Students considering medical school but have concerns about how to finance their education can now turn to a new information site launched by Medical School Scholarships to help readers assess their financing options.
Online PR News – 13-October-2010 – – Medical School Scholarships is an organization dedicated to demystifying the financial aspects of medical school. The organization recently launched a new site to help readers assess their financial options, and if medical school scholarships are available to them. Given that the annual tuition for medical school ranges from $25,000 to upwards of $50,000, it is only natural that prospective students view the financials with trepidation. The aforementioned estimate only covers tuition and fees per annum, and does not factor in housing or living expenses.
Most medical students end up borrowing at least a portion of the amount they need to finance medical school even if they are the recipient of generous medical school grants. The median debt that students carry once they finish is about $160,000, which is a large and intimidating sum of money no matter how anyone looks at it. Fortunately, there is a myriad of loans, scholarships, grants and other financial arrangements that are available to students. A good mix of financial help, no matter where it originates from, may help offset some of the costs and potentially minimize debt. Some financial options are need-based, while others are merit-based. Some are just straight up loans. Some options are specific to students who plan to pursue primary care as a career or who agree to practice in designated under-served areas for some period of time.
One type of loan available to students is the Federal student loan. Loans of this type include the subsidized and unsubsidized Stafford loan, the Perkins loan and the Graduate PLUS Loan. Of course, non-federal loan programs are also available. In addition, scholarships and grants are available not only from the federal government, but also from the medical schools themselves. The Federal programs include special applications, specific to the needs of the Armed Forces. One such program is the Armed Forces Health Professions Scholarship. Another program in this vein is the National Health Service Corps. Underrepresented minorities may also avail themselves of scholarships exclusive to them, offered by the National Medical Fellowships.
The aforementioned options barely scratch the surface of what is available to prospective medical students, and each has their own constraints that a student must carefully balance against their future plans. Poignantly, there is no free lunch here, and nearly every financial help comes with some sort of stipulation, whether it be strictly financial (i.e. loans with interest) or conditional lending (i.e. you agree to practice primary care in under-served locations). Thus, although there are numerous programs that can help a prospective medical student with financing, there are also numerous considerations that must be seriously thought out.
It is in this light that the Medical School Scholarships organization operates. The staff at the organization recently launched their service online, providing the in depth answers to financing concerns that students may be trying to resolve. The information and guidance provided by the online site helps students see the whole picture as it relates not only to the financing aspect of any deal, but also to long term conditions that may be attached to the financial help the student receives. "Ultimately, we want prospective medical students to understand their financing options, and perhaps more importantly, realize that there are real conditions attached to some of those financing arrangements," notes Alison Shaw of the Medical School Scholarships organization.
Our site provides information on medical school financial help and various scholarships and grants. We list scholarships, grants and other financial options for students to pay for medical school.