You can either pay for medical school with traditional financial aid packages, or you can accept a position that will pay most of your tuition expenses.There are many programs that can help repay student debt.Full scholarships are offered by most branches of the United States military.It is possible to figure out the best way to help fund your education while in medical school.
Step 1: You should learn what to expect.
Medical school costs a lot of money in addition to being an educational commitment.The average annual tuition and fees at public medical schools was over $50,000 for state residents.Residents pay an average of $52,093 in tuition and fees for private schools.Health insurance, housing, and living expenses are not included in the figures.
Step 2: First services include Financial Information, Resources, Services, and Tools.
There is a wide range of resources and tools compiled by the Association of American Medical Colleges.Here you can find a lot of things, including a medical school financial aid toolkit, a loan calculator, and more.
Step 3: You have to submit a FAFSA.
The standard application for government-based financial aid for undergraduates is the Free Application for Federal Student Aid.The office of Federal Student Aid provides over $150 billion each year to students through grants, loans, and work-study programs.The office can provide both need-based aid and access to government-subsidized loans, which the applicants don't need to repay until they finish medical school.You can either file the form online or print it out.Your personal information such as your name, address, and social security number, as well as all of your financial information, including all sources of income for the office of Federal Student Aid, will be entered to determine the type of aid for which you qualify.
Step 4: You can take advantage of subsidized Stafford Loans.
A subsidized Stafford Loan is a type of loan that you may qualify for.U.S. citizens are required for medical school students.You don't have to pay interest on Stafford Loans until you graduate or leave school.You will receive an award letter for the amount of Stafford Loans you qualify for.Students who don't qualify for loans based on financial need can get unsubsidized Stafford Loans.The interest on unsubsidized Stafford Loans accrues even while you are still in school.
Step 5: Perkins Loans can be taken advantage of.
A Perkins Loan is a low-interest federal loan for students who demonstrate financial need.To apply for a Perkins Loan, your school must participate in the Federal Loan Program.To find out if they participate and how to apply, contact the financial aid office at your institution.The interest rate on these low-interest loans is only 5% once you leave school or graduate.
Step 6: Grants, awards, and scholarships can be researched.
Grants, awards, and scholarships are available for medical students outside of federal funding.There is a list of aid provided by the American Medical Association.A list of non-AMA resources for medical students has also been compiled.
Step 7: You can visit the financial aid office.
The financial aid office at your institution will be able to match you with scholarships and grants for which to apply.They will be able to give you information on the local scholarships that are offered through your medical school.
Step 8: You can apply for the medical scientist training program.
The MSTP is offered by the National Institute of General Medical Sciences.Candidates who wish to pursue a joint M.D. receive a stipend and equipment and supplies from the MSTP.A variety of scientific and medical fields are covered in the degree.You can find contact info for the MSTP here.Privately funded Non-MSTP programs in the United States pay all or part of the tuition for D.O./Ph.D.There is a M.D. and a PHD.Students as well.For those interested in more than one M.D.A list of such programs is available here.Due to the rigorous course of study, many programs offer stipends or full funding.
Step 9: Keep a budget.
Ensure that you keep an accurate budget after securing funding for your program.The AAMC has a calculator that helps track and budget for medical school loans and debt.Ensuring the success of your education involves budgeting before, during, and after medical school.The last thing you need to worry about is paying your rent.To learn more about budgeting, check How to Budget Your Money.
Step 10: Look into the National Health Service Corps.
In exchange for commitment for service in approved areas with proven health professional shortages, the NHSC gives certain amounts of loan repayment.You can get up to $50,000 in loan repayment in exchange for a two-year commitment or larger amount.
Step 11: Consider the Public Service Loan Forgiveness Program.
Doctors who work in the public service sector may be able to have the balance of their medical school debt forgiven if they make 120 repayments to their loans.Only federal loans are eligible for the program.This may include both subsidized and unsubsidized Stafford Loans.
Step 12: Seek employment at a hospital that helps with student loan repayments.
Loan repayment options can be included in hospitals' benefits packages.Ask about tuition reimbursement or loan forgiveness programs when applying for a position.
Step 13: Consider military service.
Most branches of the military will pay some or all of your medical school tuition in exchange for your commitment to military service once you finish your education.The living stipend is covered by the Air Force scholarship.The minimum service requirement for the scholarship is three years, and students are required to work for one year for each year they receive it.Once internship and residency requirements are met, active duty begins.A full tuition scholarship for a variety of medical professions is offered by the Army, as well as a $2,000 per month living stipend and a $20,000 signing bonus.In return, candidates must serve an equal number of years in the Army as they received the scholarship with minimums being determined by profession.scholarships and stipends for current students as well as loan repayment for existing medical professionals are some of the options the Navy offers to help pay for medical school.Residents who complete their training may be eligible for supplemental income.Signing bonuses can be obtained.Depending on the type of tuition assistance received, service requirements can vary.