Financing Your Medical Education FAQ
What are the main sources of financial aid for medical students?
Am I eligible for federal financial aid?
When should I start the financial aid application process?
What steps are required to receive financial aid?
What is the FAFSA, and where can I get it?
Is it possible to increase my chances of receiving more financial aid for medical school?
What are the main differences between private and federal loans?
|Q:||What are the main sources of financial aid for medical students?|
|A:||The main source of financial aid for medical students is the federal government, which provides billions of dollars of financial aid to help millions of students finance their medical education. If a medical student's federal financial aid is insufficient to cover the cost of his or her medical education, private loans are available to cover the rest of the medical student's needs.|
|Q:||Am I eligible for federal financial aid?|
|A:||You are eligible for financial aid if you fulfill the following requirements:
|Q:||When should I start the financial aid application process?|
|A:||It is best to begin the financial aid process the year before you plan to attend medical school. The FAFSA form should be filled out as soon as possible after January 1. Don't forget to verify whether or not the financial aid office at your medical school requires any additional forms for financial aid that you can receive through the school.|
|Q:||What steps are required to receive financial aid?|
|A:||Once you have completed the application process, the FAFSA and any other required forms should be completed as soon as possible. You also need to submit your Student Aid Report (SAR) to each medical school that you plan to attend. In addition to financial aid, searching and applying for scholarships is very important. A financial aid package will be offered by each medical school that accepts you; these offers should weigh in on your decision in which medical school to attend. Lastly, you can apply for any additional loans, if needed.|
|Q:||What is the FAFSA, and where can I get it?|
|A:||The Free Application for Federal Student Aid (FAFSA) is a form that determines eligibility for all federal financial aid programs. It is used to determine how much a family can contribute toward a student's medical student's expenses based on household income and other factors, including how much you will need to meet the cost of attending college.
Copies of the FAFSA should be available at your medical school's guidance counselor's office, the financial aid office at a local college, or your local public library. You can also call 1-800-4-FED-AID or go to http://www.fafsa.ed.gov for the online version of the form.
You need to complete a FAFSA form each year that you would like to be considered for financial aid. In November prior to the new school year, the new FAFSA form and instructions usually become available. The electronic version is typically available online in January prior to the new school year.
|Q:||Is it possible to increase my chances of receiving more financial aid for medical school?|
|A:||Yes. Applying as early as possible is the best way to increase your chances of receiving more financial aid. Most medical schools, preset allocated funds for scholarships, grants, Federal Perkins Loans, and Federal Work-Study. It's possible for the school run out of funds if your application is not received early enough, so it is in your best interest to apply as early as you can.|
|Q:||What are the main differences between private and federal loans?|
|A:||Lenders such as banks lend private loans to medical students, while the government lends Federal Loans. Private loans generally have higher interest rates than federal loans. Because private loans are commonly credit-based, your credit rating will determine your eligibility for private loans. Federal loans do not require cosigners or proof of income from medical students as many private loans do.|
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