Paying Medical School Fees Made Easy

Medicine is one of the most sought-after professions in India. India has given renowned doctors like Anandibai Joshi, Dr SI Padmavati, Dr AGK Gokhale, Dr Devi Prasad Shetty and Dr Indira Hinduja to the world. The Ukraine Crisis has made us open our eyes to the large number of students choosing to study medicine abroad. According to a report by The Times Of India, each year, around 20,000-25,000 students go abroad for medical studies. What could be the reason behind it? Let’s find out: 

Seats to applicants ratio

According to the National Medical Commission’s data, India has 605 medical colleges teaching MBBS in India out of which 317 are government institutions. The number of seats is limited to 90825. A total of 13.66 lakh candidates appeared in the last NEET examination, out of which 7,71,500 were qualified. It can be observed that the ratio of seats to applicants is vast. We can imagine how tough it is to get into government colleges. Thus, the remaining students either join private colleges or look for a Medical course abroad.

The cost of medical courses

Government institutions offer a comparatively lesser fee to the students than private institutes. Also, there are other benefits for students such as scholarships and stipends. As the number of seats in government institutions is limited, most of the NEET qualified students get admissions in either private institutes in India or join Medical institutes abroad. Government colleges charge less than 1 lakh tuition fees but in private colleges, the tuition fees alone could be around Rs. 45 to 55 lakh for the entire course. The 4.5-year MBBS course fees in the management quota and NRI quota may go higher up to Rs. 1 crore or so. Clearly, the difference between the fees is vast. China, Russia and Ukraine are hotspots for Indian students studying medicine. Institutions in these countries charge as little as Rs 35 lakh for a 6-year MBBS programme. And this includes screening fees, tuition fees and cost of living too! That is why many students are attracted to the idea of joining medical institutions abroad

Managing Medical school fees:

The tuition fees for private institutes are so high that a common middle-class person cannot afford to pay it at once. Does that mean that pursuing medical studies is only for the rich? Of course not. There are ways through which you can pay these heavy fees: 

• Bank Loan: The commonest option of all. Banks lend a loan of up to Rs. 80 lakhs (prices may vary) to pursue MBBS in India. Most of these are secured loans and require equivalent collateral. It means that we are required to guarantee a property or any financial asset equivalent to the loan amount. Some parents even lose their ancestral land or valuable assets in order to make up for the cost of their children’s fees. Paying off the huge debt is not possible for everyone. And for those who aren’t eligible for loans as well, studying medicine remains a far-fetched dream. 

• Crowdfunding: Is there anything apart from applying for loans to help pay the tuition fees? Yes, there is! One of the ways through which one can meet this necessity is online crowdfunding. Crowdfunding is for all and it is absolutely hassle-free. Let us understand how crowdfunding works.

One of the most popular online fundraising ideas today is online crowdfunding. The Internet today has become an important part of our daily life. We are on most days online by sharing, creating and consuming content. Crowdfunding is simply making use of the internet for fundraising and here is why one may consider it:

1. Media attention: The Internet has become a great information-exchange medium. Crowdfunding serves as a marketing tool and a good audience reach enhances your chances of receiving donations. A crowdfunding platform like ImpactGuru can help you with sharing your fundraiser on several social media platforms. With the right marketing strategy, a fundraiser is sometimes also picked up by local and regional media. 

2. Speedy process: Online fundraising is becoming increasingly efficient as it doubles the exposure due to easy share options. At ImpactGuru, the instant approval and speedy withdrawal process help you raise funds quickly.

3. Low to no platform fee: A platform fee is basically a service fee that websites and companies charge. Most of the platforms would charge a nominal fee but there are a few platforms that do not charge any. At ImpactGuru, one can fundraise with a 0% platform fee. 

4. Tracking your progress: In online crowdfunding, it is easy to keep a track of how much amount has been collected and how much more is to be collected. Thus, it’s simple and feasible. For instance, with ImpactGuru, one can download the campaigner app and keep an eye on the real-time donations received and review their fundraiser’s progress.

This is how you can pay your fees without having to live in debt. Now, how to fundraise? The answer lies within these three simple steps:

1. Start your fundraiser

2. Share your fundraiser

3. Collect donations online

Read: How to pay your college fees through crowdfunding

Benjamin Franklin has said, “An investment in knowledge pays the best interest.” We, at ImpactGuru, help you take a step ahead and make your way towards a brighter future. Start your fundraiser to pursue education crowdfunding here.