Woohoo.
I've just received a phone call from the bank notifying me that I have been approved the money I need to pay for the remaining fees for the course!
Yay!
The financial stress of medical school has, overall, been more intense than the study load, job uncertainty, and placement-finding combined.
This is great news.
The repayments are completely affordable (spread over five years but I hope to have it all paid off within two years) and is a major milestone for me.
Australians are not entitled to any sort of student loans for overseas courses. Australian-based courses, such as medical degrees, are supported with either Commonwealth Supported Places, FEE-HELP loans, or a number of other government-supported schemes.
Studying medicine at OUM, for Australian students, is a huge financial commitment. Students cannot continue with their study unless they are up-to-date with their dues, paid module-by-module. I'm not sure how much I have paid in total (the fees changed - decreased, in fact - half-way through), but I think I have just bought myself a $136,000 degree over the past six years. Very competitive in the realm of medical degrees, but scary when I think of what else I might've done with that sort of cold hard cash.
I am very proud of myself for earning, and borrowing, that money over the past six years. Who knew I had that sort of economic potential.
Anyway, I have said before and still firmly believe that education is the best form of investment one can make. It's an even better investment if the odds are that that education can increase your earning potential enough to recoup the financial investment and even have greater returns.
So, I'm going to divulge some slightly personal information to you to show you how I did in the hope of assisting others:
I've just received a phone call from the bank notifying me that I have been approved the money I need to pay for the remaining fees for the course!
Yay!
The financial stress of medical school has, overall, been more intense than the study load, job uncertainty, and placement-finding combined.
This is great news.
The repayments are completely affordable (spread over five years but I hope to have it all paid off within two years) and is a major milestone for me.
Australians are not entitled to any sort of student loans for overseas courses. Australian-based courses, such as medical degrees, are supported with either Commonwealth Supported Places, FEE-HELP loans, or a number of other government-supported schemes.
Studying medicine at OUM, for Australian students, is a huge financial commitment. Students cannot continue with their study unless they are up-to-date with their dues, paid module-by-module. I'm not sure how much I have paid in total (the fees changed - decreased, in fact - half-way through), but I think I have just bought myself a $136,000 degree over the past six years. Very competitive in the realm of medical degrees, but scary when I think of what else I might've done with that sort of cold hard cash.
I am very proud of myself for earning, and borrowing, that money over the past six years. Who knew I had that sort of economic potential.
Anyway, I have said before and still firmly believe that education is the best form of investment one can make. It's an even better investment if the odds are that that education can increase your earning potential enough to recoup the financial investment and even have greater returns.
So, I'm going to divulge some slightly personal information to you to show you how I did in the hope of assisting others:
- Completed the first two years of tuition over 4 years. Paid a monthly payment plan of about $1800 for 4 years (about $86,000)
- Refinanced my house for the first half of the clinical placements (about $25,000)
- Loan for final clinical fees ($25,000)
So, you need to bear in mind that I have continued to work full-time for the majority of my degree. The first four years we tough but I managed. I was also paying a brand-new mortgage off at the same time. Also about $1800 per month. I earn about $4000 per month, so simple maths shows I was pretty short on cash. I worked overtime whenever I could and got pretty burnt-out in the process. I also travelled and managed to make a bit of extra cash here and there to maintain a lifestyle I liked.
I actually took a personal loan out at one point to help as I got behind. I paid that off about two years ago. When I took maternity leave, that is when things got really financially tough. I was able to refinance my home which increased my mortgage repayments which I am still, literally, paying for now. The best thing about this FINAL loan is that this is it. No more tuition fees coming next year to compound on the top of the financial pressure. I can take the full five years to repay it if I want.
Ok, I hope me telling you all my personal financial business helps someone. I remember when I started I thought to myself that I had NO IDEA how I would afford everything but I just took a leap of faith, and worked really hard, got a little creative, begged, borrowed, and...refinanced. Somehow, it happened.
(I never did win the lottery, though...)
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