As a foreign-educated healthcare professional, you understand the value of education; it’s what brought you this far in your career. Whether you’re planning to send your children to college in the U.S. or considering going back to school to expand your own professional opportunities, the cost can feel overwhelming.
According to the Education Data Initiative, the average U.S. college student attending a public university spends $38,270 per year on tuition, books, supplies, and living expenses. Over four years, that adds up to more than $153,000, just to earn a bachelor’s degree. For private colleges, that number can exceed $220,000. With those price tags, it’s no surprise that the average federal student loan debt per borrower is around $37,000.
So, how does a person afford a college education? And if loans are the only option, how do you manage to pay them off, especially when that degree is often essential to qualify for a well-paying job?
Save Early
Whether you’re saving for yourself or your child, start early and save as often as you can. A college savings plan started early, even with modest monthly contributions, can significantly reduce your need for student loans.
According to a 2025 Sallie Mae study, just over 30% of U.S. parents are currently saving for their child’s college. But if a family could put away $100 a month from the time their child is born, they could have over $30,000 saved by the time that child turns 18, assuming a 6% return. Still, any amount of money saved is better than none.
Savings Tools
One of the most popular ways to save is through a 529 college savings plan. These state-sponsored investment accounts allow users to save for college and other qualified education expenses and to grow those savings federal income tax-free.
Other options include:
- Coverdell Education Savings Accounts (ESAs): Max Contribution of $2000 per year
- Custodial accounts (UGMA/UTMA): Savings or investment account managed by an adult for a minor
- High-yield savings accounts: Typically offered by online banks with lower overhead costs
College doesn’t have to come with crushing debt, even if you’re navigating the U.S. education system for the first time. As a foreign-educated healthcare professional, planning for your child’s college education or your own continued learning can feel overwhelming. But starting small, starting early, and using the right financial tools can make a big difference.
Even if your child is already in high school, it’s not too late to start saving. Through your MedPro benefits, PersonalSAGE can help you explore tax-advantaged savings options, understand college costs, and build a plan that fits your goals.
And it doesn’t stop at education. PersonalSAGE offers support for your entire financial journey, from budgeting and saving to managing debt and planning for the future. Whether you’re building a life in a new country or working toward your next career milestone, you don’t have to do it alone.
PersonalSAGE Upcoming Workshops
Make the most of your MedPro benefits with these PersonalSAGE upcoming workshops.
College Savings 529 Plans
How 529 plans work, tax advantages, and how to effectively use them to save for education expenses
Having “The Talk”: Planning and Paying for College
Financial aid options, admissions process, and college alternatives
Eastern Time (U.S. and Canada)
October 22 at 2:00 PM
November 12 at 2:00 PM
December 10 at 2:00 PM
One-On-One Coaching
Saving, budgeting, investing; financial well-being can be a little intimidating and a bit overwhelming. Use your MedPro benefits for a one-on-one financial coaching session with PersonalSAGE. Let a financial coach give you a better understanding of your financial situation and how to get where you want to be.