Study Abroad: Managing Finances While Studying Medicine in USA

Study Abroad Managing Finances While Studying Medicine in USA

Undergraduate medicine courses in the USA can cost somewhere between USD 20,000 to USD 60,000 each year. Whereas an MD (Doctor of Medicine) from any of the top universities in the USA cost between USD 40,000 to USD 80,000. To bear all the expenses, an overseas student needs to arrange huge amounts of money. The essential step to managing finances while studying medicine in USA is to opt for an education loan.

Some of the most prominent lenders of study in USA education loans are nationalised banks and NBFCs. Students can either apply for education loans without collateral or with collateral. Beneficiaries of secured and unsecured education loans can use the loan amount to cover tuition fees, academic costs, travel expenses, and accommodation rent. Besides, students must inquire about loan repayment terms and compare the interest rates of different lenders before availing of study abroad loans.

Furthermore, to study medicine in the USA students can also explore scholarships and grants, work-study programmes, and healthcare and insurance to manage finances. In addition, overseas students should budget for textbooks and study materials to save money. 

Managing Finances While Studying Medicine in USA

Loans for Managing Finances While Studying Medicine in USA

Indian citizens above 18 years of age can apply for study in USA loans at nationalised banks and NBFCs to pursue medicine in the USA. The applicant must have a stellar academic record and should have secured admission to any medical school in the USA. Additionally, the candidate must have a co-signer/co-applicant to complete the education loan application process.

Indian Government Education Loans to Study Medicine in USA

  • SBI Scholar Loan
  • HDFC Bank Education Loan for Foreign Education
  • SBI Global Ed-Vantage Loan
  • Oriental Bank of Commerce Education Loan to Study Abroad

NBFC Education Loans to Study Medicine in USA

  • HDFC Credila
  • Global Student Loan Corporation
  • Avanse
  • International Student Loan Program (ISLP)

Best Medical Schools in USA

Medical Schools in USA

Before learning managing finances while studying medicine in USA, study abroad students are advised to check out the course details of the following universities. The below-mentioned institutions are some of the top medical schools in the USA.

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