· Good credit. Having a favorable credit
record prior to applying for financial aid is
essential. Medical schools will check it and
they have the prerogative of canceling
an acceptance if they feel the applicant will be
unable to secure loans to pay for
their education due to a poor credit
history.
· Formulate a budget. This is a most
critical element in maintaining financial stabil-
ity. It is done by determining income from all
sources, estimating all anticipated
expenses, and then subtracting the latter from
the former. This will reveal the
extent of supplementary financial support that
is necessary to meet one's needs.
· Financial aid sources. Students should
not feel uncomfortable about the need to
obtain financial aid from outside sources. More
than two-thirds of medical stu-
dents are in this position.
· Financial aid. This may be secured
as:
(a) Scholarships without a service obligation
to repay.
(b) Scholarships with a service
obligation.
(c) Loans subsidized by the
government.
(d) Loans not subsidized by the
government.
(e) Other financial sources.
Seeking financial aid. It is in your best
interest to apply for scholarships and loans. Seek
your librarian's assistance in uncovering
suitable scholarship sources. When you apply
through the school's Financial Aid Office, your
eligibility for need-based funding will
be evaluated. It is important that you
understand your scholarship/loan terms and oblig-
ations. If you are unclear about them, clarify
the issue with your school's Financial Aid
Officer. Be aware that some financial aid
programs are subject to change at the discre-
tion of the funding agency. Each loan has
different rules about when and exactly how it
must be paid back.
Scholarships
Scholarships for First-year Students of
Exceptional Financial Need
U.S. citizens or permanent residents who have
been accepted and are planning to enroll
as freshmen in medical school, and have
exceptional financial need, can apply for such
a scholarship. While funds under this program
are very limited, they do provide for
tuition as well as a stipend (currently about
$6,000) for all other educational expenses.
No service payback is required. School
financial aid officers are the best sources of
information concerning these
scholarships.
Armed Forces Health Professions Scholarship
Program
All three armed forces offer scholarships to
U.S. citizens who have been accepted or are
already enrolled at a medical school in the
United States or Puerto Rico. These scholar-
ships provide full tuition and payment of
educational expenses, plus a substantial
stipend (currently in excess of $6,000).
Recipients must serve one year of active mili-
tary duty for each year they receive support,
with the usual minimum being three years.
Premedical advisors generally have, or can
secure, information concerning the individ-
ual programs sponsored by the Army, Navy, and
Air Force. (See Other loan sources, #2,
on page 406.)
National Health Service Corps Scholarship
Programs (NHSC)
These scholarships are provided by the U.S.
Public Health Service, on a competitive
basis, to students enrolled at U.S. medical
schools. They provide for tuition, educational
expenses, and a substantial stipend (currently
about $6,000). Support may be provided
for up to four years, and the stipend is
subject to annual cost-of-living adjustments.
Recipients of such a scholarship, usually upon
completion of postgraduate training,
must provide one year of service in health
manpower shortage areas for each year of
financial support provided (two years minimum).
The service may be fulfilled as
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