Financing Your Health Professions Education

Most students take out loans to finance their health professions education and after 4 years, the total amount of money borrowed can be as high as $150,000. Several alternatives exist to either decrease or eliminate the necessity of taking out loans. The programs range from providing health care to individuals in underserved areas of the United States to serving in the military. Information about several programs is listed below.

National Health Service Corps (NHSC) offers a competitive scholarship program for students committed to providing primary health care in communities of greatest need. Scholarship recipients serve where they are most needed upon completion of their training. Scholarships cover four years of tuition and fees, stipend payments per year of scholarships support, payment of other educational expenses such as books, supplies and equipment. Medical students must complete residences in family medicine, general pediatrics, general internal medicine, obstetrics/gynecology or psychiatry. Dental students must complete residencies in general practice or pediatric dentistry. Period of service is one year for each year of support you receive (with a two year commitment). There is also a loan repayment program for trained physicians in exchange for practicing medicine in underserved communities in the United States.

Armed Forces Health Professions Scholarship Program allows students to attend civilian medical schools and will serve in the military after residency. Students may enroll in the Air Force, Army or Navy. Differences may exist between the various branches of the military. Recipients of the scholarship do not pay tuition or fees. Monthly stipends are also available.

• Army - Scholarships are awarded to students accepted to programs in medicine, dentistry, veterinary medicine and optometry. During school, you will be a second lieutenant in the US Army Reserve. After you graduate, you are promoted to a Captain and are on active duty.
   
• Navy - Scholarships are offered to students accepted to programs in medicine, dentistry, podiatry, physician assistant and optometry. You must serve 45 days each year on active duty while in school. You must attend Officer Indoctrination Program during the summer after your first or second year of school and attend clerkships during the other summer months.
   
• Air Force - Scholarships are offered to students accepted to programs in medicine and dentistry. You will be a second lieutenant in the Air Force and will participate in 45 days of annual training. You will serve four years on active duty in the Air Force for a four-year scholarship.

Uniformed Services University of the Health Sciences (USUHS) is the military's medical school in Bethesda, maryland. Students become commissioned officers in the Army, Navy, Air Force or Public Health Services and serve seven years of active duty. Students do not pay tuition or fees. They also receive a monthly stipend.

Commissioned Officer Student Training and Extern Program (SRCOSTEP) offers financial assistance for students in dentistry. After finishing their degree, students work for twice the time period that financial support was received.

National Institute of Health offers loan repayment programs for physicians engaged in AIDS research, clinical research or general research. Appointments are for 2-3 years and pay a maximum of $35,000 per year towards educational loans.

Loan Repayment/Forgiveness and Scholarship Programs is a searchable database through the AAMC website and contains both federal and state programs.