Financial First Aid for Health School Students

Few health school students can afford an education without some type of financial aid. Even fewer are armed with the knowledge to tap into the various grants, loans, scholarships and work-study programs available to hard-working students. For instance, did you know that by simply completing the Free Application for Federal Student Aid (FAFSA), you become automatically eligible for many federal programs?

Scholarships

Scholarships seek to highlight and reward students' specific talents or qualifications—academic achievement, athletic ability or artistic skill. Scholarships, like grants, are gifts that do not need to be repaid, although some scholarships are awarded with certain stipulations (such as enrolling in a particular field of study or working with a certain organization). For health school students, the professional association for your specialty may give scholarships to qualified individuals. For example, the American Dental Association offers scholarships to dental assistant training students. Health schools themselves also offer scholarships to students who meet certain criteria. But the best scholarship resources are often local church organizations, small businesses, large corporations, philanthropic individuals or anyone else in the community who feels inspired to contribute to a worthy individual's education. Below are a few links that relate specifically to scholarships in the field of health care.

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Loans

College loans are similar to home loans, car loans or yacht loans—they are a debt that must be repaid to the lender with interest. The good news is that the federal government regulates the maximum interest that lenders can charge on federally guaranteed student loans, which makes them easier to repay than other loans. In addition, payment against these loans doesn't start until six months after the student graduates, or when the borrower is enrolled less than half time as a student.

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Grants

Grants are a great way to subsidize your health school education, because unlike student loans, grants do not have to be paid back. There are over a thousand federal grant programs in the US, offering more than $400 billion dollars worth of financial aid to students and organizations. The application process can be intimidating, but securing a student grant is like finding free money for qualified individuals. The only difference is, you've applied for it and earned it.

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Work Study

Federal work-study programs allow health school students who demonstrate financial need to earn money for their education. The size of each student's work-study award depends on several factors: application time, level of need and each school's funding. Jobs may be available working with professors within the campus community, or off campus with a nonprofit agency or public bureau, working for the public interest. Students often take jobs related to their individual field of study. At minimum, work-study students earn the federal minimum wage, and they often earn more (depending on the type of work, required skills and personal experience). When you apply for Federal Financial Aid through completion of the FAFSA, you can indicate that you want to be considered for work-study assistance.

Read More About Work Study Programs at Health Schools