Financial Aid Tips for Health Care Professionals

Students who are studying for careers in the health care field have a variety of options to help them pay for their education. Although the credit crunch has made it tougher to get some student loans, financial aid is available. The following tips can help health care professionals get the funds they need.

Private and Federal Student Loans
You may be eligible for a Perkins, Stafford, or PLUS loan from the federal government. Perkins loans are awarded to students who demonstrate exceptional financial need, but anyone can apply for a Stafford. Parents or to graduate and professional students are eligible to apply for PLUS loans. Federal student loans are subsidized or unsubsidized depending upon a student's financial need and have a fixed interest rate. Private student loans have variable rates and are based on your credit score.

Student Loan Forgiveness
After graduating you may be eligible for a loan forgiveness program if you work in a public health care setting or other high-need area. For example, the Nursing Education Loan Repayment Program pays 60 percent of a qualifying student loan balance for registered nurses who work for two years in areas experiencing a nursing shortage. Other loan forgiveness programs are available for health care professionals who work in public service jobs, conduct clinical medical research, and work as occupational therapists. Some hospitals may also have loan forgiveness programs for employees who commit to work there for a certain period of time.

Scholarships and Grants
Generally when you apply for aid, the school financial aid office will consider you for institutional grant funding. Check with them to find out about any additional grants and scholarships that might be available. Many community agencies, foundations, clubs, and civic organizations also offer scholarships. Other organizations that give out scholarships for enrolling in health care programs are the National Institutes of Health and the Oncology Nursing Society. Tylenol also offers scholarships for people studying for health care degrees.

The scholarship database on College Aid can help you search for other sources of aid.

About the Author
Francine L. Huff is a freelance journalist and the author of The 25-Day Financial Makeover: A Practical Guide for Women. She has appeared on a variety of TV and radio shows.