How to Finance Med School

Medical school can be very expensive. Many people cannot pay such high tuition and must find creative ways to finance their education. Fortunately there are a number of programs available.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Scholarship, grant, and loan applications
• Estimated med school expenses

1. Select from a range of finance options for med school, including loans, scholarships and grants. You can use any combination of these to pay for your tuition, books, and housing. A good place to look for these options is the American Medical Association website (see Resources below).
2. Track what your annual costs may be for med school to help you determine what type of finance assistance you should seek and how much you will need.
3. Consult with the med school, which may provide guidance to students on debt management and financial planning. This will help you get a better idea on how to finance med school appropriately.
4. Ask the med school for a copy of the Free Application for Federal Student Aid (FAFSA). You can also call 1-800-4FED-AID or visit their website (see Resources below). This is one of the best ways to get money for your education.
5. If you cannot get grants or scholarships, consider federal, state, private, and institutional loans. There are a number of programs available, but you will have to start repaying these as soon as you complete your residency.
6. Fill out and file as many applications for aid to finance med school as possible. You can never have too much financial assistance, especially since tuition tends to rise each year.
7. Continue to seek financial aid throughout your med school terms to supplement what you have received for any unexpected expenses or increases. Major financial institutions, such as Chase, have loan programs expressly for education (see Resources below).

Tips & Warnings

• Plan your debt carefully and you will be able to get through med school with a smaller loans to start paying off when you start your career.
• Focus on getting scholarships and grants because these are considered gifts and do not have to be repaid.
• Keep track of all deadlines for financial aid options, from scholarships to loans and grants. It is important to start early in order to qualify.
• Do not apply for federal financial aid unless you are a U.S. citizen or a permanent U.S. resident.
• Be careful of financial aid search services because they may charge high fees for something you can research yourself on the Internet or at libraries.
• Some federal loan programs are not available to med school students, such as the Pell Grant and SEOG Grant, so do not apply for these.

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