My family and I don’t have much money. How can I pay for medical school?

Don’t let the cost of medical school keep you from realizing your dreams. There’s plenty of financial aid available to help you. In fact, in 2005, more than $2 billion of aid was available for medical students through loans, scholarships, and grants. 

The types and amounts of financial aid awarded to students differ from medical school to medical school. Nonetheless, most students (more than 85 percent in 2005) take out educational loans. Grants, (“free” money that doesn’t need to be repaid), are also available, although these are limited. There are also service commitment programs, which pay the cost of medical school for students in exchange for serving as physicians following completion of medical training.

Most, but not all, financial aid is sponsored by the federal government. Depending on the financial aid program, there are different bases for awarding aid, including financial need, cost of education, and merit. Eligibility requirements also differ. For example, most financial aid programs require you to be a U.S. citizen or permanent resident, make satisfactory academic progress, not be in default on other loans, have complied with Selective Service registration requirements, and so forth.

For More Information:

• Financing Your Medical Education  - Free Resource!
  This financial resource page links you to helpful planning tools.
  
  

• (MD)²: Monetary Decisions for Medical Doctors  - Free Resource!
  This comprehensive, Web-based program helps premedical and medical students in their financial planning and is tailored to the specific needs of students during different phases of their education.
  
  

• Medical School Admission Requirements (MSAR™)
  Published by the AAMC, this book is the most authoritative guide for applying to medical school. This accurate, thorough, and reliable resource is the only complete guide to U.S. and Canadian medical schools fully authorized by the schools themselves. In it you will find information on application procedures and deadlines, selection factors (including MCAT® scores and grade-point average), medical school class profiles, education costs and financial aid packages, and much more.  Chapter 9 focuses on financing a medical education.
  
  

• Minority Student Opportunities in United States Medical Schools (MSOUSMS)
  This guide is designed specifically for minority students to be used as a companion to Medical School Admission Requirements (MSAR^TM).  It presents information from individual medical schools about recruitment, admission, academic support programs, financial aid, and more.