Top 3 Grants and Scholarships to Help Pay for Medical School

As the number of applicants increase annually, the competition to get into Medical School has never been greater.  Unfortunately, the exclusiveness has also come at a premium for those luck enough to get into a program as tuition has skyrocketed in the last decade.  According to the AAMC, the cost of one year of a public Medical School for in-state students was $32,889 per year compared to the $56,795 per year for out-of-state students in the 2015-2016 Academic Year.  If you chose to go to a private school, you will be expected to pay well over $50,000 a year regardless of if you are a local or not.  These costs are astronomical and do not even consider the books, accommodations, and food that a student will need to buy additionally.  At the end of these 4 years, a Medical Doctor will have an average debt of at least $250,000.  That is a big hole to climb out of, especially if you are in Residency and making only $50,000 a year working 80-90 hours a week.   All this information was known to be when I was filling out my applications for Medical School but one theme that was not on the forefront was the possibilities of scholarships and grants that were available to Medical Doctor candidates. Although most will only cover a fraction of the costs, these scholarships can make a large difference in the long run and even a $5,000 scholarship could translate into $20,000 that stays in your pocket when you complete your degree.  Here are the top 3 scholarships available to Medical students in the U.S. as well as a small description of the general requirements you must fulfill in order be eligible.  

Number 1:  ACLS Scholarship for Healthcare Providers 

This is a scholarship that made the list because it is available for both medical students and undergraduate candidates who wish to go into healthcare.   In order for you to qualify for this scholarship, a candidate must submit a 750 to 1,000 word essay discussing the impact emergency medicine has from the perspective of a medical student.  

You are asked to envision performing some type of advanced life support and what mind frame and what attitude you have to compensate for the crushing pressure that you are feeling in this situation.  This essay would be used as a motivational tool for other students throughout the year to help ease some of the uncertainty they may feel while they are training for their ACLS, BLS, and PLS courses.  The victor of this essay will receive $1,000 as a stipend towards their Medical education while three runner-ups will be offered complementary courses in ACLS, BLS, or PLS.

This may not be the largest offer out on the table but it can be written in less than an hour and it is available to everyone wishing to go into Medicine.  Even $1,000 can make a difference in a loan payment or even allow you to take a vacation during the grind of the school year.  Don't worry, there are more attractive scholarships out there on the next page.  

Two More Scholarships That Medical Students Should Consider 

Number 2:  AMA Foundation Minority Scholars Award 

This scholarship is a step up from the ACLS Scholarship presented in Number 1 in terms of payout and you can expect to receive $5,000 annually during your 1st and 2nd years of Medical School.  Like the name implies, this scholarship is only available for minorities in Medical School.  In order to become eligible for this scholarship, an applicant must fill out the application form as well as a financial needs form.  A hopeful recipient must also include a Personal Statement as well as recommendation letters from the Dean of the Medical School and a member of Faculty at his Medical School. The requirements are very obtainable for those in Medical schools around the U.S. and should be worthwhile venture if you are in a minority group. 

This is a nice offer but unfortunately, it is not available for everyone and the payout is only $10,000 if you are the winner of the award.  Fear not, though, a better scholarship is next. 

Number 3:  The F. Edward Hebert Armed Forces Health Professions Scholarship Program 

Hopefully you've read this far because I have saved the best pay-out for last.  If you chose to pursue this scholarship, you will not only have 100% of your medical tuition paid for but you will also receive a $2,000 stipend every month for additional expenses that you may have outside of Medical School.  This scholarship also comes with a $20,000 signing bonus so you will not have to worry about anything realistically during your Medical training.  

In order to be eligible for this opportunity, a candidate must be a U.S. citizen and received a Bachelor's degree from an accredited school. They must also have proof of acceptance into an accredited Medical school in the United States or Puerto Rico and maintain full-time status during their enrollment in Medicine.  They must also pass a background check as one of the requirements to become a commissioned officer.  

If you like the program, there is also an opportunity to receive similar benefits if you wish to receive Residency training or Fellowship training.  You will receive higher salaries than what you could expect in the general healthcare system and may have an easier time finding a residency position in a specialty that you enjoy.  

In order to "pay-off" your obligation, a Medical Doctor must pay back one year of service in the U.S. Army for every year they have received the scholarship.  These same conditions apply for Residency or even Fellowship training.  This return-of-service is also common in Canada and various countries around Europe. 

I was considering this option before ultimately deciding not to but have a few college friends that elected to do this option.  You have a "basic" training and do not have to do the grueling workload that your training regimen has to follow.  You have no expenses to worry about and you have one of two options when it comes to Residency.  If you qualify for a Residency Program without the Army's assistance, you will be able to choose your location of where you complete your service.  

If you scores do not allow you to qualify for a competitive Residency, the Army will help you get into a Residency Program but require you to work where there could be active military operations.  It may not be ideal, but if you push yourself and can work in a military base for 4 years in Germany, that is much more desirable than a base in the Middle East.