Glass Buildings

Scholarships

&

Managing Your Finances

Medical School is an investment and probably the biggest one you will make! Make sure to educate yourself on smart financial decisions for medical school and how to invest in your future career. 

Fee Assistance Program

Before even applying for medical school loans, there is the Fee Assistance Program which is a financial based program that aids students in paying for the MCAT and applying to medical school.

 

According to AAMC, “Applicants whose total family income is 400 percent or less of the poverty level for their family size will be approved for fee assistance.”  Regardless of whether you are a dependent or an independent, AAMC will ask you for your parent’s financial information. You can apply a maximum of once a year and a total of five times in their lifetime. Your benefits start the day you’re approved and expire December 31st of that year. 

Benefits include but are not limited to:

1.    Reduced MCAT exam price from $320 to $130

2.    Free MSAR online subscription 

3.    Application waiver of up to 20 schools, a 949$ value. Any additional schools require an additional fee. 

4.    Most schools will waive their secondary fee once you’ve proven or they’ve been notified of your FAP eligibility. 

5.    Casper test and distribution fees are waived.

 

It is important to note that these benefits are not retroactive. This means, for example, if you paid for the MCAT and applied for the Fee Assistance Program afterwards, AAMC will not give you money back for your full payment of the exam. All benefits begin once they deem you eligible and any previous charges are not accounted for. 

When you are looking at medical schools, make sure to apply to your state school. Your state school will typically have a reduced tuition, plus they accept more people from their state. 

To learn more about your eligibility and the Fee Assistance Program, check out their website

Student Loans

Student loans are loans issued to students to pay for their education and associated living expenses. 

 

Student loans are unique from other loans in three key areas:

  1. They must be used for education and associated living expenses.

  2. Their rates are usually 5-10% interest.

  3. They are discharged only in the event of death or total disability, but not bankruptcy.

 
Skyscrapers

Federal

Federal loans are almost always better, as they have lower interest rates and come with special income-ased payment and forgiveness plans.

Always max out your federal loans prior to turning to private loans. 

Be aware that some foreign medical schools qualify for federal loans and some do not. 

Private

Private loans are typically taken out by students who have already borrowed the maximum federal loans for the year.

 

They are never eligible for the federal income-driven repayment programs nor the federal forgiveness programs.

Private student loans are generally more expensive than federal student loans.

There are Two Main Categories for Student Loans:

Organize your finances and manage your debt with MedLoan

Scholarships

Medical school scholarships can help shrink these costs and lessen your reliance on federal or private student loans.

Pro Tips:

  • To qualify for a Merit Scholarships, you should have 3.7+ and 95th percentile on the MCAT.

  • You can get scholarship or loan repayment through signing up for medical services

 

NPreMA Scholarship Fund

We have developed an inclusive scholarship fund to help pre-medical undergraduate students in need of financial assistance. Our goal through this fund is to minimize the educational disparities and resource inequities among undergraduate institutions nationwide. NPreMA prides itself in supporting and aiding in the relief of the pre-meds financial stressors, such fees related to applying, MCAT materials, and lab costs, we hope to help our students achieve their goals and become our future physicians.

 

We hope to help our students achieve their goals and become our future physicians!