Financial Aid for Medical Billing and Coding Schools
If you're looking for financial aid for medical billing and coding 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).
Your first step will be to fill out the Free Application for Federal Student Aid (FAFSA), which will help determine your eligibility.
Types of Grant and Loans
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: Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and non-federal sources might be added.
- Stafford 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 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 for Parents: 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.
- Consolidation loans (DL or FFEL): A Direct Consolidation loan allows the borrower to roll all his or her student loans into one, eliminating multiple monthly payments.
- Federal Work-Study (FWS): The FWS program provides funds that are earned through part-time employment to assist students paying for school.
- Perkins Loans (FPL): The FPL program provides low-interest loans to help needy students finance a postsecondary education at one of 1,800 participating institutions.
- Federal Supplemental Educational Opportunity Grants (FSEOG): These are need-based grants provided to low-income students to give them access to one of approximately 4,000 participating institutions. The goal is to provide a channel to obtain a postsecondary education that may not have previously existed.
Scholarships for Medical Billing Schools
The American Health Information Management Association 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.