College can be really expensive, and sometimes when you consider the expenses, it can seem impossible to pay for college and continue to live your life. But, as you consider the amazing benefits a college education can provide, the initial costs of college will become insignificant.

It’s Okay to Have Fun

In the statistics for the 2011-2012 school year, if you add the tuition, fees, and required insurance for public medical schools you receive an annual total cost of ~$30,000 or ~$51,000 dollars for in state and out of state respectively. If you were attend a private medical school the same costs would be ~$46,000 or ~$48,000 dollars. I will run through calculations using an average of the three, ~$44,000 dollars.

We will tack on to this tuition a modest living expense of $25,000 (with a family you may need more). We will assume four years of medical school before residency and we are looking at an average total cost for tuition and living expenses of $276,000. Of course there will be costs higher and lower than this and if you are lucky and have done well in undergrad work you may find yourself with scholarships or living grants. We will assume that you are not that lucky but you are lucky enough to have eliminated any debt from undergraduate studies (although that is probably not the case).

Scholarships are one of the best forms of financial aid, and they can come in many different shapes and sizes. Most scholarship awards are merit based, meaning they are given to students based on the quality of work they have produced so far in their academic careers. Every scholarship has different requirements, so finding one that fits your skills and accomplishments may require a little bit of digging, but everyone should be able to find a scholarship that works for them.

Stay Organized

We will take into account your age. Assuming you started college at 18 and left promptly at 12 you are around 22 when you start medical school. After seven years you are now pushing thirty. This means that at age forty you will be making less than $50,000 a year if you choose to pay off your school debt in ten year (fifty if you opt for twenty years). There are also additional debts of a home and cars that you will need to plan for. After you pay off the debt then you can start reaping the benefits. After age forty you will have over $150,000 or more dropping in your account each year (assuming taxes and raises). If you plan on working into your sixties you will be able to amass wealth to enjoy in retirement.

Attempting to balance your college life can seem impossible, but it will work if you put forth the effort. Whether you’re going to college in Miami or Idaho Falls, these principles will help you to have the best college experience you can ask for.

The Stevens Henager Idaho Falls branch campus was created to facilitate educational activities, social events, and career services. This location offers Internet access, tutors, and a supportive staff to assist students.