Financing Your Future as a
Medical Professional

The Free Application for Federal Student Aid (FAFSA) isn’t just for students seeking federal financial aid. It’s also used by colleges and universities, professional schools and scholarship programs to contextualize your financial need. 

In most cases, graduate and professional students are considered independent students in terms of the FAFSA, meaning they aren’t required to provide their parents’ financial or tax information. However, in some cases students should include their parents information if possible to qualify for the most accurate financial consideration. The financial aid office can help you determine what information you should include.

>> Learn more about the NEOMED Financial Aid Application Process

If you can’t pay for your degree out of pocket, you’re not alone. More than half of all graduate students, including 84 percent of doctors in professional degree programs, take out loans for grad school. Borrowing to pay for your health professions education isn’t necessarily a bad thing. It’s an investment in your future that often has an outstanding return for NEOMED students, and there are things you can do to ensure responsible borrowing.

Experts recommend that you max out free and low-cost sources of aid, like scholarships, grants and federal loans, before turning to private lenders. Federal student loans typically have the lowest interest rates when compared to private, and include more borrower protections like repayment deferral and income-driven repayment plans.

Most students at NEOMED are able to obtain federal student loans to cover their entire cost of attendance. Plus, if you’ve already established a strong credit history, you may borrow additional loans to pay for living expenses that aren’t billable to NEOMED, like rent, transportation or groceries. Keep in mind that everyone’s financial situation is unique. You should talk to the financial aid office for information about your specific situation.

If the idea of taking out student loans is a source of concern, it may help ease your worries to consider what you borrow for your education as an investment in your future. When you choose to invest in a high quality health professions education at a school like NEOMED, it’s realistic to expect a high rate of return.

For NEOMED programs, the return on investment is outstanding. For example, graduates from the Doctor of Pharmacy (Pharm.D.) program can look forward to a mean annual wage of around $128,000 according to the U.S. Bureau of Labor Statistics.

>> Calculate your own potential ROI — use our financial assistance estimator to determine what awards and other financial aid for which you might qualify at NEOMED.