Healthcare Students: Show Me The Money

Students who are willing to investigate financial aid prospects can reap the rewards. Financial aid is most readily available from the state and federal governments for both undergraduate and graduate programs. The Military, National Institutes of Health, and some employers offer additional financial assistance.

By Nancy Crotti, Star Tribune Sales and Marketing

Last update: March 4, 2008 - 4:07 PM

Financing a healthcare education, like any graduate or postgraduate education, requires homework, and that's before the student ever sets foot in college. Two financial aid experts from the University of Minnesota (U of M) advise students and their families to first investigate the outlook for the potential career and the requirements for graduation. Then they should check out the loans and grants from the federal and state governments, as well as from colleges they're interested in, potential employers and the military before resorting to more expensive private loan programs.

Knowing where to look

Financial aid is most readily available from the state and federal governments for both undergraduate and graduate programs, according to Kristine Wright, director of the U of M's Office of Student Finance for the Twin Cities. The federal government offers need-based grants up to $4,310, and the state offers need-based grants up to $8,577. "There is a lot more aid out there, particularly for an undergrad, than people think there is," Wright says. Institutions do their part, too. For example, the U of M guarantees that students eligible for Pell grants will receive enough gift aid to cover tuition and fees.

It's a good thing, too, because undergraduate tuition and fees at the U of M for a Minnesota resident is $10,202. Room and board, books, transportation and other necessities add another $10,000 to the annual cost, Wright adds. But someone graduating from the university medical school can still expect to carry an average debt of $114,706.

Hard work pays off

Indeed, students who are willing to investigate financial aid prospects can reap the rewards, according to Rockne Bergman, health professions financial aid administrator at the U of M. "You have some students who will do anything they can to find free money and then you have other students for whom it's too much of a chore," Bergman said. "But it's out there."

The military and the National Institutes of Health offer excellent programs that cover tuition, fees, books, supplies and living expenses in exchange for a service commitment of two to four years after graduation, Bergman added. Employers such as Wal-Mart and Target offer financial assistance to pharmacy students to entice them to work at their stores.

"After graduation, there are a number of programs that do help with repayment of loans, depending on which degree you have," he added. "What I tell students is, the only good thing about these loans is that they will get you through your program. Once you get through your program, you want to pay them as soon as possible."

Nancy Crotti is a freelance writer who lives in St. Paul.

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