Medical Valuations Inc. $1,000 Scholarship
10 Years ago most of my clients had about $250,000 in debt
Unfortunately, that has ballooned to around $450,000 per recent graduate. It’s no secret that medical and dental school costs are exploding.
A couple of years ago I appraised a dental practice here in Scottsdale, AZ and the value of the practice was just over $1.2 Million. The seller was looking for a partner so he was looking to sell half of it for $600,000. The buyer-to be, a recent graduate said to me, “sweet that will put me over a Million” I asked him what he meant and his reply was, “well I already have $400,000 in debt from school.”
So there I am, almost speechless as I tried to contemplate how much debt that is. How could he not care that his debt wouldn’t be paid off for years? I remember my grad school debt was $22,000 as I attended a state school from 2000-2001. When I had a stable job and started paying it off, that was just about all I could think about. I had such a crushing debt load, and then I had paid off about half of it. I looked at my balance and then at my checking account and stroked at $12,000 check so that I could move on from that burden. It was probably 5 years after I had graduated, but the weight that it lifted off of me was immeasurable.
When he put the debt into his perspective, I was reminded of the good debt vs. bad debt idea. What should be a good debt (the student loan) turns into a bad debt when it gets that large. On the other hand, the business debt fits squarely into the good debt category. When a practice is priced properly the ownership profits will outweigh the debt payments, making a purchase well worth it.
We have decided that Medical Valuations Inc. will start providing a scholarship to dental and medical students to help lower the bad debt. This will be a $1,000 scholarship available for the Fall semester of 2018.
Many of you may be thinking that $1,000 is just a tiny fraction of a student’s debt, but had I known of a way to make $1,000 an hour tax free when I was a student I would have jumped at the opportunity.
- Current Medical, Dental, or Veterinary Student, & students pursuing the pharmD degree, enrolled in an accredited American University.
- B.A or B.S degree from an accredited American University
- Plan to practice in the USA after graduation
- US Citizen
How to Apply
- Upload a less than 5 minute video to YouTube which discusses your future in the medical field
- Provide your contact information (name, phone number, email address, Physical address. Please no PO Boxes) below along with the url to your YouTube video, and the school you are currently attending
- Your video must answer the following three questions
- Are you going to join an existing practice?
- When will you graduate?
- Are you going to a residency program after graduation or will you be directly entering the workforce?
How the Winner will be Selected
We will be selecting the winner based on how creative and entertaining the video is. We will also be looking for interesting ideas for how/where you are going to practice.
By submitting your application, you agree to allow Medical Valuations Inc. to use your video for promotional purposes.
Other Terms and Conditions
- All entries must be made by noon PST 7/15/18
- Winner will be selected and announced on 7/31/18
- The winner will be contacted on the announcement date, should the winner not respond to our contact efforts within 10 days a new winner will be selected
- This is a non renewable scholarship only available for the Fall semester of 2018
- The funds will be used for tuition at the school the winner is attending
Nobody applied for the Spring Semester 2018 medical scholarship, so there wasn’t an award. Think about it had you discovered this page and submitted a video, no matter how bad it was you would have been the winner.
The second prize scholarship that I offered to all students was claimed by James Lin.