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How to Finance Your Health Sciences Education
19 September 2011
The past few months have seen numerous articles and reports asking the age old question: “Is a college degree really worth it?”
These articles show up every spring when students are graduating and every fall when a new class of students start school. The question is an important one, but the only person who can really answer that question for you, is you!
The good news is that one of the many benefits of a health sciences education is the solid return on investment that health sciences graduates continue to see year after year. So, while you should ask yourself that question, there is no reason to be overly concerned about the cost as long as you take some personal responsibility and start planning now how to pay for school.
As you may know, Congress recently passed the Budget Control Act of 2011 to help address our country’s budget and borrowing challenges, and it includes a number of provisions which could mean higher costs for students, including health sciences students:
In addition, the recent downgrade of the federal government’s credit rating could mean higher rates on student loans in the future and even changes to the tax provisions that currently contain some help for students and their families. What does this all really mean? Perhaps it means a gradual shifting of responsibility of paying for school away from the government and to students and families, but it most certainly means that more than ever before, you need to take personal responsibility for figuring out how to pay for school.
This year’s Tour de France, the world’s most prestigious professional bike race, was marred by an unprecedented number of accidents. When asked about any concern for his safety in the Tour, one of the bikers responded by stating that there were many things in the Tour out of his control, such as the weather and even the numerous media cars all along the way that cover the race (one of which ran into the riders causing a horrific accident). He said the only thing he could do was to focus on what was under his control, meaning his own riding.
The same approach applies to you as you consider how to pay for your health sciences education. The decisions you make now and during school about your budget and possible borrowing needs will necessarily impact the career and lifestyle decisions you make later.
As you consider how to pay for your health sciences education, the following tips may help:
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Last updated: March 30, 2015
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