Financing your Medical Education

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Medical School is one of, if not the most, expensive graduate degree programs in the United States, with the cost of tuition alone being one of the main factors behind many students not pursuing it. However, there are many merit and need-based scholarships & programs targeted at helping students navigate the stressful and complex process of financing a medical education and achieving your health profession career goals. A few of these programs are highlighted below:

HPSP is a U.S. military scholarship that helps medical students pay for full tuition, required fees, books/equipment, and provides a monthly living stipend in exchange for service as a commissioned officer in the Army, Navy, or Air Force. 

HPSP is open to applicants that meet the following requirements:

• U.S. citizen
• Accepted to or enrolled in an accredited medical (MD/DO) school
• Meet military commissioning standards (criminal background check and other qualifying criteria)
• Meet military physical standards as assessed in the Military Entrance Processing Station (MEPS)

Applicants typically need strong academic credentials (competitive GPA and MCAT scores) and must maintain full-time student status during the scholarship. 

• a minimum 3.2 GPA is required
• a minimum 500 MCAT is required
• An MCAT score ≥ 508 and GPA ≥ 3.6 are generally considered more competitive for HPSP selection
• Applications are accepted on a rolling basis, with no formal deadline to apply, although it is encouraged to apply early in the fall of the year prior to attending medical school

In return for these financial benefits—which can include a taxable signing bonus and taxable monthly stipend of roughly $2,800-$3,000/month—recipients agree to a service obligation of at least one year of active duty for each year of scholarship received, with minimum active-duty service requirements (for physicians generally at least 3-4 years) after graduation and training. While on scholarship students serve part-time on active duty each year and are appointed as reserve officers until they begin active service after completing medical school and residency.

The Air Force, in particular, has numerous residency and fellowship training program opportunities in 84 different specialties at ten (10) different Air Force training locations in addition to some Army, Navy and civilian locations.

• HPSP participants are required to apply to the Joint Graduate Medical Education Selection Board at the beginning of their final year of medical school.
• The JGMESB is the process by which Air Force obligated officers compete for selection in GME residencies and fellowship programs and is similar to the civilian match.
• Most individuals will be selected for residency and fellowship training in Air Force programs.
• However, some students may be selected by the JGMESB to train in civilian residency programs.
• Detailed information on the GME application process is provided to all program participants by HPSP Program Managers.

*NOTE: you cannot be pulled into active duty while receiving your medical education, which includes the duration of both your 4-year medical degree at an accredited MD/DO program as well as your residency program. 

Medical School Grad PLUS Loans are federal loans for grad/professional students to cover costs beyond other aid.

Grad PLUS eligibility requires the following:

• Completed FAFSA forms
• A credit check (with endorser option for denial)
• An MPN
• Entrance Counseling

Repayment on Grad PLUS loans begins after leaving school, offering deferment while enrolled. Key aspects include borrowing up to the Cost of Attendance (COA)**, fixed interest rates (e.g., ~9.08% for 2024-25), origination fees (e.g., ~4.228%), and options for various repayment plans after school. 

**NOTE: A recent change to Grad PLUS loans has capped loans for professional programs (such as law school and medical school) at $200,000 total, including any Grad PLUS loans that were taken out previously for other graduate programs.