The category of health professions encompasses 30+ fields, from nursing and occupational therapy to psychology and public health. No matter what area you’re studying, using a 1-2-3 approach can help you pay for your health professions degree.
1. Start with money you don’t have to pay back. To supplement any savings you want to use, apply for scholarships, grants, fellowships, and assistantship positions.
2. Apply for federal student aid. Fill out the Free Application for Federal Student Aid (FAFSA) to see if you can get government loans and grants as well as state and school aid.
3. Explore private student loans. A private student loan can cover the cost of any tuition bills, fees, or living expenses that are left over.
Compare the Sallie Mae® Graduate School Loan for Health Professions to the Federal Direct Grad PLUS Loan. It can be a good alternative and, if you’re highly qualified, you may receive a lower interest rate.1
Learn about the Sallie Mae® Graduate School Loan for Health Professions
Personal savings
If you want to use your savings to help pay for your health professions degree, you should consider a few things first. You’ll want to make sure you can still pay your monthly bills as well as have some money set aside for any unplanned expenses. Creating a budget can help you understand what your monthly expenses are and how much of your savings you can put toward your education. Talk to a financial advisor if you have any questions.
School-based scholarships, assistantships, and grants
Some schools may have scholarships, assistantships, and grants their health professions students can apply to. Grants are often need-based while scholarships can be need- or merit-based. Assistantships tend to be merit-based. In exchange for 10 – 15 hours of work on campus, graduate students can get tuition remission and/or a living stipend. Look at the websites of the schools you’re applying to and talk to their financial aid offices to find out more.
Other scholarships
Some professional associations and for-profit companies offer scholarships, fellowships, and grants to graduate health professions students and/or are a good resource for find funding opportunities. Here are a few of associations that health professions students may find helpful:
You can search for more scholarships using our Scholarship Search tool. You can also reach out directly to the organizations for more information or ask your department head for recommendations on which scholarships, awards, or grants may be right for you.
Service programs
Depending on your area of study, you could qualify for a program that covers your health professions school costs in return for a set number of years of service to that organization. A few of the programs available to you include the following:
To see if you qualify for any federal loans and grants, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA).
The FAFSA could give you access to the following types of federal, state, and school aid:
After you’ve considered your sources for “free” money and financial aid, you can consider applying for a private student loan. Private student loans can help pay for any gaps in your school tuition, fees, or living expenses.
Private student loans are available through a bank or credit union. The interest rate you receive for your loans depends on your credit—the better your credit, the lower your interest rate usually is. Private student loans, like the Sallie Mae® Graduate School Loan for Health Professions, are available with a fixed interest or variable interest rate. It also gives you the option to make in-school payments or defer until after you graduate.10 Borrowers may save 17% on their total loan cost by choosing the interest repayment option instead of the deferred repayment option.11 As with federal student loans, you’ll have to pay back the money you borrowed, plus interest.
Deferring undergraduate student loans
If you have private or federal student loans from your undergraduate degree, you can consider deferring them while you’re enrolled in a graduate health professions program. Contact your loan servicer to find out what options you have. Be aware that although you won’t have to make monthly payments on these loans while you’re studying, they will likely still accrue interest.
Borrowing is often a necessary part of getting the education you need to start your health professions career. But it’s important to borrow responsibly so you can pay back your loans on time after you earn your degree. Limit your borrowing to the amount you’ll need for the cost of tuition and related expenses. Evaluate what your anticipated monthly loan payments might be versus how much you expect to earn in your post-school career. You can research your potential salary through professional associations and the U.S. Department of Labor, which lists the median pay for many fields.
