Financial Planning for Health Professional Schools

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Financial planning is a crucial step in applying to professional schools in the health field. It is important for students to create a plan and make decisions in their educational expenses. Students are highly encouraged to budget their finances before, during, and after professional school. Students can apply to financial opportunities every year. These are some steps to take in financing your professional school applications.

1. Become Informed and Involved

  • Learn about the basics of financial aid by visiting the HI FAS website.
  • Check National Student Loan Data System (NSLDS) to review undergraduate and/or graduate loan records.
  • Reduce any consumer debts, credit cards, or car loans.
  • Research credit history.
  • Resolve any discrepancies. Good credit history can help with employment, insurance rates, interest rates, and other benefits.
  • Learn more about the types of financial aid opportunities available. According to UHM Financial Aid Office Services, the following below are the main types of financial aid:

Grants – Aid that is awarded based on demonstrated financial need. Grants do not need to be repaid.

Scholarships/Waivers – Aid that is awarded based on a variety of factors such as academic achievement, athletic ability, leadership, field of study, and/or financial need. Scholarships do not need to be repaid.

Employment – A work-study money that is earned by a student through a job on or near campus while attending school. Employment earnings do not need to be repaid.

Loans – Funds that are borrowed to help pay for educational expenses. Loans must be repaid, usually with interest.

2. Determine the Cost of Professional School Education

  • Research the costs of your professional school program.
  • Consider the following expenses for your professional school:

– Entrance Exam Prep Materials Fees

– Entrance Exam Fee

– Primary Application Fee

– Secondary Application Fee

– College Service Fee (Transcripts)

– Traveling and clothing for school interview Fees

– Professional School Cost of Attendance/Tuition

– Moving Expenses

  • Create a Budget Plan. Consider all possible costs and how you will manage them through financial aid and other opportunities.

3. Explore and Apply Early to Financial Aid Opportunities

  • Students are encouraged to apply yearly to the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility.
  • Students are also highly encouraged to research and apply to financial aid opportunities each year prior to the next school year. Students can research and apply to the following resources:

– UHM Financial Aid Services Scholarships

– UH STAR Scholarships

– College/School-, Department-, and Major-Specific Scholarships: Contact these offices for possible opportunities.

– Scholarships offered by the professional school(s) to which you are applying

– Community Organizations, Charities, Other Non-Profit Organizations, and Professional Associations (e.g. Hawaii Community Foundation)

4. Obtain Further Financial Assistance

 

Resources: