What Medical School Will You Attend?
What Medical School Will You Attend Future Doctors?
Most students will need and do receive help to pay for medical school. Medical school loan costs will typically include tuition and various fees such as books and equipment, living expenses, transportation, and health insurance. These costs will vary from school to school.
As an example, tuition and fees for the 2004-2005 academic year averaged $18,400 for first year, in state students at many public schools and $34,680 for first year, in state students attending private schools. Adding to the cost of tuition and fees, students will usually have an additional $18,000 in other expenses, which will also vary depending on some factors such as the cost of living where a particular medical school is located.
The good news is, while medical school can be very expensive, most students receive some form of financial aid to help them meet the costs. It is important to be aware that financial aid offers will generally vary from school to school in terms of the total awards and amounts of grants and student loans. This could mean that while one medical school will charge more in tuition and fees than other schools, the type of financial aid you receive can help make what seems like the more expensive school actually the less expensive one to attend. Therefore, it is important to compare financial aid offers.
It is important at this point to not let the cost of medical school keep you from realizing your true dreams. There will be plenty of financial aid available to help you. As a matter of fact, in 2005, more than $2 billion of financial aid was available for medical students through medical school loans, scholarships, and grants.
The types and amounts of financial aid awarded to students will differ from medical school to medical school. Nonetheless, most students (more than 85 percent in 2005) take out college student loans. Grants, (free money that does not need to be repaid), can also be available, although these can be limited. There will also be service commitment programs available, which will pay the cost of medical school loans for students in exchange for serving as a true physicians following completion of medical training.
Most financial aid is sponsored by the federal government; See www.ed.gov - Depending on the financial aid program, there are different bases for awarding financial aid, including financial need, cost of the education, and merit. Eligibility requirements will also differ. For example, most financial aid programs will require you to be a U.S. citizen or permanent resident, make satisfactory academic progress, to not be in default on other college student loans, and comply with Selective Service registration requirements.
Every student that is applying for financial aid to attend medical schools fills out the Free Application for Federal Student Aid (FAFSA) form to be considered for federal financial aid, this is the largest source of assistance. Some medical schools will need you to complete additional forms, as well as provide documentation or proof, such as copies of tax returns.
To make sure you will be considered for all available financial aid, it is essential that you complete all the forms the medical school requires and complete them on time. Be sure to connect with the financial aid office adviser at each medical school to which you apply as early in your application process as possible.
To be considered for some sources of financial aid, your parents will need to provide their financial information; it does not matter how old you are and even if you are financially independent of your parents. The financial aid advisor’s at the medical schools at which you are applying can give you more information about whether your parents will need to submit information and what forms they will need to fill out.
If you would like to learn more, visit our medical school loans info page to educate yourself a bit.
