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 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:
They must be used for education and associated living expenses.
Their rates are usually 5-10% interest.
They are discharged only in the event of death or total disability, but not bankruptcy.
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 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:
Medical school scholarships can help shrink these costs and lessen your reliance on federal or private student loans.
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
Tylenol Future Care Scholarship
10 applicants are granted $10,000 scholarships and twenty-five $5000 scholarships.
Judged on college GPA, academic records in medical school, community involvement, and essay content.
White Coat Investor Scholarship
Equivalent to 1% of the White Coat Investor’s total profit and additional contributions from corporate sponsors and readers. The total cash given out has increased every year.
Written by a practicing emergency physician, The White Coat Investor is a high-yield manual that deals with the financial facing medical students, residents, physicians, and similar high-income professionals.
It is a worthwhile read for any future physician!
Physicians of Tomorrow
There are 10 different Physician of Tomorrow Awards that medical students can apply to, each offering $10,000.
Diverse Medical Scholar Program
Up to $7000 which can be renewable.
You just have to do community service in an under-served area and then make a presentation about it.
Herbert W. Nickens Medical Student
These awards consist of five scholarships given to outstanding students entering their third year of medical school who have shown leadership in efforts to eliminate inequities in medical education and health care.