Paying for tuition and personal expenses is one of the main factors that students have to go through when they go to a Caribbean medical school other than Ross, AUC, or SGU. The big three medical school have Federal Student Loans and so getting loans to cover everything is no problem. But if you don't go to the big three there are several other ways to get loans to finance it, however, you have to have endurance to get those loans.
MBA Degree
A lot of students in Chicago are taking the online Masters of Business Administration program. I'm sure there are other degrees to pursue but they stick with MBA because it would help them in their medical careers. I mentioned that you need to have endurance to get loans because you will have to go an online MBA class in order to get the loans. I have seen students get $10,000 every four months to fund their tuition. It may sound easy since it's online but it really isn't easy. My friends complain that they have to write numerous essays, read articles, and write discussions posts about them on forums, and do online group projects.
How to Get Federal Student Loans
- You have to be a US citizen with a bachelor's degree from a US college.
- Do not have anything assets in your name (ex. house, mortgage, cars, bonds, etc.).
- Also, do not have your parents or anyone count you as a dependent from now on when claiming taxes.
- First apply to a school that offers an MBA program; there are many which are affiliated with Caribbean medical schools.
- Fill out FAFSA form after you are accepted to the school of your choice; if you are approved you will get a maximum of $20,500 per year.
- If you want more than $20,500 per year, then you can apply for Grad PLUS Loans, in which you will get more money, at least $3,000 more per year or maybe even more, depending on your financial status. However, in order to get the Grad PLUS Loans, you will need to have a good credit score. When you get Grad PLUS Loans
- Your school fees shouldn't be no more than $2000 or so. If you request to receive the maximum loan disbursement then you will get all the $20,500 minus the school fees for the year.
- Whatever money the school doesn't use, they will refund it to your bank account. With that money you can either return it or use it for your medical school tuition or personal expenses.