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USMLE prep for Indian Med Student: 2nd year MBBS, Cost & Sponsorship?

Dr Pananjay K

Dr Pananjay K Tiwari  |113 Answers  |Ask -

Study Abroad Expert - Answered on Jan 16, 2025

Dr Pananjay Tiwari is the founder and director of Impel Overseas Education, a Dehradun-based consultancy for students who want to study abroad in the fields of engineering, science, agriculture, medicine, arts and the humanities.
They also guide PhD students who are studying internationally with their research.
Dr Pananjay has 21 years of academic and research experience and has published several books and research papers in various Indian and international journals.
He is a gold medallist with a master’s degree in science and a PhD in environmental sciences from the Hemvati Nandan Bahuguna Garhwal Central University, Uttarakhand.... more
John Question by John on Dec 22, 2024Hindi
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My son is studying 2nd year mbbs in India, he wants to start preparing for USMLE to pursue his PG in US can you please guide on this, how much will be the cost and if any sponsorship options are vailable

Ans: Hi John...Preparing for the USMLE involves clearing three steps, with an estimated total cost of $3,000–$5,000 for exam fees and preparation materials. Additional costs include travel and accommodation for Step 2 CS (if required) and residency interviews. Sponsorships or scholarships are limited, but some medical organizations and universities offer financial assistance. Starting with a dedicated study plan and enrolling in USMLE coaching programs can help.
For more details visit us at www.shreeoverseaseducation.com
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Sushil

Sushil Sukhwani  |585 Answers  |Ask -

Study Abroad Expert - Answered on Jan 02, 2024

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My son studing mbbs (fina year) at kalkata medical college, want to study in abroad (USA) , How is it possible with financial assistance?
Ans: Hello Naba,

To begin with, thank you for contacting us. I am happy to hear that your son is currently pursuing the final year of MBBS at Kolkata Medical College and wishes to further study in the USA. To answer your question first, I would like to tell you that although a promising opportunity, pursuing medicine overseas, specifically in the United States involves substantial monetary constraints. Nevertheless, remember that your son could seek financial aid from numerous sources. I would recommend that he looks into the available grants or scholarships provided by private organizations or universities that aim to assist international medical students. Furthermore, although typically needing a cosigner who is a citizen or permanent resident of the US, there are student loans that are designed exclusively for foreign students attending US universities. Your son could explore these as well. Not just that, he could also engage in on-campus part-time jobs, this can be an excellent way to defray expenditures. To learn about the available possibilities and prerequisites for international students wishing to pursue medicine in the USA, I would suggest that your son conducts an extensive study and gets in touch with universities, offices offering financial assistance, as well as looks into the various scholarships offered.

For more information, you can visit our website.

..Read more

Sushil

Sushil Sukhwani  |585 Answers  |Ask -

Study Abroad Expert - Answered on Jan 31, 2024

Asked by Anonymous - Jan 03, 2024Hindi
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My son is in final year MBBS at Himmatnagar in Gujarat. He has already cleared his USMLE part 1. Can you pl provide me with a list of universities that offer scholarships to foreign trained students for pursuing their MD in the United States.
Ans: Hello,

To begin with, thank you for contacting us. I am happy to hear that your son is currently pursuing the final year of his MBBS and has already cleared part 1 of the United States Medical Licensing Examination (USMLE). To answer your question first, I would like to tell you that there are several universities in USA that offer scholarships to foreign-trained students pursuing Doctor of Medicine (M.D.) programs. The list is as under:
1. Harvard Medical School
2. University of California, San Francisco (UCSF) School of Medicine
3. Washington University School of Medicine in St. Louis
4. University of Chicago Pritzker School of Medicine
5. Cleveland Clinic Lerner College of Medicine
6. Stanford University School of Medicine
7. Johns Hopkins University School of Medicine
8. Mayo Clinic Alix School of Medicine
9. Vanderbilt University School of Medicine
10. Yale School of Medicine
11. Weill Cornell Medicine
12. Perelman School of Medicine at the University of Pennsylvania

Remember that the availability of scholarships may differ, and thus, in order to acquire the most precise and recent information on scholarship programs, I would recommend that your son gets in touch with individual universities.

For more information, you can visit our website.

..Read more

Dr Nagarajan Jsk

Dr Nagarajan Jsk   |250 Answers  |Ask -

NEET, Medical, Pharmacy Careers - Answered on Sep 02, 2024

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Good day Sir. My son is in final year MBBS and shall graduate in 2025 and complete his compulsory internship in a April 2026 . He does not prefer Family Medicine or paediatric medicine and he has not finalized his passion for any particular stream yet. He wants to do his Masters from UK or USA. I understand USMLE is required for USA and PLAB is required for UK studies. My queries are : 1. What are expenses for completing USMLE and PLAB ? 2. What are possibilities of getting Residencies in USA / UK ? 3. Shall he require additional financial support after getting Residencies ? Pros and Cons of studies in both the countries ? 5. Any specific requirement for studies abroad ? 6. Finally, your suggestion as to where my son should do his Masters after completing his MBBS in India ? I shall appreciate your valuable guidance . Thanks and regards Sujit Roy
Ans: Hi Sujit,
Hello,

I am pleased to learn that your son will be completing his MBBS next year and is considering pursuing higher education. From your query, it seems that you are contemplating whether he should pursue his higher education abroad. There are several factors that need to be taken into consideration before making a decision. Some of these factors include:

1. He will need to clear the USMLE or PLAB exams, which will require dedicated effort. Until he completes these exams, he will require both financial and moral support.

2. The specialization he is interested in pursuing is a crucial factor to consider.

3. The choice of university will also play a significant role, as it may impact the availability of financial aid.

4. Additionally, it is important to weigh the pros and cons of studying in the USA or the UK and make an informed decision based on the specifics of each country.

Ultimately, the decision about his higher education should be made based on your financial circumstances and the support that can be provided without undue strain.

But i feel USA is better option when compare to UK.

"All the best to your son for his future endeavors."

..Read more

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Rajesh Kumar

Rajesh Kumar Singh  |66 Answers  |Ask -

IIT-JEE, GATE Expert - Answered on Feb 19, 2025

Ramalingam

Ramalingam Kalirajan  |8013 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Feb 19, 2025

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I have utilised my sale proceedings and hence the entire capital gains by registering a new flat, but the entire payment is not released to the builder. It will be released in a phased manner as per progress of the building. Do I still need to open a CGAS account and put the unutilized capital gains money there?
Ans: Since you have already registered the new flat and fully committed the capital gains towards its purchase, you do not need to open a Capital Gains Account Scheme (CGAS) account. However, there are some key points to consider:

1. Conditions for Capital Gains Exemption (Section 54 or 54F)
You must invest the capital gains in a new residential property within 2 years (for resale property) or within 3 years (for under-construction property).
Since you have registered the property, your investment is considered "committed" even if payments are made in phases.
The Income Tax Department typically considers the date of agreement/registration as the date of investment, not the date of actual payment.
2. When is a CGAS Account Needed?
A CGAS account is required only if the capital gains money is not used before the Income Tax Return (ITR) filing deadline (July 31st) of the respective financial year.
Since your funds are already allocated towards the flat purchase, you are not required to park them in CGAS, even if disbursement is pending.
3. Ensure Proper Documentation
Keep records of the flat registration, builder agreement, and payment schedule.
Retain proofs of capital gains utilization from the sale proceeds.
If assessed, you can justify that the gains were committed for the property purchase.
Final Insights
Since you have already registered the new flat and the payment schedule is fixed, you do not need a CGAS account. However, ensure that all payments are completed within 3 years to comply with exemption rules. Keep all documents handy in case of future tax scrutiny.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

Ramalingam

Ramalingam Kalirajan  |8013 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Feb 19, 2025

Asked by Anonymous - Feb 19, 2025Hindi
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Is it wise to switch between debt and equity composition within a mixed fund/ULIP depending on the market, for a long term investor? Considering that NAVs will be lower in equity components during market lows and more units could be purchased for the same SIP amount? When the market moves up switch back to get a larger NAV r equity components.
Ans: Switching between debt and equity within a mixed fund or ULIP based on market movements may seem like a smart strategy. The idea is to buy more equity units when the market is down and shift to debt when the market is high. However, in practice, this approach has several risks and limitations.

Here’s a detailed analysis:

1. Challenges of Market Timing
Difficult to Predict Market Lows and Highs

Markets do not move in a straight line.
A dip may continue further, and a peak may not be the highest point.
Many investors switch at the wrong time, missing out on gains.
Emotional Biases Impact Decisions

Fear and greed affect switching decisions.
Many investors switch to debt in panic during a crash and miss the recovery.
Staying invested in equity gives better long-term returns.
ULIPs Have Lock-ins and Charges

ULIP switching may have limits and charges.
Not all ULIPs offer unlimited free switches.
Frequent switching can increase costs and reduce returns.
2. Impact on Long-Term Growth
Compounding Works Best with Consistency

Switching in and out disrupts long-term growth.
Staying in equity for 10+ years gives better returns.
Debt Returns Are Lower

Equity outperforms debt over the long term.
Shifting to debt may reduce overall returns.
Systematic Investments Work Better

SIPs average out market ups and downs.
No need to manually switch between equity and debt.
3. Better Alternatives to Switching
Asset Allocation Based on Goals

If retirement is 20+ years away, equity should be dominant.
If retirement is near, gradually move to debt.
Hybrid Funds Handle Allocation Automatically

Some hybrid funds adjust between debt and equity based on market conditions.
This reduces the need for manual switching.
Investing More During Market Lows

Instead of switching, increase SIPs when the market falls.
This allows more unit accumulation without timing risk.
Final Insights
Switching between debt and equity in a mixed fund or ULIP based on market timing is risky. Long-term investors benefit more from staying invested in equity. Instead of switching, follow a structured asset allocation strategy. Use SIPs to take advantage of market lows rather than manually shifting between asset classes.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

Ramalingam

Ramalingam Kalirajan  |8013 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Feb 19, 2025

Money
I am 33 years old and married, currently earning an in-hand salary of ₹1.6 crore per annum. My financial portfolio consists of: Stock investments: ₹2.2 crore Mutual funds: ₹70 lakh ULIP portfolio: ₹60 lakh (annual premium ₹22 lakh) Gold holdings: ₹50 lakh Loans: ₹23 lakh car loan (EMI ₹38,000) and ₹40 lakh home loan (EMI ₹38,000) I want to ensure that I am on the right path toward financial growth and early retirement. My goal is to achieve financial freedom while maintaining a comfortable lifestyle. Could you provide guidance on: How to optimize my portfolio for higher returns and passive income?
Ans: Your financial position is strong. Your salary is high, and you have a diversified portfolio. However, there is scope for better returns and passive income. A structured plan will help you reach financial freedom faster.

Here’s a detailed breakdown:

1. Review of Your Current Investments
Stock Investments: Rs 2.2 crore
You have a large stock portfolio.

Stocks give high returns but carry risk.

Review the portfolio for weak stocks.

Ensure a mix of large, mid, and small-cap stocks.

Check if some stocks need profit booking.

Reinvest gains into high-potential stocks or mutual funds.

Keep 15-20% of the portfolio in dividend-paying stocks for passive income.

Mutual Funds: Rs 70 lakh
Mutual funds provide stability with growth.

Avoid over-diversification with too many schemes.

Actively managed funds can outperform passive funds.

Check fund performance over 5+ years.

Increase SIPs for long-term wealth creation.

Ensure a balance of equity, hybrid, and debt funds.

Debt funds help with stability but are taxed at your income tax slab.

ULIP Portfolio: Rs 60 lakh (Annual Premium Rs 22 lakh)
ULIPs combine insurance with investment.

Charges are high, reducing overall returns.

Returns from ULIPs are lower than mutual funds.

Consider surrendering and reinvesting in mutual funds.

Use a pure term plan for life insurance instead.

Gold Holdings: Rs 50 lakh
Gold is a hedge against inflation.

It does not generate passive income.

Physical gold has storage and security issues.

Consider gold ETFs or sovereign gold bonds.

Sovereign gold bonds provide interest income.

Loans: Rs 63 lakh (Car Loan Rs 23 lakh, Home Loan Rs 40 lakh)
Your EMIs are Rs 76,000 per month.
Interest on a home loan is tax-deductible.
Car loan interest is an expense, not an investment.
Consider repaying the car loan early.
Continue home loan if the rate is low.
2. Steps to Optimize Your Portfolio
Increase Passive Income
Invest in dividend-paying stocks.

Add high-dividend mutual funds.

Consider corporate bonds for steady returns.

Invest in REITs for rental income without buying property.

Use sovereign gold bonds for extra interest.

Enhance Mutual Fund Investments
Increase SIPs in actively managed funds.

Ensure sectoral and market cap diversification.

Hybrid funds offer stability and good returns.

Debt funds help balance the portfolio.

Review fund performance every year.

Improve Liquidity
Maintain an emergency fund of Rs 25-30 lakh.

Keep it in liquid funds or high-interest savings accounts.

Avoid locking funds in long-term ULIPs or endowment plans.

Reduce Unnecessary Costs
ULIP charges are high; shift to mutual funds.

Car loan has no tax benefit; consider prepayment.

Ensure you are not overpaying for insurance.

Avoid investing in low-return insurance products.

Maximize Tax Efficiency
LTCG on equity mutual funds above Rs 1.25 lakh is taxed at 12.5%.
STCG is taxed at 20%.
Debt fund gains are taxed as per your income slab.
Invest in tax-efficient instruments like ELSS funds.
Use HUF and spouse’s name for tax-saving investments.
3. Financial Freedom Plan
Target Passive Income for Early Retirement
Aim for passive income of Rs 1 crore per year.

Invest in high-yield assets like dividend stocks and debt funds.

REITs and bonds provide stable income streams.

SIPs in equity mutual funds create wealth for future income.

Portfolio Allocation for Financial Growth
Equity: 60-65% (Stocks + Equity Mutual Funds)

Debt: 20-25% (Debt Mutual Funds + Bonds)

Gold: 10-15% (SGBs + Gold ETFs)

Emergency Fund: 5% (Liquid Fund + Savings)

Review and Adjust Yearly
Review stocks and mutual funds yearly.
Exit underperforming investments.
Rebalance portfolio as per risk appetite.
Adjust allocation based on market conditions.
Final Insights
Your financial position is strong. Your income allows you to invest aggressively. Focus on increasing passive income for early retirement.

Shift from ULIPs to mutual funds for better returns.
Increase investments in actively managed equity funds.
Reduce high-interest loans and unnecessary costs.
Diversify across asset classes while maintaining liquidity.
Aim for tax-efficient investments to maximize post-tax returns.
If you follow this structured approach, financial freedom is achievable. A well-balanced portfolio with growth and income assets will ensure a comfortable future.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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