Wouldn’t it be nice to obtain a free medical billing and coding school education? Well, the idea definitely sounds good, but that doesn’t necessarily means its true, although it isn’t entirely a fallacy either. While medical coding and billing schools aren’t passing out the option to earn a degree for free, there are ways to have your education totally or perhaps partially funded.
Medical Billing and Coding School: Scholarships
By definition, a scholarship is a form of financial aid granted to a student. A scholarship comes from the school or from an external source. No matter where it comes from, it generally is a reward to a prospective student or a current student for academic achievement or for some extracurricular activities.
Each school is differs when it comes to the scholarships it offers. For instance, Sanford-Brown offers a medical billing and coding program, along with a few methods for payment. The school partnered with healthcare facilities outside of their institution to provide students who work for those establishments with a scholarship option.
If you choose to look for scholarships outside of the options your particular school provides, you need to know where to look. There are databases to search online, and your school may even have a listing.
Typically, you have to apply for a scholarship first to even be considered. Each scholarship has its own set of prerequisites to follow, so be sure to read the rules carefully to avoid wasting your time.
For example, if you’re applying for a scholarship via an Italian organization, then chances are you have to have some Italian ancestry. Or, the scholarship may require you to be a student right out of high school or a mother or have a certain high school GPA. If you’re an adult learner, make sure you read the rules carefully, because many scholarships are only available to students in a particular age bracket.
Medical Billing and Coding School: Grants
A grant is a form of financial aid bestowed on a student from the state or federal government. In some cases, the grant may come from another source, depending on the school’s options. The government will allot so much money to student to earn his or her certificate. The amounts vary based upon your financial situation and other eligibility requirements.
In other words, you might not be eligible for certain grants because of your program choice or if you make more than a certain amount annually. The PELL grant, for example, is an option for low-income students, so that they can pursue a higher education.
In order to apply for grants, you should speak with your financial adviser, so you can apply for financial aid. Generally, you’ll fill out a form known as a FASFA and have to wait until your application is approved to figure out how much funding you’re eligible for.
Unlike subsidized and unsubsidized loans, you’re not required to pay back grants, unless you don’t complete your program. Essentially, this means you have obtained your goal and obtained a free medical billing and coding school education!
Need more information? Here’s a great resouce on obtaining a grants and scholarships for free medical billing education!