Financing an Education in Business, Law, or Medicine

Business School

Read Paying for Your MBA, by the Graduate Management Admission Council.

Law School

Students planning to attend law school should prepare to incur significant debt. According to one source, law students should expect to borrow from $60,000 to $100,000 over three years. As a result finances are among the most important factors to consider. Because federal and state grants are seldom available, the majority of law students must borrow to finance their studies. Law schools also offer scholarships to the most desirable candidates; such scholarships may be awarded solely on merit or on financial need, or awarded on a combination of merit and need.

To learn more about how to finance a law school education, read the University of Chicago Prelaw Guide, and information provided by law schools on their Web pages and in application materials.

Medical School

Paying for a medical school education can be an expensive venture; four years of tuition can range from $80,000 to $140,000. Unlike graduate education, for which one's tuition may be fully subsidized by the institution, the burden of paying for medical school falls largely on the student. The small amount of grant or scholarship aid provided by many medical schools is usually reserved for the truly destitute or truly amazing applicant. Consequently, most medical students use loans to pay for their education and living expenses. On average, graduates of private medical schools have borrowed about $100,000 and graduates of public institutions have borrowed about $70,000.

There are numerous public and private loan programs available to help meet expenses, but qualifying can be complicated and the terms vary significantly. One should not assume that qualification for college aid automatically ensures qualification for financial assistance to attend medical school.

The single best guide for applicants pertaining to financing a medical school education is MD2 (Monetary Decisions for Medical Doctors), a publication of the Association of American Medical Colleges (AAMC). Applicants to programs in the health professions should also speak to one of the Health Professions Advisers prior to submitting an application.

Sponsored by the NIH, the Medical Scientist Training Program (MSTP) covers tuition costs for both an MD and PhD. The Air Force, Army, and Navy also offer fully paid scholarships, as does the National Service Corps. Before applying, these options should be discussed with a health professions adviser or medical school financial aid officer.