Strategies for Making a
Successful Financial Transition to Professional
School
Attending professional school, whether
medical, dental, veterinary medicine, optometry, etc. is a
large commitment in both time and money. It is therefore
important for the student to be aware of the costs of the
application process, costs after acceptance, and costs of the
professional education. Since most people will not be able to
afford the tuition plus living expenses for a professional
education, it is also necessary to understand the types of
financial aid available. The AAMC has an excellent site for
detailed information regarding financing medical education. It
can be found at http://www.aamc.org/md2
Points to Consider:
The cost of attending a private
school vs. a public institution.
In Florida, there are three public medical schools. They
are UF, USF and FSU. Some other states will also grant
in-state tuition to qualified out of state residents. In
Florida there is only one public dental school- UF. There is
one public veterinary school- also UF. The only optometry
school in the state of Florida (NSU) is private. For pharmacy
school there are two public and two private institutions.
Whether you attend a public or private institution will make a
large difference when calculating how much your professional
education will cost. Some costs to consider include: tuition,
fees, books, room and board, transportation, and personal
expenses.Application Costs- In order to apply to the
professional school, you will need to:
a. Prepare for the standardized exam. You may
need to purchase review books, sample exams or software, or
pay to take a review course or for a private tutor.
b. Pay the registration fee for the exam you
are taking
c. Pay for additional score reports
d. Pay to submit the primary application, and
then pay again to submit the secondary application
e. If lucky enough to be invited for an interview, the
costs associated with that are: clothing, transportation ,
hotel, and food
Costs after
Acceptance
a. deposits to hold the place
b. initial tuition payment
c. costs associated with moving
The Cost of the Education and the
Cost of Living
Depending on the school and the location, expenses will
vary greatly. You can get information about costs of living
and where to live close to the professional school from the
professional school literature and website and other already
enrolled students. You can also check housing listings on
campus and in local newspapers.
The types of financial aid available:
a. grants and scholarships
b. student loans
c. work study
d. outside sources
e. Service Obligation Programs through the military Health
Professions Scholarship Program and the National Service
Corps.
f. Home equity loans or other loans
Applying for Financial
Aid
All schools require students to complete the Free
Application for Federal Student Aid (FAFSA) and many schools
require submission of an Institutional Financial Aid
Application.Understanding Credit and Debt
It is important that all students understand the importance
of credit history, especially when applying for loans. Credit
history includes an employment history as well as where you
have lived, how many credit cards you have, how much you owe,
whether or not you pay your bills in a timely manner, large
outstanding balances, if you ever declared bankruptcy, etc.
Before entering professional school it is important to check
your credit report, to make sure that it contains accurate
information.Special issues for non-traditional students
Many students have graduated and worked in
other fields, and are now returning to take the prerequisite
science classes for professional schools. Perhaps they have
been going to school part time and living on a reduced income,
as well as having family or other responsibilities. When you
attend professional school, it will be on a full-time basis.
Therefore, it is of utmost importance to adequately plan
finances as well as other responsibilities.
| 
