Becoming a medical professional is a timely, intensive, and costly affair. With four years of undergraduate education, four years of medical school, and 3-8 years of residency, there’s no doubt that debt can rack up quickly for student borrowers.
Among medical school graduates in 2020, the median student loan debt burden was $207,003.
While attending medical school without accumulating extreme amounts of student loan debt may seem like a bleak and impossible reality, applying for medical school grants are a great opportunity to avoid paying out-of-pocket or getting a loan.
What is a Grant?
A grant is a type of gift aid that is issued purposefully by the government or other institutions to support you for many different things, from education, home renovation, to non-profit work.
Unlike medical school scholarships, medical school grants are issued based on financial need and not based on merit.
Educational grants do not need to be paid back. Grants can come from the federal government, state governments, institutions, and private organizations.
Let’s dive into the types of medical school grants that are available for students like you who need financial assistance in affording medical school costs.
Federal, State, Institutional, and Private Grant Options
Federal Educational Grants
Federal grants are financed by the federal government and are usually easy to secure if a student demonstrates financial need. Currently, no federal grant options exist for professional schools like medical school.
However, it is still important to submit your Free Application for Federal Student Aid (FAFSA) so that your federal aid eligibility can be determined.
Does the Pell Grant Apply to Medical School?
Contrary to popular perception, federal grants like the Pell Grant and the Federal Supplemental Educational Opportunity Grant cannot be used for medical school.
While the Pell Grant and the FSEOG are only for undergraduate students (except in special cases that do not include medical school), submitting your Free Application for Federal Student Aid (FAFSA) is still important to find which loans, grants, and options you have for financing your medical school tuition.
State Grants
State grants are financed by the state government and are unique to the individual state.
While state grants can be specific to medical school students, you can still apply for general state grants that can be used towards the cost of tuition for medical school.
Institutional Grants
Institutional grants are issued by the institution (medical school, in this case) you are attending.
Usually, the institution evaluates your level of need based on your FAFSA and uses its own funds to issue a grant.
For example, Harvard Medical School has specific grants based on your field of medicine, and UCLA has a variety of grants, scholarships, and loans.
Private Grants
Private grants are financed by private institutions or non-profit organizations.
Private grants will usually have personal applications you can apply with and have their own means of verifying your financial need.
Applying for Medical School Grants
Fill out and submit your FAFSA (Free Application for Federal Student Aid)
Filling out your FAFSA is crucial to receiving all types of grants. FAFSA assesses what loans, grants, and work-study funds you qualify for and also gives external institutions information about you to determine how much financial aid is required.
Contact your school’s financial aid office
While the Internet is a hefty tool for finding grants for medical school, your school’s financial aid office will be extremely helpful when applying for grants, especially since they are in charge of all money matters for the institution.
Here’s a handy checklist of things to cover:
- Ask if your medical school has institution-wide grants or scholarships that you can apply for.
- Determine how much external aid is allowed. All medical schools have varying procedures on what is done with too much or too little external aid, so be sure to ask if extra aid is disbursed cumulatively or whether you’ll receive an advanced payment.
- Ask your medical school for a list of private and state grants that you can apply for.
When it comes to financing your education, the financial aid office will be your best bet for comprehensive knowledge, information, and resources.
Apply for state grants
Now it’s time to put the Internet to use after you’ve exhausted the financial aid office.
All 50 states in the United States have educational grants that vary by state; it is just a matter of whether or not you are eligible to apply.
State grants usually have their own applications, but may require you to submit the FAFSA to determine your eligibility.
You can use the FAFSA website to access your state’s department of education for a comprehensive list of state-issued grants.
Apply for private grants
Medical school grants are slightly different from those offered to other graduate students, as many of the grants are in the form of fellowships or research grants.
Most private gift aid is merit-based, so there are more medical school scholarships than medical school grants.
However, it is still possible to find private organizations that do offer grants for your education.
The American Medical Association is a national organization that offers many grants and scholarships to medical school students.
Organizations like the American Indian Graduate Center, the Latino Medical Students Association, and the Howard Hughes Medical Institute Gilliam Fellowship for Advanced Study offer specific grants for minority medical school students only.
Search engines such as CollegeGrants.org and CollegeGrant.net are great places to begin your private grant search for medical school.
Closing Thoughts from the Nest
The expenditure of medical school may seem daunting at first, but it is important to be aware of the resources and opportunities you may have.
Be sure to seek the invaluable expertise of student aid experts and do your research.
Remember, fill out your FAFSA, contact your financial aid office, and find private and state-wide grants.
Healthcare professionals are the cornerstone of our society and there are resources available to you that can actualize your dreams!