Scholarships & Grants for Medical Students
Medical school is expensive. The American Association of Medical Colleges estimates that physicians will pay half their after-tax earnings toward loan repayment by 2033 on a 10-year student loan. Financial aid is available but insufficient to cover tuition costs, fees and health insurance costs. Grant and scholarship providers know this, which is why there are so many grant and scholarship programs that step in to fill the gap.
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Becoming A Physician
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Just getting accepted to a medical school is an achievement unto itself. The application process is extremely competitive. The workload is demanding. A student is required to successfully complete pre-med undergraduate coursework followed by four more years of medical school and three to eight years of residency, depending on her chosen medical discipline. In the end, it could all be worth it. According to the latest Merritt Hawkins & Associates survey, the average salary for a family practice physician was $172,000 in 2008. Salaries of physicians practicing specialized medicine are substantially higher. Unfortunately, medical school bills can be just as high, leaving newly minted physicians substantially in debt.
Scholarships
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Given the high cost of medical school, there is a plethora of scholarships offered through schools, local organizations and charitable foundations. For example, the Congressional Hispanic Caucus Institute Scholarship encourages Latino students to complete their post-secondary education. Other scholarships, such as the Maryland Graduate and Professional School Scholarship, require you to be a state resident in order to apply. Some medical schools, such as Vanderbilt School of Medicine, offer "non-need-based" scholarships to exceptional students of various social, economic and cultural backgrounds to promote diversity.
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Grants
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Numerous grants are available to medical students. Make sure you understand the grant requirements before applying. For example, the Research Medical Student Grant is only available to students who have an interest in radiology. Other grants, such as the National Science and Mathematics Access to Retain Talent Grant (SMART), reward undergraduate students in science and engineering. It is only available to third- and fourth-year undergraduate students who are also interested in applying to medical school.
Insight
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Before applying for a grant or scholarship, look into the requirements. Be prepared to make sacrifices and concessions to reach your goal of becoming a physician. Read the fine print. The military offers a full scholarship that pays for tuition, room and board; however, you must serve on active duty two years for every year you receive a scholarship. You are required to serve a minimum of two years. The National Health Service pays for tuition and living expenses for students willing to work in needy areas. You are required to work at least one year for every year you receive a scholarship award. Since there are so many grants and scholarships, start your research long before you apply to medical school. Give yourself a good head-start, as you will be competing with many other applicants. Providers receive more applications than they have scholarships.
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