Education can be expensive. Higher education can be even more costly. Even partial scholarships can be deceptive as one might opt for a more expensive school for the sake of redeeming “free money.”
As a student, I had no financial understanding of return on investment when I was considering higher education. All in, I plowed through more than a quarter million dollars in my college and medical school after substantial scholarships and grants. And that was a long time ago. If you are finishing medical school today funded solely on loans, you’ll likely owe slightly south of $200,000 — if you attend a private school, expect to add in another $100,000 to the tab.
Fast forward to today. My medical school alma mater recently announced that it will become completely tuition/debt-free for all students. That’s right. Zilch. You don’t have to be surviving on subsistence living either. No need to strategize on Public Service Forgiveness Loans either. If you are admitted, your education will be free.
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