HOW TO PREPARE FINANCIALLY 🤑 FOR PA SCHOOL
When applying to PA School, people need to mention what to do to prepare for this next journey financially. I am speaking from experience because I knew I didn’t want to take out extremely high student loans. There are 5 factors to consider when applying to PA School.
Paying Off Credit Card/Student Loans:
I had $28,000 in undergrad student loans when I graduated from Penn State University. You maybe think that’s cheap, and it was because I had a scholarship that covered tuition in full. When I started working, I started paying off my loans by doubling the payments.
When I figured out I wanted to attend PA School, I became more aggressive with my payments. By the time I started PA School, I only owed $7,000. I was happy with the amount considering I did it in 4 years.
Also, I got rid of all credit card debt before applying for financial aid. Why?
- To increase my credit score
- To have a credit limit available
Why is this important? Because most of the loans you will be applying for are private loans, they base the amount of your loan on your credit score and available credit.
In addition, make sure you are working because private loan companies want to see your work history, so make sure you are working when applying for loans.
So if you haven't started checking your score and paying on your loans, GET TO IT!
If you have both student loan debt and credit debt, pay off the credit card debt 1st because the interest rates are much higher and at least make the minimum payment on the student loans.
Application Fees
As you start applying to PA schools, you need to know that you have to pay an application fee for each school you apply to. CASPA will charge you $179 for the 1st program and then $55 for each additional program. Your application fees can be up to $700 to $1000, depending on how many schools you apply to.
There are supplemental fees that each school may have you pay in addition to the CASPA fees. Please make sure to check the school’s website.
In addition, there are fees to hold your spot once accepted into the program, which can be up to $1000 -$1500. You have spent almost $1700-$2500, and you have not started school.
YOU NEED TO SAVE MONEY FOR APPLICATIONS AND SCHOOL SUPPLIES!
Medical Supplies:
Medical Supplies are needed for the Physical Diagnosis Course so you can practice your clinical skills. In addition, you will need them for rotations and after graduation.
Click here to get your free medical supplies list!
Medical Books:
You will need books outside of the recommended list for each class. Why do you need extra books? You may need more time to read everything, and sometimes a quick summary of the main concepts helps with time management. Also, some books are easier to understand than others. Remember, you are cramming 4 years of medical school into 2.5 years!
Click here to get your free books list!
Emergency Fund:
I wanted to have an emergency fund for anything that came up unexpectedly. I did not live at home because I wanted to be closer to the school and did not want to commute far. I decided to rent an apartment while in school.
SOOOO…WHAT DID I USE THE MONEY FOR? I will tell you:
- Rent (incl. Electricity, Gas, Water)
- Car Note (incl. Insurance, Gas, Maintenance) - if you have a car
- Books (required for class and outside study guides)
- Medical Supplies (incl. Stethoscope, Otoscope, Ophthalmoscope, etc.)
You may be thinking, can’t you use your student loans to cover rent? Yes, you can, but you still need to pay for gas, electricity, and water, depending on your rental agreement. Stayed tuned…I will be breaking down how you can use financial aid to cover the rent!
Being financially prepared to enter PA school is truly important because you are sacrificing 2.5 years of your life with no pay to attain a high-paying salary. If you were used to making money before entering PA School, it not working will be a shock to the system. However, if you can stay home and go to school, count your blessings and take advantage of the time.
Remember, you are cramming 4 years of medical school into 2.5 years!
Sign-up to get a FREE Essentials Book List or Medical Supply List, so you are prepared!
You may also like
Selecting a P.A. School
