Medical school can be a great return on a student’s investment. But it can also deplete the student of money for thirty years down the line or more. Going to med school can be likened to taking out a mortgage, since on average, the total amount of graduate debt is about $140,000 per year.
This figure only covers in-state tuition. Room and board, fees and books still must be factored into the equation. If the student decides to attend a private medical school, the aforementioned number doubles.
The dream of becoming a doctor does not have to be a dream deferred. Finding money for med school may seem like an unconquerable feat, especially with the stiff competition out there; however, if a student receives excellent grades and demonstrates leadership in her/his community, funding is entirely possible with scholarships like Nancy Etz, AMA and Physicians for Tomorrow.
The American Medical Association defines its mission as, “to promote the art and science of medicine and the betterment of public health.” They cite their core values as leadership; excellence; and integrity and ethical behavior. Claiming to understand the financial burden of med school, the AMA offers a host of scholarships to current medical students.
Take a look at two AMA scholarships that give a student the chance to live out her/his dreams of becoming a doctor.
Scholarships for Minorities Help Students Pay for Medical School
The Minority Scholars Award addresses the ever-changing diversity in American society. According to the AMA Foundation, only 7 percent of American physicians are of minority descent, such as African-American, Hispanic, American Indian, etc. Therefore, the AMA Foundation created this award to, “not only encourage diversity in medicine and the elimination of healthcare disparities, but also rewards outstanding academic achievements, leadership activities and community involvement.”
The AMA also discusses the need for greater healthcare to underserved communities, which this award aims to help.
Twelve scholarships are given each year to students in the first or second year of medical school. The amount is $10,000 per student. An applicant must be a US citizen or permanent resident, and of the underrepresented groups in the medical field. To be nominated, a student must contact her/his medical school because it is the school’s faculty who does the nominating.
College Grant Money & Full Tuition Scholarships
The Physicians of Tomorrow Scholarships are awarded to “current third-year medical students who are entering their fourth-year of study.” Eight to ten scholarships are to be given out on the basis of outstanding academic achievement and financial need. Each winner will receive $10,000.
There are two different sub-areas within the scholarship; for example, certain applicants must have a strong interest in medical journalism or teaching/mentoring to win two out the eight to ten slots.
As stated for the previous award, students must be nominated by their medical school. The school is allowed to send three nominations total: one for the medical journalism category; one for the teaching/mentoring category; and one for the general category.
Scholarships offered by the AMA may be highly competitive; however, med students who strive to be well-rounded doctors in their communities have a decent shot. Working hard at school can literally pay off in the end.
