Health Careers Advising

Financial Planning

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Financial Planning

Attending any of the health professional schools is an expensive endeavor and you need to plan ahead to be prepared to cover the costs. Health Careers Advising does not provide financial advice, but we have some guidance on general steps you can take and a number of resources that are helpful.

Get Prepared

  • Build good credit. Stay current with any credit card payments and try to pay off your credit card debt before you begin health professional school. Be sure you are taking the time to build a strong credit history before you apply.
  • Educate yourself about financing options. This includes everything from the Fee Assistance Programs that can provide financial assistance for your application to loan repayment programs you can participate in after medical school. See more about these in our resources below.
  • Have an honest discussion with your family regarding their ability and willingness to provide any financial support to you during your studies. 
  • Explore the financial aid offered by schools. Start with each school’s website to begin and then work with their financial aid office if accepted. When speaking with the schools’ financial aid office, discuss any special circumstances that you are facing. They are experts in helping you to navigate the complexities of financial aid. They also work closely with admissions offices and we encourage you to be in contact with them as you are making important matriculation decisions.
  • Carefully consider the costs of each medical school and how students cover these costs. What percentage of students receive financial aid? What is the average loan amount? What is the mean educational debt? Each school should have this information available to any students who have been accepted. 
  • Research difference among loan programs. Not all loan programs are created equal and they have different levels of fees, interest rates, interest accrual while in school, etc. 
  • Balance the weight of educational debt with realistic estimates of your future income in your chosen career. Ensure that your future career will have a salary that will enable you to pay off your loans - or choose to participate in one of the programs that reduces your educational debt. 

Resources

 

Funding from Brown

  • Brown University's Curricular & Co-curricular Funding is available to assist undergraduate students in supplementing expenses for standardized test preparation costs, including the LSAT. To apply, log into UFunds, search for the "Emergency Funds, Curricular & Co-curricular Gap (E-Gap) Funds" grant, then apply through the "Professional Development, Curricular, and Co-curricular Assistance Grant" section. Please note that it is not necessary to list a recommender for this application

Debt-Free Health Career Education Options

Loan Repayment Programs

Websites for Financial Planning for Health Career Education

Budgeting and Loan Repayment Calculators