Paying for Professional School FAQ

I keep hearing about how expensive med school is. I know of at least one premed who has decided to do something other than medicine since he doesn’t feel like he can afford med school. I’m on financial aid here. Do med schools have financial aid?

The average allopathic medical student graduates with over $175,000 of debt. So yes, as a raw number, it does look “bad”—that amount of debt (plus the interest that accrues on top of it) can be scary. You need to know as much as possible about the financial commitment you’re making and the options available to you. The first thing you should do is read the Financing Health Professional School handout in full. We’ve included information about online resources, service repayment programs (like the National Health Service Corps), and other sources of funding. Generally speaking, medical students take out loans to pay for medical school—not grants or scholarships. These loans are most often federal loans, and their interest rate is relatively low. As an aspiring physician, you are considered a “good risk” by the government, someone who will be able to repay loans and still live comfortably as long as careful budgeting is in place. Also, seek out the Financial Aid personnel at the medical school you attend. Cultivate a true advising relationship with these people, if possible, as the financial climate in this country is ever-changing and by the time you’re a first-year med student there may be new financial options—and those options may change over the course of your four years in med school. It is not too soon, during your med school interviews, to ask about the Financial Aid office, learn who these people are, and get a feel for what type of interaction they have with current students. We try to host a Financing workshop every spring semester as well, so keep an eye on our events in Vitals for that event! Ultimately, though, if you're truly committed to becoming a physician, medical education is an excellent financial investment and worthwhile from a lifelong financial perspective.  

I've heard there's funding for students interested in becoming physicians who practice in an underserved area. How would this work?

This is often in the form of a loan repayment or loan forgiveness program that will pay back debt in return for service. 

One long-established program that does this is the National Health Service Corps (NHSC). The NHSC was established in 1972 to provide primary health care programs to underserved populations, in what they call "health professional shortage areas" (HPSA) as designated by the Department of Health and Human Services. According to their website, the NHSC loan repayment program (LRP) recruits fully trained health professionals who agree to provide primary health services in NHSC community sites. In return, the NHSC LRP assists clinicians in their repayment of qualifying educational loans that are still owed. The NHSC is seeking clinicians who demonstrate the characteristics for and interest in serving the Nation’s medically underserved populations and remaining in HPSAs beyond their service commitment. It is important to remember that service to medically underserved populations is the primary purpose of the NHSC LRP and not the repayment of educational loans. For medical and dental students oriented toward this type of service, there are also scholarships, residency opportunities, and "ambassadorships" available in conjunction with the NHSC. 

Financing Health Professional School

Navigating Application Expenses

Applying for medical school is a serious financial investment. HPA has developed a short handout and a longer guide to outline these expenses and help students navigate them.