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Financial Planning

Your wallet's best friend

Make no mistake, medical school is expensive. Doctors' responsibilities range from pre-natal care, to specialty areas, to our end-of-life decisions. The training is intense, hands-on, and encompasses the care of not just the patient, but the health of the entire community. Therefore, the cost of education is high. However, with smart investments and strategic financial planning, the price of medical school can be within your reach. Determine what you can afford and what you will need to finance. The Student Financial Aid Office is happy to answer your questions and guide you in the right direction.

Your Bottom Line and Academic Success

Strategy can make all the difference

While financial aid can lessen the burden on your bank account, it can also make a positive impact on an important part of your medical education - quality of life. A successful plan aims to maximize your resources and minimize your expenses, offering peace of mind and the ability to focus on your education.

Plan your budget. Not just for a semester, but your academic year. Check out the RowanSOM Cost of Attendance and compare it to your household expenses. Talk to a financial specialist and carefully weigh the pros and cons of loans, scholarships, grants, and Federal Work Study. Decide what you can afford - financially and academically. Be sure to complete a FAFSA each year. If you have borrowed for your education prior to your medical school application, do you know what you owe? Log in to the National Student Loan Data System to review your current federal loan debt portfolio, which can help you make a more informed decision.

Budget Worksheet

Take a few minutes to plan your budget by downloading our worksheet. The financial relief is worth every minute.

Estimate Your Cost

Looking for a good "guesstimate" before you start the process? Estimate the cost of your medical education using the Net Price Calculator.

AACOM Financial Tools

The American Association of Colleges of Osteopathic Medicine has created tools to help you succeed in the financial planning process.

Medical Education, Multiple Options

Your medical career dreams are within reach

Your dream is attainable. There are different types of aid available, do you know which ones meet your qualifications? While most aid is based on financial need, there are additional scholarships and merit awards that consider multiple factors. And remember – you can receive more than one type of financial aid, so be sure you research all of the available choices. When in doubt, ask questions!

Scholarships

Learn about scholarship opportunities available through RowanSOM and beyond.

Loans

Find out how to use both private and federal loans to fund your medical education.

Other Aid

There are other financial aid programs available. Read more about those programs here.

First, the FAFSA

What is it? Do I need to complete one?

FAFSA is an acronym for Free Application for Federal Student Aid. This form must be completed to qualify for financial aid across all platforms, not just federal aid. The program and application are run by Federal Student Aid, an office of the U.S. Department of Education. This department is the largest provider of student financial aid in the nation.

Learn more about the FAFSA