According to the US Bureau of Labor Statistics, doctors are among the highest paid professionals, with a median income of more than $200,000 per year. However, according to the National Center for Education Statistics, the average medical student will also rack up about $250,000 in student loan debt. So, while doctors can expect high salaries, many prospective medical students are wondering how to reduce their student loan debt. Medical scholarships are among the most effective ways to fund medical education. Read on to learn more about the best scholarships for medical students!
Best Scholarships for Medical Schools
Eligibility: High school seniors, college, and graduate students with a GPA of 3.0 or higher who submit an essay on medical technology and the future
Deadline: January 15 and June 15 of each year
Eligibility: Students entering their third year of medical school with demonstrated leadership in “addressing disparities in medical education and health care”
Deadline: April 2, 2022
Eligibility: Full-time students seeking a Doctor of Medicine (M.D.) or Doctor of Osteopathic Medicine (D.O.) program who agree to serve in underserved communities after graduating from medical school
Eligibility: Third- and fourth-year medical students from underrepresented backgrounds struggling with a financial crisis
Need-Based Financial Support for Medical Studies
Medical students can also apply for need-based financial aid to pay their Doctor of Medicine degree. There are 2 main applications students should consider when considering need-based financial aid:
FAFSA, or Free Application for Federal Student Aid, is the federal government’s way of providing financial aid, including federal student loans.
CSS Profile is an application for financial aid offered by the College Board. Through the CSS profile, some medical schools provide institutional financial support, which may include student loans, scholarships, and grants. Yale Medical School is a medical school that uses the CSS profile for Yale scholarships and student loans.
Students who need even greater financial support can consider private student loans. Keep in mind that these loans should be a last resort, as they may have less flexible repayment options and higher interest rates than federal government loans.
Upcoming Scholarships for Medical Students
Eligibility: Minority junior and senior medical students attending medical schools in Texas, Tennessee, North Carolina, Mississippi, or Georgia
Opens: May 2022
Eligibility: Second through fourth year medical students from an underrepresented minority