How to Pay for Health School
The majority of Pre-Health students are focused on how to get into a professional health school. Unfortunately, one aspect of the application process that is often overlooked is how they are going to pay to attend that school. Here are some ways that you can pay for your graduate health education:
- Institutional grants/scholarships – Some programs offer limited funding, and very few of these can cover the total cost of attending the school.
- Student loans – Due to the cost of attending health school and the near impossibility of holding down a part-time job while in school, student loans have become the norm.
- Military Scholarships – the Health Professions Scholarship Program covers 100% of tuition and supplies, and provides a monthly stipend in exchange for an expected one year of active duty service for every year the scholarship was received.
- National Health Service Corps (NHSC) Scholarship – Much like the HPSP, it provides tuition, fees, educational costs and a living stipend in return for a “1-for-1” commitment (minimum of two years) at an NHSC-approved, high-need urban, rural or frontier site. You must pursue a residency in family medicine, internal medicine, pediatrics, OB/GYN, psychiatry or a combination of the above.
- Professional Student Exchange Program – allows students in 10 western states to receive financial support when attending selected professional programs that are not available at public institutions in their home state. See the section below on “WICHE.”
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WICHE for Dental and Veterinary Medicine
The Western Interstate Commission for Higher Education is an agreement between fifteen western states to share education resources rather than duplicate educational resources. As a part of WICHE, New Mexico participates in the Professional Student Exchange Program (PSEP). This is a Loan for Service program that offers a number of New Mexico residents pursuing Dental or Veterinary Medical Education, to receive state support to cover an amount comparable to the difference between in-state tuition and out-of-state tuition. This allows New Mexico residents the opportunity to pay a reduced tuition at an out-of-state program, since no Dental and Veterinary Medical programs exist in the state. If a student applies for PSEP support and accepts the support, as a condition for accepting the support, the recipient must declare his or her intent to return to New Mexico to practice after graduation. The support may be renewable up to four years if the student is in good standing.
The application period for New WICHE Applicants is between August 15th and October 15th.
The application period for Renewal WICHE Applicants is between May 15th and July 1st.
This is very important: PSEP is not a scholarship but a Loan for service. If a program loan recipient completes their professional education and does not provide service to New Mexico, the State of New Mexico views the received support as a loan and will require the recipient to pay back the entire amount with interest.
For more information about this program visit www.wiche.edu/psep and for an application visit www.hed.state.nm.us/students/wiche_lfs.aspx.
Non-Traditional Student Expenses
While you will be thinking about mainly the tuition and cost of attendance, if you are a non-traditional student, there may be other expenses you need to plan for like: Less income by leaving a professional career to attend health school. Child care: perhaps you have a stay-at-home spouse or partner who cares for your children. Will this person need to return to work? If so, child care may be an additional cost to include in your budget. Relocation: In addition to ongoing housing costs, you may need to relocate to a new area. Expenses beyond the move itself will probably include a deposit on a new apartment or house.
If you currently rent, consider any costs related to breaking your lease. If you own, consider the costs (and time!) of selling your property, or any negative cash flow that may result if you decide to rent your home Your Spouse or Partner’s New Job: If you need to relocate, your spouse or partner may not find a new job immediately. Be certain you have a cash cushion large enough to cover the interim time out of work Health Insurance. While there are student insurance plans that you will be eligible (or you may be able to be added to your spouse or partner’s plan), the costs of the new premiums may be more than those associated with your former employer’s plan. Be sure to explore all of your options before deciding on a plan.
