Financial Aid for Medical Billing Schools If you're looking for a way to pay for medical billing school, the Federal Student Aid programs are the largest source of college financial assistance. Each year they provide billions of dollars in funding through a variety of methods—grants (money that does not have to be repaid), work-study (job earnings) and loans (money that must be paid back with interest). As you gather your funds, you may qualify to receive one or more of the following types of financial assistance for medical billing school tuition: - Pell Grants
- Stafford Loans, available either through the Direct Loan (DL) program or the Federal Family Education Loan (FFEL) program
- PLUS Loans for Parents (also available through the DL or FFEL programs)
- Consolidation loans (DL or FFEL)
- Federal Work-Study (FWS)
- Perkins Loans
- Federal Supplemental Educational Opportunity Grants (FSEOG)
 Pell Grant
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. In some cases, however, a medical billing school student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added. Stafford Loans (Student Loans)
Stafford Loans are also known as the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) program. Under the Direct Loan program, the funds for your medical billing school loan come directly from the federal government. Funds for your FFEL will come from a bank, credit union or other lender that participates in the program. PLUS Loans (Parent Loans)
Parents can borrow a PLUS Loan to help pay education expenses if the student is a dependent undergraduate student enrolled at least half time in an eligible program at an eligible medical billing school. PLUS Loans are available through the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program. For applications and more information on federal financial aid go to:
Financial Aid Scholarships for Medical Billing Schools The American Health Information Management Association Foundation of Research and Education (FORE) offers merit scholarships to outstanding undergraduate students pursuing degrees in health information administration and health information technology who have at least one full semester (6+ hours) of classes remaining in their course of study at the time the award is granted. You can also fill out a scholarship application here:
Scholarships Individual medical billing schools also offer scholarship opportunities. |
