Financial Aid
A medical education is expensive. The annual tuition and fees at public medical schools averages $16,000 for residents and $34,000 for non-residents. Private schools also are currently in the mid $30,000 range and the cost is going up. (AAMC publishes a tuition comparison list https://services.aamc.org/tsf/TSF_Report/report_intro.cfm) It is not uncommon to graduate from medical school with a debt over $100,000. Making sure that sufficient funds are available is an important part of the application process.
It is necessary to take charge of your financial situation early on. There are aggregate limits on money that can be borrowed and high undergraduate debt will become an issue in medical school. An aggregate limit means that you may not borrow above that amount even if you have not completed your education. Some private lenders have limits of $220,000. This may seem like a huge sum, but if your tuition is $36,000 per year and you need $14,000 to live on, your debt for medical school alone can be $50,000 per year. If you have more that $20,000 in undergraduate debt you will reach the limit and be unable to borrow sufficient funds. Also, federal loans have their own limits and many students need to secure financing from private sources. These loans require good credit history and low or no credit card debt.
Financial aid is awarded based on the estimated student need. These costs include tuition as well as living expenses. Most schools have established budgets and expect students to adjust their expenses accordingly. The budgets are for the typical medical school student. If you are a non-traditional student with dependents, typically the school will only adjust the budget to allow for the cost of paid childcare, the extra costs associated with family are not figured in and can not be borrowed.
FAFSA – Apply for financial aid as soon after January 1 as possible by completing the FAFSA (Free Application for Federal Student Aid). This form is available in the financial aid office or can be completed on-line at http://www.fafsa.ed.gov. Eligibility for the following loans is determined by the information given on the FAFSA application.
WWAMI/WICHE
WWAMI is a cooperative program of the University of Washington School of Medicine (UWSOM) and the states of Wyoming, Alaska, Montana and Idaho. The first year of undergraduate medical education is in the home state and the 2 nd through 4 th years are at the Seattle Campus. There are 20 spaces available for certified Montana residents and the first year is completed on the Montana State University Campus in Bozeman, MT. Students must apply to and be accepted by UWSOM and then are granted residency tuition. Applications for residency certification for WWAMI can be obtained in the pre-medical advising office or by contacting the WWAMI/WICHE office in Helena. Check for the current year application deadline. In the past the deadline has generally been October 15.
For more information view the MSU WWAMI web page
WICHE (Western Interstate Commission for Higher Education) is a state supported organization to encourage higher educational resource sharing throughout 15 western states. Each year The State of Montana funds a small number of Montana residents who are accepted into professional schools in participating states. WICHE funding provides a stipend for certified Montana residents if they are selected for the program. Applications for WICHE funding are available through the pre-medical advising office or by contacting the WWAMI/WICHE office in Helena. Check for the current year application deadline. In the past the deadline has been October 15.
For more information view the WICHE web site
WWAMI/WICHE Certifying Officer
Office of the Commissioner of Higher Education
2500 Broadway
Helena, MT 59620-3101
(406) 444-657
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Types of Federal Loans
Stafford Loans – These loans are a major source of funding for medical students. They can be made either through the Direct Loan Program or the FFEL Program. There are two varieties, the Subsidized Stafford Loan and the Unsubsidized Stafford Loan. A subsidized loan is awarded on the basis of financial need and no interest will be charged prior to the beginning of the repayment period. An unsubsidized award is not awarded on the basis of need and interest is charged from the time the loan is disbursed until it is paid in full.
As of 2002 the maximum Subsidized Stafford Loan was $8,500 per year with a cumulative maximum of $65,500. The unsubsidized maximum is $10,000 per year. However medical students enrolled full time may borrow an additional $26,666 annually. The Federal Stafford Loan programs (Subsidized and Unsubsidized) have an aggregate limit, which is currently $189,125 for students attending allopathic and osteopathic medical schools.
Federal Perkins Loan – This is a low interest loan for students with financial need. Repayment and interest are deferred while the student is enrolled at least halftime.
The Federal Perkins Loan program aggregate limit is currently $40,000.
Loan for Disadvantaged Students (LDS)- Applicants for this loan must be enrolled full time, have proven need, and meet the federal requirements for coming from a disadvantaged background.
Primary Care Loan (PCL) – This loan is available to full time students with proven financial need and who are willing to commit to practice in a primary care specialty.
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Alternative Loan Programs
These are private market rate loans for students who need additional financial assistance. Students must meet the credit criteria of the lender. The terms of these loans fluctuate with market conditions. Be sure to check for current interest rates, variable rates and loan fees.
MEDLOANS are provided through AAMC.
Loan Limits:
Minimum: $500
Annual Maximum: Cost of education minus other financial aid
Aggregate Maximum: $220,000 (total educational indebtedness from all sources)
http://www.aamc.org/students/medloans/start.htm
MEDACHIEVER loans are made through Key Bank.
Loan Limits:
Minimum: $500
Maximum: Up to the cost of education less other aid
Aggregate Maximum: None
http://www.key.com/templates/t-ps3.jhtml?nodeID=H-1.33.b7
ACCESS GROUP loans are only available at approved schools.
Loan Limits:
Minimum: $1,000 (the minimum per disbursement must be at least $100)
Annual Maximum: Up to the amount certified by your school
Aggregate Maximum: None
http://www.accessgroup.org/software/need_access/index.htm
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Scholarships
Generally, applications can be obtained on line through the financial aid web site ( www.umt.edu/finaid/).
Helen S. Davis Scholarship - The amount varies - $1000 - $6000
Number of awards varies, usually about 20
This award is for Montana residents regularly enrolled in a duly accredited medical school granting the degree of Doctor of Medicine. Applications are available by writing to:
Helen S. Davis Medical School Scholarship Trust
Wells Fargo Bank Montana, N.A
Private Client Services
P.O. Box 597
Helena, MT 59624-0597
The Bernice A. Gleed Scholarship Fund - Award amount approx. $1000. Number of awards varies, usually 10 Students can apply every year
Applicants must be Montana residents enrolled in pre-medical coursework at The University of Montana. The recipient of a Gleed Scholarship must have been enrolled at The University of Montana as a full time student in the two semesters immediately preceding the spring semester of selection. Awards to freshman and transfer students will be contingent upon completion of spring semester without dropping below a minimum GPA of 3.3. Recipients must be full-time students during the award period. Graduates of the The University of Montana that have been accepted to medical school are also eligible to apply. Complete the General Scholarship Application. For seniors or graduates that have been accepted to medical school, note ““For Gleed Scholarship Only”” on the front page. The deadline for this scholarship is the same as the General Scholarship Application
Donald M. Hetler Pre-Medicine Scholarship - There will be an estimated scholarship amount of $1,000 available for the 08-09 academic year.
The Fund shall be used to provide scholarships to students who are enrolled in the Pre-Medical Sciences Program in the Division of Biological Sciences at The University of Montana. The program's curriculum prepares students to apply to health professions schools and programs in allopathic medicine, chiropractic medicine, dentistry, naturopathic medicine, optometry, osteopathic medicine, podiatry, veterinary medicine and the physician assistant area. Preference shall be given to Montana residents who graduated from a Montana high school and who have financial need as determined by the Office of Financial Aid need-analysis. Additionally, preference will be given to students who intend to continue their education in the field of medicine by applying to medical school as demonstrated by their grade point average, statements or actions. Recipients must have a cumulative GPA of 3.5 or higher. A committee appointed by the Pre-Medicine Sciences Program advisor (or person who performs a similar function) shall determine the amounts of the awards and the recipients. However, one meaningful award rather than several smaller awards is preferred. This scholarship is renewable provided the recipients reapply each year and continue to meet the above criteria. Complete the General Scholarship Application. The deadline for this scholarship is the same as the General Scholarship Application
Rocky Mountain Eye Center Scholarship - An award of up to $1000 for one or more students.
The Fund shall be used to provide scholarships for students who are enrolled in the pre-medicine curriculum at The University of Montana, with preference given to those students who have graduated from a Montana high school. Qualified applicants must have a minimum cumulative GPA of 3.0 or higher. The Division of Biological Sciences Scholarship Selection Committee shall determine the amounts of the scholarship awards and the recipients. However, one meaningful award rather than several smaller awards is preferred.
Henry J and Mary Lahiff Wiegenstein Scholarship in Pre-Medicine - The award has a budget of $1000 and must meet the following criteria:
“The fund shall be used to provide scholarships to deserving students in the pre-medicine curriculum in either Chemistry or the Division of Biological Sciences at The University of Montana. A selection committee including an equal number of faculty from the Department of Chemistry and the Division of Biological Sciences will determine the amount of the awards and recipients. However, one meaningful award rather than several smaller awards is preferred. The dean of the College of Arts and Sciences will serve as a neutral third party and choose the recipient(s) if the Department of Chemistry and the Division of Biological Sciences cannot reach agreement.”
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Service Scholarships
Armed Forces Health Professions Scholarship Program-This scholarship pays tuition, fees, educational expenses and a monthly stipend in exchange for military service. The scholarship is available from the Air Force, Navy and Army. Contact your local armed forces recruiter for more information. Even better benefits are available to those students that are accepted into the Uniformed Services University of the Health Sciences medical school (e.g., housing and food allowances and year-round salary).
National Health Service Corps (NHSC) Scholarship Program-This scholarship pays tuition, fees, educational expenses and a monthly stipend for up to four years in exchange for salaried service in a designated underserved area. Recipients must serve one year for each year of support with a minimum of two years service. For more information contact the:
NHSC Scholarship Program
Division of Scholarships and Loan Repayment
Bureau of Primary Health Care
4350 East-West Highway, 10th Floor
Bethesda, Maryland 20814
301-594-4410 or 1-800-638-0824
http://www.cfda.gov/public/viewprog.asp?progid=1238
Indian Health Services Scholarship -This scholarship is available to American Indians or Alaskan Natives. Subject to applicable regulations and to the Indian Health Scholarship Program Contract , there is a requirement that a Health Professions Scholarship Program recipient serve one year for each year of scholarship support that he/she receives or the part-time equivalent thereof with a minimum service period of 2 years. More information is available http://www.ihs.gov/
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Additional Information
Individual schools have varying amounts of financial aid available for incoming students. Check with the financial aid departments of schools that you are interested in to see what type of scholarships or loans you may be eligible for.
Start researching other scholarship opportunities as soon as possible. Some require extra effort in order to apply. One example is two different $5000 awards from the Daughters of the American Revolution. Eligibility is based on proof of ancestry to a revolutionary war soldier.
Georgetown University has compiled a list of scholarships available to medical students. This list can be viewed at http://www.georgetown.edu/schmed/scholarship/
Fastweb is a scholarship search that may prove helpful. http://www.fastweb.com/
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