Prospective medical students can apply for a variety of medical school scholarships. Medical school scholarships are available on a need-based and merit-based basis, and range from subsidized and unsubsidized loans to grants, similar to undergraduate scholarships. Medical students can also apply for specialized scholarship programs such as the Health Professions Scholarship Program (HPSP) with the armed forces and the National Health Service Corps (NHSC), which pay for part or all of their medical school tuition.
Students should apply for financial aid using the Free Application for Federal Student Aid (FAFSA) to receive need-based medical school scholarships (FAFSA). Because medical students are considered independent the federal government, parental information is not required on the FAFSA if the student wishes to receive federal subsidized and unsubsidized loans. However, even though they are graduate students, students can receive Parent Loans for Undergraduate Students (PLUS). Parental information must be provided if the student wishes to receive need-based loans from the individual medical school or be considered for grants. There are a few extenuating circumstances in which parental information is not required, such as legal emancipation or if the student is over the age of 30, but these are evaluated on an individual basis and vary medical school.
Medical school scholarships based on merit are also fairly common. The majority of merit scholarships are given out based on a student’s grade point average (GPA), MCAT scores, admissions essays, and interview scores. Students are often not required to submit additional application materials in order to be considered for a merit scholarship, but some schools do. Merit scholarships range in value from one-time grants to four-year grants. Students pursuing an MD/PhD, also known as medical scientists, are frequently awarded full scholarships to joint medical and graduate school programs.
In exchange for a commitment to serve in the armed forces, the HPSP medical school scholarships with the Army, Navy, and Air Force will generally pay full tuition. In addition to full tuition, students receive a $20,000 US Dollars (USD) signing bonus and a $2,000 USD monthly stipend. Students who receive the scholarship are required to serve one year after completing medical school for each year spent in training with the scholarship.
Medical school scholarships from the NHSC can cover all or part of a student’s medical school tuition. Because the program is a form of loan forgiveness, the scholarship amount varies depending on the length of time spent in it. Students who apply for this scholarship must commit to a career in primary care, such as obstetrics and gynecology, pediatrics, psychiatry, or primary care. Students must also commit to practicing in underserved areas such as inner cities or rural areas.