You can pay for your medical school with traditional financial aid packages, or you can accept a position that pays for most, if not all, of your educational expenses. There are many states, hospitals, and federal programs that can help you pay off your student debt. Most branches of the United States military also offer full scholarships for a number of medical professions.
Steps
Step 1. Apply for medical school scholarships, loans, and grants to help you postpone some of your education expenses
- Submit the Free Application for Federal Student Aid (FAFSA). This application is also used by many state and private scholarships and grants, as well as federally funded programs. Pay close attention to state and federal deadlines.
- Apply for scholarships and grants that are offered in your community, local organizations, or groups you've worked with before.
- Apply for medical school scholarships from organizations such as the National Health Services Corps, which offer to cover your education expenses as well as your lodging and food expenses in exchange for you committing to serve for an equal number of years in one community that does not have enough health care after you graduate.
Step 2. Reduce your debt to medical school by working for a group or hospital to help you pay off your student loans in the future
- Some states, such as South Dakota, offer reimbursement for medical education expenses to physicians serving in underserved or rural areas.
- When you apply for a position after completing your medical training, be sure to ask about education expense reimbursements or loan forgiveness programs offered by the hospitals you are considering.
- The Medical Scientist Training Program (MSTP), offered by the National Institute of General Medical Sciences, pays for education expenses and offers a scholarship in addition to money for materials and supplies for candidates who wish to jointly obtain a medical degree and a doctorate in a number of fields. In the United States, there are non-MSTP programs that are funded by private entities, which pay all or part of the education costs to obtain a degree in osteopathy / doctorate and a degree in medicine / doctorate.
- The National Health Services Corps has a loan repayment program that offers up to $ 60,000 for 2 years of service, $ 170,000 for 5 years of service, and the total payment of the debt that the student owes with their faculty of medicine for 6 years of service. The service is typically provided in federal health centers, public health departments, managed care networks, federal premises, prisons, rural hospitals, and Indian Health Service areas.
Step 3. Join the military to take advantage of programs that will cover your expenses with medical school
- The military offers a full scholarship for a number of medical professions and additionally provides a monthly amount of $ 2,000 for room and board expenses and a signing bonus of $ 20,000. In exchange, candidates will be required to serve for the same amount of years that received the scholarship in the army with a minimum amount determined according to the profession.
- The Navy offers a number of options to help pay for medical school expenses, including scholarships and pensions for students who are studying, as well as loan payments to medical professionals. Residents may also be eligible to receive supplemental income while they complete their training. It also offers bonuses upon signing. Service requirements vary according to the type of assistance received for educational expenses.
- The air force scholarship covers the costs of education, books, additional expenses, and room and board expenses. Students are required to work one year for each year they received the scholarship, with a minimum service requirement of 3 years. Active duty begins once the internship and residency requirements have been met. Offer bonuses upon signing.