school teaching students who belong to low-income family groups.

2. Perform the role of a teacher teaching children suffering from some kind of disabilities

3. Qualified professional teachers belonging to subjects like mathematics, science, foreign languages, bilingual education

4. Performing the role of an employee of public or non-profit child/family service agency providing services to high-risk children along with their families
Perform any of these activities as per your loan status for acquiring Federal Student loan forgiveness.

Of ‘Meese’ and Maple Leaves

Of ‘Meese’ and Maple Leaves


“The US is our trading partner, our neighbour, our ally and our friend… and sometimes we’d like to give them such a smack!”
– Rick Mercer

Because of Canada’s proximity to the United States and its similarities to its neighbor, it ranks number 2 out of the top 10 major destinations for an education abroad.

And just like the good ol’ red-white-and-blue, this red maple leaf has several requirements in order for you to study in its academic institutions – or at the very least, be allowed to risk riding a barrel down the Niagara Falls.

First of all, to be allowed to study in a Canadian institution, one must have a student authorization/permit.

Issued by an immigration officer, the said authorization simply means that you are allowed to remain in Canada to take an academic, professional or vocational training course at an approved university, college or other institution.

(* taken from the international education site)

What are the basic requirements for student authorization?

You must satisfy the visa officer that you meet the requirements of the Canadian Immigration Act and Regulations and that you will be in Canada for a temporary stay.

You must also:

· satisfy a visa officer that you will be able to return to your country or be admitted to another country after your studies;

· have been unconditionally accepted by an approved educational institution;

· proof that you have enough money during your stay in Canada to pay for:

– tuition fees;
– living expenses for yourself and accompanying dependants; and
– return transportation for yourself and accompanying dependants;

· be law abiding and have no record of criminal activity (you may be asked to provide a Police Clearance Certificate);

· not be a risk to the security of Canada;

· produce any additional documents requested by the visa officer to establish your admissibility;
· complete a medical examination, if required; and

· pay the fee.

~*~

When should I apply?

The time required to process an application to study in Canada may vary at different visa offices. You should apply as early as possible, and allow at least six months to plan and prepare for your move.

Note: Canadian universities suggest you apply for admission at least one year in advance of your planned arrival.

~*~

How do I apply for a student authorization?

Complete the application form, and include the fee and the documents listed below.

To complete your application you will need to know the cost of your education including tuition fees and books, medical insurance, return transportation costs and living costs for yourself and any dependants while in Canada. Living costs vary in each province.

~*~

What documents are required?

You are required to provide the following documents for yourself and any accompanying dependants:

1. Proof of acceptance

· for attendance at a university, college or technical institution, a letter from the educational institution to show:

– the name of the institution;
– confirmation of your acceptance and/or registration as a student;
– the course of study;
– the duration of the academic program; and
– the latest date you may register.

· for attendance at a primary or secondary school, a letter from the school board having jurisdiction for the school you are attending (or for private schools, a letter from the school itself), indicating:

– the name of the school;
– the level of study; and
– the duration of the course.

For attendance at an educational institution in Quebec, you will also require a “Certificat d’acceptation du Québec” (Quebec Certificate of Acceptance, or CAQ) issued by the Ministère des Relations avec les citoyens et de l’Immigration (MRCI)

2. Proof of identity

· a valid passport or travel document or identity document that guarantees re-entry to the country that issued it (citizens and permanent residents of the United States, St. Pierre and Miquelon, and Greenland do not require a passport but do require proof of status such as a national identity card or an alien registration card); and

· two recent passport size photos for each family member (the name and date of birth of the person should be written on the back of each photo).

3. Proof of financial support

· evidence that you can support yourself and accompanying dependants while you study in Canada. Such evidence may include:

– proof of a Canadian bank account in your name if money has been transferred to Canada;
– your bank statements for the past four months;
– a bank draft in convertible currency;
– proof of payment of tuition and residence fees;
– for those with a scholarship or those with a Canadian funded educational program:
proof of funding paid from within Canada;

· if foreign exchange control measures exist in your country, you must provide proof that you will be permitted by the exchange control authorities of your country to export funds for all of your expenses; and

· if additional documents are required, a visa officer will inform you.

Note: Children under 16 years of age who are travelling alone must have information (name, address, phone number) about the person or school who will be responsible for them. If the child is the subject of a custody order, proof of custody and the other parent’s consent must also be provided. Minors travelling without their parents require a letter of permission from the non-accompanying parent(s).

But, if you’re a student, wallowing in your tough, pressure-cooker-like studies and long lists of student debts, is there a way you could actually earn your keep and continue on with your scholastic pursuits?

Sit back and relax, while I fry up the next post on how to bring home the ‘Canadian’ bacon while holding a student permit.

For more information regarding Student Visas and Permits, visit :

CIC Canada

MindBlow and Mind Below

MindBlow and Mind Below

@ uni
Source: Flickr

MindBlow and Mind Below

Human mind is numberless wonder of whole universe. This is the most fertile field of world. More you sow much you reap out of it.
The usage of this part of human body needs accurate and precise approach. The tool to sharpen the upper part of human body is only through education. The education can change the life of human being. This had been proven by scientific development of our world. Thus in most advanced and developed society, every possible care is taken in education sector applications.
Are we in India caring for this vital aspect of human being? This story is a little effort to discuss the national education with special reference to one of the leading and progressive state named Haryana.
According to 2001 census the population of largest democracy of the world was 1027015247. The managing of this huge population is a specialized job. To do this it required extra accuracy and farsightedness approach. Education is among first thrust, which need to be carefully managed, because it is directly linked to development of nation.
In 2002 India had 199144199 students starting from class 1 to higher education level. It means 19.3% of population was of student community.
Government and NGO’s are working hard to expand the area of education in the country, but their efforts are not yielding up to mark satisfaction.
In India in 2002 there were 113883060 students in primary school level. In middle school level numbers of students were 44828235. That means 69% of primary school students’ left their studies before or after fifth class. The facts and figures are similar in every year.
In same year (2002) there were 44828235 it mans 55% of student in middle school level whereas the number of high school students 20053986 who gave up their school bags after eight class. Continue to this process 48% of students left their studies from high school level to secondary level.
But here in last I am very surprised to see that after 10+2 level study gives up cases has drastically come down to 5%. This statistics clearly indicate that if student reaches primary level his or her probability of leaving school is 61%. If students cross first barrier (primary level) and reach to middle school then his percentage of leaving come down to 55%. Further after 10th standard to secondary levels this percentage further come down to 48%. Finally if he / she get passed 10+2 exam, the percentage to achieve higher education / professional education is 95%, which is very high as comparative to primary and middle level. These facts and figures clearly indicate that primary to middle classes are studies leaving prone classes.
Are these studies leaving the prone classes targeted by our education planners? . Answer is clearly no. This is very evident from following statistics.
In primary school level student / teacher ratio in India is 59:1, for middle class it was 31:1, whereas in 10+2 level it was 17:1 in 2002.In comparison to above after 10+2 level education there are 272 universities, 8737 colleges (general), 838 technology/ engineering college, 725 medical college, 846 teacher training colleges, 5462 polytechnic and it is and 1175 teacher training schools. This type planning will show its effects on society because knowledge level of population will be of high contrast. This will lead to fragmentation of that society which is already fragmented in the name of religion, caste and creeds. In this situation, the Education will work reversibly. This can be averted by making middle level focused education policy.
So emphasis of our education policy should be on study leaving prone classes.i.e.5th to 8th classes. The environment and education should be planned in such manner that student of these classes does not leave their studies in want of school are money. If the quantum of the students increases in 10+2 level then there will be more and more talents available for higher studies. This will not only enhance the level of knowledge among all sections of society in equilibrium but also give up maximum opportunities to maximum. This will show results in quality of higher study level. In which 50% of education budgets are invested. Take the case of Haryana in education. This small state has done commendable work as compare to other states of India. But due to non-practical approach of education planning, as in national education policy results are not up to the mark. Student teacher ratio in primary level was 39:1 as compare to national student teacher ratio 59:1 in 2002.
For middle classes this ratio in state was 33:1 in contrast to national average 31:1. Here one point is to mention this state was created on 1st nov.1966. The above student teacher ratio for the corresponding year was 43:1 and 30:1 for primary and middle classes respectively. Education budget at the creation of state in 1966 was merely 277.2 Lac rupees. Which reached 138429.51 Lac was invested which was 55.7% of total money allocated to education.
Thus after this statistics of one of the pioneer states of India one can guess situations in UP, Bihar, Orrisa and rest of other states of country.
To make mind blowing and not blowing quantum of the student is directly linked to excellence in education. Money and personals are here only precise planning is required.
Will our education planners ever do this and when? Answer to these questions lies in dark room. Who will open the doors of this dark room is to be seen yet.

Dinesh Singh Rawat
E-mail:drawat@abcnewsnetwork.com

Programs Available For College Education

Programs Available For College Education


Most college students pursue a certain degree program because they are interested in that field.
The interest might stem from volunteer work that was performed at local hospitals during high school or from the bible classes that were taken each Sunday at church. The degree program will produce a diploma, degree, or certificate when the studies are finished and these credentials will earn the student a solid profession, working in the career field that peaks their interest.

For students interested in working in the health care industry, the college education programs could focus on two-year programs in radiology or on healthcare administration and management. Either college degree program will allow the student to get some on-the-job training and earn a salary at the same time because most medical institutions will have positions open that accommodate class schedules. Some students might work in the hospital cafeteria while they are enrolled in college.

The college student might pursue a two-year or four-year degree in Nursing, and use the information learned in class to perform jobs in medical billing and coding. The college program outline will allow students to get a taste of every area of the medical field before making a final decision on the career path that would be best suited for their individual needs. The work performed on a day-to-day basis in a hospital setting will be very useful when the student writes a thesis for a Master’s in Nursing.

The college education programs available for students to earn a Design and Art degree will cover a broad spectrum of creative avenues. The student might be interested in completing courses in animation to secure a position in the art department of a local amusement park. The courses in graphic design could provide additional knowledge that the employee could use to move up in the company. Through hands-on training and observation, the student could learn enough to complete a course for visual communication techniques easier.

Some college students will select a college education program primarily because the course length is shorter and it will allow them to enter the corporate world sooner. The curriculum for these courses will exclude classes that are not needed to perform a job. The course curriculum will focus on preparing the student to perform a certain skill while still pursing a degree in Computer Science. The specialties under this career goal are numerous and some students are capable of programming but are not well suited for performing tasks in computer networking.

The skills the college student will be expected to perform after graduation might focus strictly on computer programming but the program will also include classes in computer repair, web development, and mathematics and English. Some class work might challenge students to create personal web pages and project a virtual resume on the internet using the coding and style sheets that were created in class.

Other college education programs might include some of the same subjects but will earn the college student a different college degree. For degrees in Business, the students will be tasked in completing courses in online business practices, internet marketing and web design. For students who will pursue a job specialty as an accountant, they will pursue a degree in Business that is tailored to learning accounting through completion of spreadsheets in software applications and auditing methods used by corporate entities such as the Internal Revenue Service.

Work From Home Business Opportunity: Earning Extra Income While Studying

Work From Home Business Opportunity: Earning Extra Income While Studying

Unless you have a scholarship and your parents have provided you with more than adequate college funds, you will need to earn some money while studying. Getting a descent and good paying job off campus isn’t really easy when you are a student and sometimes, your work schedule will come in conflict with your studies. In most cases, you end up cramming for exams and burning your midnight candles just to get through the semester. It’s not really a pretty situation isn’t it? Fortunately, there is a way out of the vicious cycle of running across town from school to the workplace.

The advancement of technology now allows students to work from home and have a more flexible schedule. If you are looking for work from home business opportunity, look no further than your computer. There are a number of online home businesses that are suitable for students. The good news about some of these online work-from-home business opportunities is that they offer possibilities of big income. In fact, if you are really good at what you do, you can easily earn a full time income while working in the comforts of your home.

Work opportunities for students

Working as a freelance writer online will give you a lot of flexibility. You can work anywhere and anytime you want if you are freelance writer. At first, the pay may not really be so good but once you are able to establish a good reputation as a writer, you will soon be earning enough money to see you through college. Note that there are many students all over the country who were able to finish a degree while working as freelance writers.

If you are a medical student with good writing skills, medical transcription will suit you well. The good thing about doing medical transcription is that you get to work well within your areas of expertise. Since you are already very much familiar with the terms and jargons used in the medical profession, you can easily understand and transcribe medical records. Another advantage of doing medical transcription is that you get to learn something while you listen to the audio files that you are transcribing. Most of the audio files that you will transcribe contain information that is valuable to the medical profession. On the other hand, if you are a political science or a law student, legal transcription is best for you.

What if you are not a good writer? Can you still work online? Yes of course you can still work online even if you are not a good writer. The internet offers unlimited opportunities for entrepreneurs and students. If you are resourceful and creative, you are bound to find a good work from home business opportunity online.

Health Insurance Plans For Students

Health Insurance Plans For Students


Health care insurance is a necessity today.
Most educational institutions in the United States require students to be covered for healthcare. Surveys reveal that nearly thirty percent of students in the US do not have healthcare insurance, and ask their parents for financial help when in need. These students are most likely to drop their studies for financial reasons, as they have to work to pay off their dues of healthcare expenses.

Many students find it difficult to meet the costs of healthcare insurance, because it does not come cheap. However, it is advantageous for a student to have this medical insurance.

Although there are many plans offering student health insurance, they can be categorized into three basic types: parent’s health care plan, college health insurance plan, and the commercial health insurance plan. Each of the mentioned plans has their own advantages and disadvantages.

Under the parent’s health care plan, a college student may not be covered, after a certain age. If that is the case, extra coverage called COBRA needs to be obtained, which is not necessarily cheaper than purchasing a different plan altogether. Moreover, it may be a pre-requisite that the student should have at least ‘x’ number of college credit hours to qualify for the coverage.

The college plan can offer coverage through HMO (Health Maintenance Organization), or PPO (Preferred Provider Organization). These are group plans and generally cheaper than commercial health plans. However, the coverage offered may be limited. Other options would have to be explored for coverage that is more comprehensive. The college plan is preferable when there is an ‘on campus’ hospital. Most of the college plans cover all accident or health care expenses, subject to the condition that the student continues to be registered with the college for a particular duration.

Many companies sell commercial health insurance. The terms may differ widely, hence, it would be essential to purchase a plan that offer facilities that one finds suitable. The best way would be to make a list of the features that are important, and then get the details for different plans from various companies, and compare them to decide which plan is the best one.

Under the commercial health plan, there is the temporary student health insurance, which is meant for students staying away from home. It can be availed for periods of thirty days, to six or twelve months. According to the temporary plan, the student can find a doctor or hospital of his choice by taking an Indemnity Plan. Alternatively, he or she may take the Managed Care Plan, which allows a choice of doctors and hospitals that are in the plan’s network. The Managed Care Plan has lower premiums than the Indemnity Plan.

Most states in the US have legal stipulations, which require compulsory health care insurance for foreign students, and set a minimum amount that should be available for emergency evacuation, medical treatment and repatriation of remains, if required. International student medical insurance costs approximately six to seven hundred dollars per annum.

In view of emergencies requiring medical attention, it is essential for students to be covered under health care insurance. It is a precondition for registration in most educational institutions in the US. Many states have laws that make it compulsory for foreign students to be covered by the health care insurance.

The Golden Ticket

The Golden Ticket


“Mother!
Look! I’ve got it! Look, Mother, look! The last Golden Ticket! It’s mine!”
– Charlie, from ‘Charlie and the Chocolate Factory’

Just as Charlie needed the sought-after golden ticket to enter the chocolate factory, one who wants to study in the United States needs a student visa to enter ‘the land of the free and the home of the brave…[play ball!]’

What is a student visa and how does it differ from other kinds of visas, such as a tourist visa?

There are two types of U.S. visas – the immigrant visa and the non-immigrant visa.

A student visa falls under the category of ‘non-immigrant,’ meaning one is temporarily staying in the United States in order to pursue one’s studies.

How then does it differ from the usual ‘tourist visa’?

By having a ‘tourist visa,’ the holder is assumed to be in the United States for the purpose of sightseeing and visiting family and/or friends. Someone who holds this type of visa can not do other activities inconsistent with being a visitor, such as working or studying. Meaning, a trip to Disneyland is perfectly fine – but getting a job dressing up like Mickey Mouse is a no-no.

However, one can change his status if he qualifies.

There are three different types of student visas : F, M and J.

Check out which one applies to you.

1. F-Visa – this visa is applicable for individuals who have already been accepted into study or research programs in U.S. colleges or universities

Benefits of an F-Visa
(*taken from VisaProm)

A. You can enter the U.S. as a fulltime academic or language student

B. You can legally work part-time on-campus. You may also work off-campus if necessary

C. You are eligible to take up employment as a part of your optional practical training

D. You can travel in and out of the U.S. or remain in the U.S. till the completion of your studies

E. You can bring your dependents (spouse and unmarried children under the age of 21) to live with you in the U.S.

F. F1 visas are issued quickly

Requirements for an F-Visa :
(*taken from VisaProm)

A. You have successfully completed a course of study normally required for enrollment

B. You have been accepted for a full course of study by an educational institution approved by the U.S. Citizenship and Immigration Services (USCIS). The institution must send you a USCIS Form I-20A-B, Certificate of Eligibility for Nonimmigrant F-1 Student Status for Academic and Language Students

C. You are sufficiently proficient in English to pursue the intended course of study, or the school you intend to attend has made special arrangements to teach you the English language or conduct the course in your native language

Note: You may be exempt from this requirement if you intend to come to the U.S. to participate exclusively in an English language-training program

D. You have sufficient funds to cover the first year of study, and access to sufficient funds to cover subsequent years

E. You have a permanent residence in your home country, which you do not intend to abandon

F. You intend to depart the U.S. upon completion of the course of study. You may establish this by presenting evidence of economic, social and/or family ties in your homeland sufficient to induce you to leave the U.S. upon completion of studies

G. Your proposed education in the U.S. would be useful in your homeland, and therefore induce you to leave the U.S. upon completion of studies

~ * ~

2. M-Visa – applicable for individuals who have been accepted in programs in non-academic U.S. institutions

Benefits of an M-Visa
(*taken from VisaProm)

A. You can enter the U.S. as a fulltime vocational student

B. You can legally work part-time on campus. You may also work off campus if necessary (with prior approval from the USCIS)

C. You can freely travel in and out of the U.S. while on a valid visa

D. Your dependents can live with you as long as you maintain your M1 status

E. M1 visas are issued quickly

Requirements for an M-Visa :
(*taken from VisaProm)

A. You have successfully completed a course of study normally required for enrollment

B. You have been accepted for a full course of study by a vocational institution approved by the U.S. Citizenship and Immigration Services (USCIS). The institution must send you a Form I-20M-N, certificate of eligibility for nonimmigrant (M1) student status for vocational students

C. You are sufficiently proficient in English to pursue the intended course of study, or the school you intend to attend has made special arrangements to teach you the English language

D. You have sufficient funds to cover the first year of study, and access to sufficient funds to cover subsequent years

E. You have a permanent residence in your home country, which you do not intend to abandon

F. You intend to depart the U.S. upon completion of the course of study. You may establish this by presenting evidence of economic, social and/or family ties in your homeland sufficient to induce you to leave the U.S. upon completion of studies

G. Your proposed education in the U.S. would be useful in your homeland, and therefore induce you to leave the U.S. upon completion of studies

~ * ~

3. J-Visa – particularly for “educational and cultural exchange programs,” these visas are applicable for individuals accepted in programs wherein they are sponsored by organizations through “exchange visitor programs”

Benefits of a J-Visa
(*taken from VisaProm)

A. You can enter the U.S. as an exchange visitor

B. Your dependents can stay with you as long as you maintain your J1 status. They can also attend school while on the J-2 dependent visa

C. You are exempt from Federal Insurance Contributions Act (FICA) tax withholdings

D. Your dependents are eligible to apply for employment authorization, and may work in the U.S. However, they cannot get work authorization if the money earned is needed to support you

Requirements for a J-Visa :
(*taken from VisaProm)

A. You are sponsored by an organization approved by the Department of State (DOS), and granted authority to issue a Form DS-2019 to prospective J1 applicants

B. You have sufficient funds to cover all expenses, or funds must be provided by the sponsoring organization in the form of a scholarship or other stipend

C. You have sufficient scholastic preparation to participate in the designated program

D. You are sufficiently proficient in English to participate in the designated program, or the sponsoring organization has made special arrangements to teach you the English language or conduct the course in your native language. You may be exempt from this requirement if you intend to come to the U.S. to participate exclusively in an English language training program

E. You have a permanent residence in your home country, which you do not intend to abandon

F. You intend to depart the U.S. upon completion of the course of study. You may establish this by presenting evidence of economic, social and/or family ties in your homeland sufficient to induce you to leave the U.S. upon completion of studies

G. Your proposed education in the U.S. would be useful in your homeland, and therefore induce you to leave the U.S. upon completion of studies

If you are coming to the U.S. to receive graduate medical education or training:

H. You have passed the Foreign Medical Graduate Examination in Medical Sciences

I. The program does not include patient care

For more information on being a non-immigrant student in the U.S. and U.S. visas in general, visit :

USCIS – U.S. Citizenship and Immigration Services

SEVIS – The Student and Exchange Visitor Information System

Medical Student Loans: What Are Your Options?

Medical Student Loans: What Are Your Options?


So, you and your wife were enjoying a nice afternoon together, watching television on the couch, when Junior walks in and ecstatically announces that he has been accepted to Harvard Medical School.
After the initial whoops and hollers and the pride that swells in your chest, your son leaves to announce the great news to his friends. You and your wife turn to each other and smiles fade and eyes widen when suddenly, thoughts of the cost hits you. Stunned, you slump onto the couch in silent dismay.

There’s no need to panic when this happens. Attending medical school is a very respectable goal, and money should not stand in the way. However, very few parents or other family members can afford to put someone through medical school, and that’s where medical school loans come in handy.

Where do you obtain a medical school loan? Start with your own local bank branch and see what kinds of loans or offers they can suggest. Your next step should be to get on the Internet or ask your bank loan officer if he or she can suggest other alternatives. One of the next best ways to obtain a medical school loan is through a private student loan offered to those entering medical professions. For example, there are a number of Federal Student loans, like Stafford or other types of medical type loans offered by various health field providers and sponsors.

However, keep in mind when looking for medical school loans, that the interest rate of that loan may keep you, or your son and daughter, in debt for years to come. Studies released have shown that the average medical student loan debt for those attending United States universities is roughly $100,000. That’s a big weight on such young shoulders, and compounded with the cost of living and lower than realized pay of many medical entry level pay scales, can take the wind out of anyone. Being so much in debt may cause students, and parents, a lot of stress, so consider carefully when searching for options that may help take some of the pressure. Encourage your student to apply for as many scholarships and grants as possible.

While medical schools around the country and the world recognize the problems of student loans for their students, they don’t provide any answers to address this issue. Nearly 50% of students who take out student loans of any kind, of various amounts, take years to repay those loans. Young men and women entering the physician field today are facing some tough times. Gone are the days when medical careers were the highest paid in the job market. Balancing their pay scale with the cost of medical insurance and loan payments, and most doctors today are struggling to make ends meet just like any other white collar professional. Times are hard, and are not likely to improve any time soon. When searching for a medical student loan of any amount, just make sure you shop around and try to find one with the lowest interest rate possible. Also, try to encourage your student, or yourself for that matter, to start repaying or saving up for that debt repayment instead of allowing it to drag out for years.

Medical School Loans

 Medical School Loans

Medical School Loans
Are you worried with the fact that your child has opted for medical education which is quite a high-ticket option and you won’t be able to support it? Think no more when medical school loans are around to help your offspring execute his or her dream to become a medical professional.
Medical student loan consolidation is quite an easy option for you. You can make best use of medical student loans rendered by both state sponsored organizations and private lenders. Many people are of the opinion that availing a medical student loan means to be in debt for years. Such burden on the shoulders of the young students may affect their studies. But this is not so. Today repayment of medical loans is quite flexible and easy.
Medical school student loans are furnished by federal sponsored programs like National Health Service Corps (NHSC) Scholarship Program. This NHSC is a very good plan for medical students who want financial aid to conclude their studies and meet all medical education expenses. NHSC loan program is financed by the United States Department of Health and Human Services Public Health Service.
Such national student loans for medical school programs are based on ‘support for service’ plan. Repayment of national financial aid is very casual. Any student who obtains such loan has to commit to serve government run health organizations or similar health care units for a few years.
This way the loan amount disbursed to a student gets deducted and you become free from debt too. National loan programs also offer medical residency loans to students who want to pursue higher education and do specialization.
The amount of medical student loan sanctioned varies from lender to lender. Most of them cover full expenses of medical studies including tuition fee, books expenses and person’s monthly stipends. The interest rates on financial aid for medical students also differ from lender to lender. Usually medical school private loan has higher rate of interest than a state or federal sponsored loan.
Besides the NHSC loans and other state sponsored loans you can take Stafford medical loans. There are two types of graduate Stafford student medical loans.
One is subsidized Stafford Loan which is awarded based on the financial need of the student where interest is not charged till you start your repayment. And the other one is unsubsidized Stafford Loan. This is available for all students without financial need and the interest begins from the time the loan is disbursed.
The Association of American Medical Colleges (AAMC) too offers different types of loans to medical students. When private medical loans charge too high interest rates, such loans from state sponsored organizations serve as a better option.
You must take care of repayment of medical student loans as well. Make a proper plan and opt for those loans which offer you a flexible and affordable repayment plan. Various medical schools have facilitated counseling on medical school loans for parents and guardians to help them get easy loans without any difficulty. They guide them on rules and regulations regarding the repayment too.