The financial path to medical school can be made a little less daunting by knowing what the expenses are, anticipating and preparing for them, and listening to advice from both students who have gone before you and prehealth advisors who have guided former students through the process. Below are some tips and resources to help you prepare for the financial aspects of medical school.
- Know the costs of applying to medical school and begin to prepare yourself while in undergrad.
- If you’re eligible, apply for the AAMC’s Fee Assistance Program to help cover some of the application expenses.
- Learn to budget. Start practicing budget maintenance now and continue budgeting throughout medical school!
- Reduce and eliminate outstanding credit card (and other) debt so you can focus exclusively on managing medical school expenses.
- Maintain a good credit score.
- Look for scholarships before AND during medical school.
- Listen and learn from others who have already experienced the process.
- You can afford medical school. There are federal loans, and sometimes school-based aid in the form of low-cost loans or scholarships.
- Learn about loan repayment, service commitments and scholarships. They can help with the repaying the debt you incur.
- The AAMC’s FIRST program can help you understand your finances and the financial aid process.
- Seek help from your prehealth advisor. If you don’t have one, the Find An Advisor tool from the National Association of Advisors for the Health Professions (NAAHP) can help you connect with a volunteer advisor for free.
- Check out Navigating Application Expenses — a guide to expenses and tips from members of the NAAHP.
While paying for medical school may seem like an unmanageable hurdle, being able to anticipate the expenses and creating a plan can help you gain control of the process.