There’s no question that your medical school education will be the most important investment in your medical career. However, funding the cost of med school can be formidable, and you might need medical attention after calculating what you’ll need to pay for school. Granted, a large part of planning for medical school will be finding a way to pay for your education and manage the debt generated by attending school.
According to data provided by the Association of American Medical Colleges (AAMC)*, the first year average cost of medical school, including tuition, fees and insurance can cost more than $41,000. That’s why investigating options to pay for school, such as medical school scholarships, is a smart plan. Med school scholarships can help to reduce costs and lessen reliance on federal or private student loans.
What is the best way to find med school scholarships and how can they help offset the costs of medical school? Researching scholarships to fund your medical school education may feel overwhelming, but there are ways to make the search easier and well worth the effort. Learning how to qualify for scholarship awards will require some fact-finding and planning. You’ll be up against some stiff competition, so it’s worth your time to begin planning as early as possible.
Medical scholarships: navigating the options
Scholarships offered by school: While your undergraduate school career office can assist with your research, the best place to start researching scholarships for medical students may be to review scholarship information offered by medical schools you plan to target. Typically, the easiest way to obtain scholarships is from the medical school you’d like to attend. Plan to evaluate the types of funding available at each school you apply to and decide if you meet the eligibility requirements. Ross University School of Medicine (RUSM) offers several medical school scholarships to help prospective medical students offset the cost of their medical education.
Scholarships by type: Scholarships awarded by RUSM are awarded by selection or by application. Need-based and merit-based medical school scholarships are awarded by selection and range from subsidized loans to grants. All applicants who apply to RUSM and meet the criteria for admission will be considered for scholarships. Applicants will be considered based on documentation provided as part of their medical school application.
“Students applying to medical school should do their research and start looking into the requirements early in their undergraduate career,” advises RUSM Associate Director of Admissions, Shari Goldstein. “Students should also apply to medical school as early as possible to maximize their chance of being accepted and being awarded a scholarship. Work closely with your pre-medical advisor to plan your timeline; including taking the required pre-requisite courses, taking the MCAT, and obtaining clinical or volunteer experience”
In addition to eligibility requirements, the following criteria will be reviewed by the RUSM awarding committee when selecting eligible applicants for scholarship awards:
- MCAT score
- GPA
- Clinical experience, including shadowing/preceptorships
- Special honors or recognition
Scholarships awarded by selection and application
RUSM offers several scholarships by selection based on merit for outstanding aspiring students who have a history of academic achievement.
- Ross Success Scholarships: This merit-based scholarship provides tuition and housing assistance. This scholarship is available to all eligible incoming, first semester students with a minimum MCAT score of 486 and a minimum undergrad GPA of 2.8.
- Canadian Founders Scholarship: offered to students who are Canadian citizens or permanent residents of Canada and provides tuition assistance to students with a minimum overall undergraduate GPA of 3.3 on a 4.0 scale or a minimum MCAT score of 496.
- MERP Success Scholarship: awarded to students who have excelled academically during the Medical Education Readiness Program and have achieved a 70% grade or higher.
Students can apply for the following scholarships with a scholarship application:
- Alumni Legacy Scholarship: awarded to students who have a work/volunteer history with a RUSM graduate and provides tuition assistance. Awardees must apply with a letter of recommendation from a Ross University School of Medicine graduate.
- Eliza Ann Grier Scholarship: offered to students from underrepresented minority groups in the field of medicine for tuition assistance.
Scholarship recipients must meet the criteria for admission to RUSM, apply for admission and meet the specific criteria set for each scholarship award.
“Prospective medical students should do their research early in the application process. Do not wait until after you are admitted,” says Shari. “Even before applying, students should look at available scholarship opportunities, in addition to available financial aid support”
It’s important to map out a plan before you apply to medical school and apply careful financial management before attending school. The staff at RUSM can help you navigate the complexities of financing medical school and direct you to information for medical school scholarships in addition to answering questions about the financial aid process. Contact an admissions associate at scholarships@rossedu.com to find answers to any questions about RUSM scholarship awards and learn how to apply.