Prehealth

DaVinci's Man

Financing Medical School

In addition to the substantial costs of tuition and fees for medical schools once you are accepted, there are several costs associated with the application process itself. These include taking MCAT preparatory courses (optional; generally in the $1900-$3000 range), MCAT study guides ($20-$50), registering for the MCAT (2014: $275), AMCAS online application (2014: $160 processing fee includes one school and $35 for each additional school), fees for secondary applications (variable, but generally ranging from $50 to $100), and travel and lodging costs for interviews (see cost of applying to medical school.)

MCAT preparatory courses (e.g., Kaplan and Princeton Review) can help improve your performance on the MCAT if you take them seriously, devote sufficient time to them, and take full advantage of the many practice exams they offer (see Standardized Exams). Their costs may seem high but are not significant when viewed relative to the overall costs of your undergraduate and medical education. MCAT study guides are available at most book stores. Practice exams are available on the AAMC website.

The MCAT and the AMCAS online applications are both administered by the AAMC. The AAMC offers a Fee Assistance Program (FAP) to US citizens or permanent residents who would otherwise be unable to take the MCAT or apply to AMCAS-participating schools. The deadlines for applying for the FAP are generally 6-8 weeks prior to the MCAT for which you are registering or 3 weeks prior to your first school's AMCAS application deadline. Applicants who receive FAP waivers may also be eligible for waivers from secondary application fees (see Application Process).

Medical school tuition costs and fees vary greatly depending primarily on whether the school is public or private, and whether you are an in-state or out-of-state resident. The most reliable way to investigate tuition and fee costs is to consult the MSAR or websites for individual schools (see Choosing Schools). Medical students generally supplement personal or family resources with federally subsidized or private loans to cover these costs. Medical school financial aid offices generally provide all the information you will need on available sources of loans. Much more information on financing medical school is available on the AAMC website. After graduating from medical school, you will most probably have incurred a substantial debt: $80,000-$100,000 is not unusual, and could be higher.

Three things should be emphasized relative to incurring these debts: 1) you must have a good credit rating to be eligible for the loans in the first place, so be very careful to pay your credit card bills on time; 2) after establishing a successful practice as a doctor, you will most likely be able to pay off these debts without sacrificing other priorities; and 3) if you drop out of medical school or fail to pass the licensing exams after graduating from medical school, you will have incurred substantial debt and may not have the means to pay it off (see What if I'm not accepted?).

Financial Resources and Information Links

Access Group Financial Advice
Aetna Foundation Scholars Programs
African American Scholarships & Internship Opportunities
Aga Khan Foundation International Scholarship Programme
Air Force Health Professions Scholarship Program (select "Money for School")
American Association of Colleges of Nursing Financial Aid Information
American Dental Education Association (ADEA) Scholarships, Awards and Fellowships for Students
American Heart Association Council-Sponsored Student Scholarships
American Indian College Fund Full Circle Scholarships
American Indian Graduate Center (AIGC) Scholarships/Fellowships
American Indian Higher Education Consortium Scholarship and Internship Opportunities
American Indian Science and Engineering Society (AISES) Scholarships
American Medical Association (AMA) Financial Aid Resources
American Student Assistance
AmeriCorps; Segal AmeriCorps Education Award
Association of Schools of Allied Health Professions Scholarship of Excellence Award
Black Excel Scholarships for Minorities List
Campus RN Scholarship Program
Canadian Student Loan Program
Chinese American Medical Society Scholarship Program
Chinese American Physicians' Society (CAPS) Scholarship Program for U.S. Medical Students
UCLA Scholarship Resource Center Scholarship Search Databases
The College Grants Database
College Scholarships.org
Congressional Hispanic Caucus Institute (CHCI) Scholarship Program
Connecticut Higher Education Supplemental Loan Authority (CHESLA) Loan
Daughters of the American Revolution (DAR) Scholarships (scroll down to "Medical Scholarships")
David Geffen Medical Scholarship
Debt Management: Before Applying to Medical School; After You Are Accepted to Medical School
Doctors for Maine's Future Scholarship
EStudentLoan
EdFed Education Loans
Ed-Invest Foreign Medical School Student Loan Program
FastWeb Scholarship Search
Federal Employee Education and Assistance Fund Scholarships
Federal Nursing Student Loans
Federal Student Aid Information
FedMoney.org
F. Edward Hébert Armed Forces Health Professions Scholarship Program
Financial Aid: The SmartStudent Guide to Financial Aid
Financial Aid for Medical School
Financial Aid for Native American Students
Financial Aid Links for Graduate/Professional School
Financing a Medical Education
FIRST (Financial Information, Resources, Services and Tools) for Medical Education
Free Application for Federal Student Aid (FAFSA)
Free Scholarship Searches
Gallagher Student Health Careers Scholarship Program
Global Student Loan Corporation
GradLoans Medical School Loans
Harry S. Truman Scholarship
Health Research and Educational Trust of New Jersey Health Career Scholarship
Hellenic Medical Society of New York Scholarship
Hispanic College Fund Scholarship Programs
Hispanic Dental Association Foundation (HDAF) Scholarship Programs
Hispanic Scholarship Fund
Horace Smith Fund Walter S. Barr Fellowships (for Hampden County [MA] residents)
How Do I Pay for Medical School?
Income-Based Repayment (IBR) Information for Federal Student Loans
Indian Health Service Scholarship Program
International Education Financial Aid (IEFA)
International Financial Aid Resources and Information
International Scholarships
International Student Loan Center
Japanese Medical Society of America Scholarships
Jewish Federation of Greater Philadelphia Educational Loan and Scholarship Funds
Korean American Scholarship Foundation Scholarship
The Kosciuszko Foundation Scholarships
Latino Medical Student Association Scholarship for U.S. Medical Students
Leopold Schepp Foundation Scholarship
Mabelle Arole Fellowship
M.A. Cartland Shackford Medical Fellowship
Maine Dental Education Loan Program
Maine Health Professions Loan Program
Maine Medical Education Foundation Loan
Maine Medical Loan (Maine Educational Loan Authority)
Maine Loan (Maine Educational Loan Authority)
Maine Veterinary Medicine Loan Program
Mapping Your Future
Margaret McNamara Memorial Fund (MMMF) Educational Grant Program
Marine Corps Scholarship Foundation
Massachusetts Department of Higher Education Office of Student Financial Assistance Grant, Scholarship, Tuition Waiver, and Loan Information
Massachusetts Educational Financing Authority
Massachusetts Medical Society Scholarship Information
Medical Help Network List of Scholarships
Medical School and Health Professions Scholarships, Fellowships and Postdoctoral Awards
Medical School Grants
Medical School Loan Info
Medical School Loans (MSL)
Medical School Scholarship Aid
Medical Scientist Training Programs (MSTP)
MeritAid.com Scholarship Information
Military Scholarships for Medical School Advice
Military Student Aid
Minority Scholarships, Fellowships and Summer Research Internships
National Arab American Medical Association (NAAMA) Foundation Scholarship
National Association of Student Financial Aid Administrators (NASFAA) State Financial Aid Programs
National Congress of American Indians (NCAI) Native Graduate Health Fellowship
National Data Base of Scholarships
National Dental Association Foundation (NDAF) Scholarships
National Health Service Corps (NHSC) Scholarship; NHSC Loan Repayment
National Hispanic Health Foundation Hispanic Health Professional Student Scholarship Program
National Institutes of Health (NIH) Undergraduate Scholarship Program
National Italian American Foundation (NIAF) Scholarship Program
National Medical Fellowships (NMF) Scholarships and Awards
National Optometric Association Scholarship Opportunities
National Student Loan Data System (NSLDS)
Navy Health Care Careers
New Hampshire Charitable Foundation Statewide Student Aid Program Citizens Bank Scholarships
New Hampshire Higher Education Loan Corporation (NHHELCO) EDvestinU Loan Program
NURSE Corps Loan Repayment Program
Nursing Scholarships
Nursing School Student Loans
Organization of Chinese Americans (OCA) Scholarships
Pathways Into Health Scholarship Information
The Paul & Daisy Soros Fellowships for New Americans
Paying for Medical School
Peace Corps
Princeton Review Scholarship and Financial Aid Info
Rhode Island Educational Loan Repayment Program for Primary Care Providers
Rhode Island Scholarship Search
Rhode Island Student Loan Authority Nursing Reward Program
Rhode Island Student Loan Authority Student Loan Program
Ron Brown Scholarship Program Additional Scholarship Resources
Sallie Mae Graduate Student Loans
SAMFund for Young Adult Survivors of Cancer Grants and Scholarships
Santa Barbara Foundation Scholarships
Scholarship and Financial Aid Scams
ScholarshipExperts.com
Scholarship, Grants, and Financial Aid for Minority Students
Scholarship Resource Links on the Paul & Daisy Soros Website
Scholarship Scams
Scholarship Search at CollegeToolkit.com
Scholarships and Loans
Scholarships by State
Scholarships for Disadvantaged Students
Scholarships for Native Students
Scholarships for Vermonters
Service-based Loan Repayment Program
Smart Student Guide to Financial Aid FAQ
Society for Advancement of Chicanos and Native Americans in Science (SACNAS) Grad Student Scholarships
Sons of Italy Foundation (SIF) Order Sons of Italy in America (OSIA) Scholarships
State and Other Loan Repayment/Forgiveness and Scholarship Programs
State-Specific Scholarships Resource List
Student Loans for Medical School
Student National Dental Association Scholarships
Student National Pharmaceutical Association Scholarships
Student Osteopathic Medical Association (SOMA) Scholarship List
Teach for America Graduate School Partnerships
Tylenol Future Care Scholarship
U.S. Department of Health and Human Resources Health Resources and Services Administration Health Professions Scholarship, Loan, and Loan Repayment Programs
Vermont STEM Employee Incentive
Vermont Student Assistance Corporation (VSAC) Vermont Advantage Loan
Wells Fargo MedCAP Alternative Loan for Health Professionals
William D. Ford Federal Direct Loan Program
Worcester District Medical Society Scholarship Fund