Paying for your medical billing and coding certification isn’t cheap, and the good news is there are numerous grants for medical billing and coding school that will help offset the cost.
Grants, of course, are the most desirable form of school funding because they don’t need to be paid back, and unlike scholarships, are provided without any expectation of performance.
In other words, while it’s possible to lose scholarship funding if you fail to meet certain level of academic performance, that won’t happen with a grant.
So before you apply, let’s start with the basics:
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What is financial aid and what does it cover?
Financial aid is provided to assist students that are enrolled in a program at a 2 or 4 year college, university or vocational school that participates in student aid programs (grants, work-study, loans, etc.). Those that are accepted through a financial aid program will have the following covered:
- Tuition and any school related fees
- Room & board
- Books
- School supplies
- Transportation
- Computer
You will have to contact your perspective school and find out what you’re best financial aid option would be based on your qualifications.
Am I Eligible?
One common question most students have is, “am I eligible to receive grants for medical billing and coding school?”
Some of the basic financial aid eligibility requirements that you will need in order to apply and show your financial need include:
- Being either a United States citizen or a legal non-citizen with a valid SSN (social security number)
- You will also need to show that you are qualified to earn a post-secondary education
- Possess a high school diploma or its equivalent which would be a general education degree (GED)
The other thing that is important to consider when applying for grants is your level of “financial need.”
Typically grants are awarded to those who have limited means to pay for school. So in general, the greater your level of financial need the greater the likelihood you will receive grants to pay for medical billing and coding school, and the larger those grants will be.
Available Grants for Medical Billing and Coding School
While there are some specific grants for medical billing and coding school, your best bet is to start by applying for general Federal and State grants that can used to pay for just about any accredited course or field of study.
On the Federal level, this includes Pell Grants and the FSEOG (Federal Supplemental Educational Opportunity Grant).
On the state side, this will depend largely on the state in which you reside.
We have a list of state grants here.
How to Apply
The easiest way to start applying for any grants for medical billing and coding school is to submit the FAFSA, or Free Application for Federal Student aid.
By submitting this form you will automatically apply to all relevant Federal and state grants, so it’s your #1 priority.
You will need to complete and submit the application either electronically (online) or via a written form at your local post secondary institution.
The electronic application is faster than filling out the paper form and you generally receive a response back sooner than you would a paper application. However, if you do not have access to the internet you should be able to obtain one from either:
- Guidance office at your high school
- Financial aid office at a college or university
- Public library
- You can also just contact FAFSA information center: 1-800-433-3243 Monday-Friday 8am-Midnight (EDT)
Apply Early
Once you have applied you will receive your SAR (Student Aid Report) with 6-8 weeks.
The SAR will contain the same information on your FAFSA and will generally include your EFC number (Expected Family Contribution).
During you visit at the financial aid office there are going to be numerous things that they will tell you and your eligibility will be one the topics discussed. It would be in your best interest to speak with all of the financial aid offices of the schools that you would like to attend and ask them about the total cost to complete the program.
It is also important to note that there are some things that a financial aid office will not tell you when you go into their office. Some of these things include:
- If you make an error on your financial aid application the processor will send it to the school so you may not know that you made a mistake until you are turned down by the school you applied to.
- Some will offer you more financial aid then you can afford to pay back
- The low tuition cost mean less money you will receive in financial aid
Stay Clear of Scams
In your search for financial aid you be come across programs and services that state they will do much of the work for you to find you money for school…if you pay them a small fee in return, ask you for a credit card or bank information to hold the scholarship or guaranteed or your money back.
This is UNTRUE and there are laws in place that will protect you from falling victim to these scams.
If you run across this scam then you should report it immediately to the Federal Trade Commission (FTC).
To file a complaint then you can either contact them via the form on their website or call them toll-free at (877) 382-4357.
One of the laws available to help keep you safe from scams and fraud is the College Scholarship Fraud Prevention Act (CSFPA). You should NEVER pay for assistance. Applying to receive Grants for Medical Billing and Coding School is free, hence (why FAFSA stands for Free Application for Federal Student Aid and you even get help filing the form as well if you need it).
Check with your Potential School
If you are planning to get your education from a vocational institution you should know that many of them will offer perspective students financial aid to attend.
I recommend you chat with the school’s financial aid office on the options they have available.
Some will even provide references to other financial aid programs and instructions on how you can apply.
They have a vested interest in seeing you get the funding you need so you can expect them to be very helpful and a great resource.
