3 Ways to Save Money as a Medical Student

by Darwin on May 5, 2022

Higher education in the United States is not cheap – this is especially true when it comes to medical school. Putting money towards the high cost of their degree combined with the rigorous schedule and intense time commitment often leaves medical students short on cash, and unable to get a traditional college job to help with expenses.

If you are strapped for cash as a medical student, here are a few ideas for earning some extra income while remaining focused on your schoolwork and tight schedule.

1. Get a Related Job

There are many paid positions that medical students can hold while still working for their degree, which would give them real world experience in medicine and allow them to work alongside and make connections with physicians. Working as a medical transcriptionist for Provider’s Choice Scribe Services is one example, that would allow students to earn an income while excelling within the medical field. An opportunity in the medical field during school might also allow you to make connections which set you up for a job after graduating, which will majorly benefit you financially in the long run.

2. Apply for Scholarships

Scholarships are a good way to receive financial assistance and extra cash without taking out loans and putting yourself in debt. While scholarships for medical students can be harder to find and apply for than those aimed at students in other undergraduate programs or fields, they are still out there. Some scholarships can be put specifically towards rent or other living expenses, which can be a major help for students struggling to pay bills and save money for other costs.

3. Alternative Options

If you are really tight on cash and struggling to afford your education while budgeting payments for other bills and extra activities, it might be time to start looking into some helpful options that you’ve never considered. For example, serving in the military can result in free tuition and a salary to cover other costs of living, as well as other programs like the Peace Corps or Teach for America which offer similar financial benefits.

Medical school is a huge commitment that requires the dedication of most of your time, money, and energy for several years. It is totally understandable to feel overwhelmed, especially with the financial aspect, but there are ways to make it easier. These 3 tips are a great place to start.

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