Financing a Medical School Education
There are a number of sources medical students use to finance their educations. Perspective student should research all options before making a decision. Some of the most common types of aid are scholarships, community grant/loan forgiveness programs, and student loan funds.
Medical School Scholarships
For institutional scholarship funds, please check with the Admission Office of each Medical School you are applying to as each one may have a different application process and application deadline.
There are also a number of outside scholarship sources for Medical students. The Air Force, Army, and Navy offer full tuition scholarships and a stipend to their recipients. A specified number of years of service is required for each year of scholarship received. The local Armed Forces Recruiters offices will be the best source of current scholarship opportunities.
Some federal agencies also offer scholarships for Medical students. These include National Heath Services Corps and Indian Health Services. We would encourage you to visit their websites for complete details about each scholarship program.
Rural hospitals may offer scholarship assistance and/or loan repayment for physicians. If that is of interest, you may wish to contact hospitals or medical centers where you would like to practice to inquire about these opportunities.
Student Loans
Student loans are the most common source of funding for Medical students. There are several federal loan programs students may borrow student loan funds to finance their education.
Primary Care Loans
Primary Care Loans are low interest loans for Medical students who are committed to practice primary care. Depending up the student’s age, parental information may be required to determine eligibility of these loan funds. If you are interested in this loan program, please contact the Medical School Financial Aid Office upon acceptance.
Federal Direct Student Loans
Beginning with the 2010-11 school year, all institutions are required to participate in the Federal Direct Student Loan Program. What this means is that students will borrow their loan funds directly from the U.S. Department of Education. Below are the types of Federal Direct Loans available to students:
Federal Direct Subsidized Loan is a low interest loan that students may borrow. Medical students can borrow up to $8500 per academic year through this loan program. The interest rate is fixed at 6.8%, no interest accrues while a student is enrolled at least half-time and repayment begins six months after graduation or when a student is enrolled less than halt-time.
Federal Direct Unsubsidized Loan is another low interest loan. The terms are the same as the Federal Direct Subsidized Loan, except interest begins to accrue from the time of disbursement. The amount a Medical student may borrow will depend upon the institution and the length of the academic year. Please check with the Medical School Financial Aid Office upon acceptance to inquire about the maximum eligibility for this loan program
Federal Direct Grad PLUS Loan allows professional students to borrow the cost of attendance less other aid. These loans have a fixed interest rate of 7.9% and interest begins to accrue from the time of disbursement. They have a six month grace period upon graduation or less than half-time enrollment.
Additional Resources
AspiringDocs.org's Financing Medical School offers answers to questions such as:
- How much does medical school cost?
- My family and I don't have much money. How can I pay for medical school?
- How do I apply for financial aid?
- Loans are scary. What can I do to avoid going into debt?
- How can I learn more about government and military service programs that will help pay for med school?
- Where can I get more information about loans and scholarships for minority students?
- Who can give me advice about financial planning, financial aid, and applying for financial aid?
- I've heard that applying to medical school is expensive. Is there any help available?
The AAMC offers additional resources to inform students about financing medical school.
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