6.2) How can I pay for medical school?
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This article is from the Medical Education FAQ, by eric@wilkinson.com (Eric P. Wilkinson, M.D.)with numerous contributions by others.
6.2) How can I pay for medical school?
The first consideration is to reduce your expenses. The less
expensive schools tend to be public schools within your state. If
you don't have a medical school in your state, you may be eligible
to attend other state schools as an in-state resident through an
exchange program such as WICHE, the Western Interstate Commission
for Higher Education, which allows students from Alaska, Montana,
and Wyoming to apply to and attend any western medical school as a
state resident (with the exception of the University of Washington).
Another major expense that can be reduced, if you qualify, is the
cost of application. Be sure to apply for an AMCAS fee waiver (if
you qualify), which can save you hundreds of dollars.
Unfortunately, reducing expenses still leaves, in most cases, tens
of thousands of dollars to pay. The most common way to pay this is
via loans, particularly federal Stafford loans and private
alternative loan programs. While some Stafford loans may be
subsidized (the government will pay the interest while you are in
school), there is a limit to the amount you can borrow. Other loan
programs are often offered by the various schools.
Grant aid (aid you don't have to repay) is not common. Most schools
offer a minimal amount of merit- and/or need-based grant aid. There
are also two programs that will cover the entire cost of school plus
give you a stipend. The first, the Medical Scientist Training
Program, is a highly competitive government-subsidized program
designed to recruit students interested in earning both an M.D. and
a Ph.D. The second, the Uniformed Services University of the Health
Sciences, is the military's medical school. In return for years of
service to the military, your education is paid for in addition to
your receiving a commission in the military and the concomitant
salary and benefits.
Another possibility for covering your expenses is to obligate
yourself to later service. Two examples of this type of program are
the Armed Forces HPSP and the Public Health Service program, both of
which provide payment for medical school in return for a commitment
to serve in either the military or in underserved public health
regions, respectively.
Finally, be sure to search the Web and other sources for private
scholarship sources. You may be eligible for free money or favorable
loans due to your extracurricular activities, ethnicity, religion,
heritage, or any number of other factors. Your school's financial aid
office will be happy to suggest sources to you as well as discuss means
of payment.
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