How to Fund your Medical Assistant Program?

If you’re passionate about pursuing a career in medical assisting but keep reconsidering your options for financial reasons, there are numerous medical assistant scholarships, grants, and financial aids that you could consider. Higher education can be expensive, and exorbitantly so, in some cases. However, these scholarships are granted to qualified students, usually based on merit or exemplary academic performance each year. Every student needs to apply for these grants on an annual basis, and if they qualify by fulfilling the conditions present for selection, they’re entitled to receive huge allowances.

Sometimes, you can ward off your entire tuition fees, as there are scholarships and grants which give you the power to believe in your dreams and realize them.

Who Provides These Scholarships, Aids, and Grants?

Knowing there are scholarships, aids, and grants to see you through your medical assistant program is not enough. You will need to apply for these scholarships, usually through your university website. Numerous bodies provide financial aids to help you pay for college. Here are the different bodies that offer scholarships and grants to MA students:

1. Institutions

   Numerous institutions have their scholarship programs for meritorious students. If you qualify based on your academic performance and stellar show of skills, you’re entitled to receive the benefits mentioned in the institutional scholarship form. A college prospectus usually informs you about the scholarships a particular institution has. Some scholarships might also require passing an entrance or submit recommendations and relevant work experience in the field.

2. Federal Government

   Federal Government provides aids to students, as it understands everyone’s financial position is different. It does so through the Free Application for Federal Student Aid (FAFSA), which is available in every school across the US. They have an application that would determine whether you qualify for specific loans at the state or federal level and how much financial remuneration you’re entitled to based on a set of considerations. The Pell Grant for medical students is also a federal initiative that gives out scholarships to brilliant students.

3. State Government

   State Government also gives out medical assistant scholarships to students, like Alaska provides a renowned scholarship to MA aspirants through the Alaska Medical Assistant Society. Sometimes, some states like Kansas offer lottery grants, which entitle students to refunds on their tuition fees. Their educational department usually handles these affairs.

4. Private Organizations

   Numerous private organizations are on the look-out to support allied healthcare professionals in the industry by not letting financial obstacles steer them from realizing their dreams and true potential. These include BECA Foundation’s Alice Newell Joslyn Medical Fund or American Medical Technologists’ Outstanding Student Award.

Types of Financial Aids Available for Aspiring Medical Assistants

To support your education while pursuing your MA degree, you can reap the benefits of scholarships, grants, loans, or federal-funded work-study. All these options are available to students of exceptional diligence and can be procured for a single year or the program’s entire length. Here is a detailed insight on all financial scholarship opportunities available for aspiring medical assistants:

1. Scholarships

   Scholarships are usually financial aid awards, which are bestowed upon excellent students displaying competence, proficiency, and aptitude in their field. The usual criteria for granting financial aid scholarships are academic achievement as well as financial need.

   Best Medical Assistant Scholarships for 2023

   • For Under Grads:
     • The Outstanding Student Award, provided by AMT, offers students an amount up to $250. They are required to submit a personal statement, and the last date to apply is March 1.
     • The Maxine Williams Scholarship is another renowned undergrad scholarship that offers $1,000 to students studying in a CAAHEP accredited MA school, having a GPA of 3 and higher. The last date to apply is February 15.
     • The Alice Newell Joslyn Medical Fund, provided by BECA Foundation, is for healthcare students who have attended high school or college in San Diego County. An amount up to $2,000 is provided, and the last date to apply is March 30.
   • State-Based Scholarships:
     • Under state-based scholarships, Allied Health Scholarship Program is provided by the California Office of State-Wide Health. It offers up to $8,000, and the deadline to apply is usually in the second week of February. Students studying in at least 6 units of study in an MA program with a GPA of 2 can apply for this.
     • The Alaska Medical Assistants Society State Scholarship, provided by the Alaska Medical Assistants Society, gives up to $500. The deadline to apply is March 15, and this scholarship is given out to 2 qualified students every year.
     • The SCSMA Scholarship Program, provided by the South Carolina Society of Medical Assistants, is given to students who are doing a full-time accredited course and fulfill the eligibility criteria. A scholarship of $250 is offered, and the last date to apply is December 31.
     • Victor A. Baylon, MD Memorial Scholarship, provided by Wisconsin Medical Society, is offered to students of Milwaukee or Racine Counties. An amount up to $8,000 is provided, and the last date to apply is February 28.
   • For Specialty Programs:
     • The Allied Dental Student Scholarship Program, provided by the American Dental Association Foundation, is an annual scholarship provided to students who meet GPA requirements and have letters of recommendation. An amount of up to $1,000 is provided, and the last day to apply is the second Friday in March.
     • The Technical Writing Award, offered by AMT, is a competition that awards the top 3 students enrolled in an accredited MA program. They must submit a research paper of at least 1,000 words, and the winner gets $200, the first runner up gets $165, and the second runner up gets $135.
     • The JCAHPO Training Program Scholarship, offered by Joint Commission on Allied Health Personnel in Ophthalmology, is a competitive award bestowed based on GPA and academic performance. An amount up to $1,000 is provided, and the last date to apply is in June.
     • Mindful Urgent Care Scholarship is provided to students in the STEM field. A scholarship award of $500 is granted to the individual, and the amount is credited directly to the school or university. Receipts have to be submitted in accordance with IRS guidelines and regulations. The last date to apply is December 1, 2020.
     • Scholarship of Excellence, offered by the Association of Schools of Allied Health Professions, is an attempt to recognize excellent students in allied health professions. It is given to those who have the potential to be in future leadership roles, and an award of $1,000 is given to the winners.
   • For Minorities:
     • The Graduating High School Seniors Scholarship Program, provided by the Hispanic Scholarship Fund, is provided to meritorious Hispanic heritage students. An amount up to $5,000 is provided.
     • The IHS Health Professions Scholarship Program, provided by Indian Health Service, is open to native Alaska and American Indian students. Individuals must agree to a 2-year full-time commitment at an Indian clinic after graduation.
     • The AAPINA Scholarship offered by the Asian American/Pacific Islander Nurses Association (AAPINA) provides $1,000 to one of its members pursuing a graduate or an undergraduate nursing degree.
     • The Yu (Philip) Xu Mentoring Award, offered by AAPINA to one of its current members with an active membership for 2 years, is required to be received in person at the conference. An award of $500 is provided after being nominated by 2 professional peers who have witnessed the working knowledge of the person in question concerning mentoring with members of AAPINA.
     • The Hawaiian Homes Commission Career & Technical Education Scholarship Fund: This merit-based scholarship is provided to students enrolled in technical and career departments in the University of Hawaii system. To be eligible, one must be a native of Hawaii or a homestead lessee. The deadline for application is usually in March.
   • For Military:
     • The Air Force Reserve Officers Training Corps is provided by Air Force Reserve to students who want to become nurses in the Air Force. $18,000 each year is offered to students to meet their tuition requirements while providing them a monthly living stipend.
     • MyCAA Scholarship is provided to eligible military spouses who are on their way to becoming CMAs. A scholarship award of up to $4,000 is offered to the right candidates. Though the annual cap is $2,000, exceptions are made. Spouses of service members in Reserves and National Guards and pay grades O1 to O2, E1 to E5, and W1 to W2 are eligible for this scholarship.

2. Grants

   Grants are financial aids awarded to a student that doesn’t need repayment. The usual benchmark for receiving a grant is financial need. There are several federal grants available by non-profit organizations to help students steer clear through their medical assistant program.

   Best Medical Assistant Grants for 2021

   The best medical assistant grants for 2021 provided to students include:

   • The Pell Grants It is provided to students who have not been able to complete their bachelor’s degree yet. This is a need-based grant for low-income students and is available to students studying in the registered 5400 post-secondary schools. The grant award is decided by several factors like tuition fees and financial status. For this, one has to submit the FAFSA form, and they are provided a report on their eligibility, which determines how they can benefit from Pell Grants and other federal government-funded schemes.
   • The FMAP Grant Find Medical Assistant Programs (FMAP) gives out a grant of $500 to medical assistant students every year. To be eligible, you’ve to apply on our website and submit an essay of around 400 words. The last date to submit the application and essay is March 1, 2022. The scholarship fund will be transferred to the college/university directly if you are selected.

3. Loans

   Loans are financial aids that are provided to students that need to be repaid. There are many organizations providing loans, from federally supported loans to institution based loans. In fact, there are other private organizations and state governments providing loans and other medical assistant financial aids.

   Best Medical Assistant Loans for 2021

   • The William D. Ford Federal Direct Loan Program is available to provide direct loans to students. There are 3 types of federal loans called Stafford Loans, Perkins Loans, and PLUS loans available for attending college.
     • For Perkin Loans, one must demonstrate acute financial need, and they receive a wholly subsidized government loan. The government pays the interest while studying and even for the 9 months after you have graduated.
     • The Stafford Loans are provided in subsidized and unsubsidized patterns. For subsidized ones, the government takes care of the interest while you’re in school, whereas for the others, you pay but not until you’ve graduated.
     • PLUS is a Parent Loan for Undergraduate Students, which is borrowed by parents, and they have the responsibility to return it. There’s also a Direct Consolidation Loan, which permits you to combine all your eligible student loans into a single loan.

     The benefit of getting federal loans is low-interest rates. For direct subsidized and unsubsidized loans, based on your dependency status, an MA student can procure between $5,500 and $12,500 every year. For direct PLUS loans, an amount up to $20,500 is available each year.

   • The Janet L. Hoffman Loan Assistance Repayment Program (LARP) is provided to Maryland students from low-income families. A general application has to be filed, the application deadline is September 30, and you must meet their eligibility list to get the benefits of the LARP.

4. Federal-Funded Work Study

   Federal Work Study is a means to pay for college by virtue of which students are given part-time jobs when they have financial need. Work relating to their course of study and revolving community service is usually provided. You can work on campus, as well as off-campus. Every school has its financial aid officer to help you with the application and determine your federal work study award, which has to align with your academic progress.

   Students can be employed by the institution they are enrolled in, a federal organization, or a state-based organization. Even they can be hired by a local public agency. One must apply for FAFSA and determine whether they are eligible for federally funded work study and assistance.

   Best Federal-Funded Work Study 2021:

   • South Western Community College Interested students must fulfill the eligibility criteria and show satisfactory progress in academic courses, besides showing their financial needs. A student has to meet the skill requirements of the job positions open and should be enrolled for at least 6 credit hours every Fall and Spring semester. Then, they are required to fill up the FAFSA form and Work Study form. 15 hours of work per week is provided, and a minimum of $9 is offered.
   • University of Minnesota A College Work Study form should be completed by March 1 to be considered for work study options. Half of the salary is paid by the employer, whereas the rest half is covered by the government. Medical assistants are also eligible to hold graduate assistantships, where they have to work 10 hours of week for a remission of a part of their tuition fee. Research grants are also available, where $3,000 are provided for 12 weeks, and applications must be submitted by September 15 and February 15 every year.
   • Angeles College Work study positions are available on campus as well as outside campus. Students are not allowed to work more than 20 hours a week. Priority funding is provided to the ones who complete their FAFSA application.
   • Pima Medical Institute Applications must be made through the Financial Aid office, and their eligibility is based on the availability of funds and the urgency and severity of their financial need.

Steps to Find the Best Scholarships/Grants for Medical Assistants

Students must have a plan of action if they plan on being awarded scholarships and grants to finance their medical assistant education. The steps to find the best medical assistant scholarships and grants are provided below:

1. Apply for Federal Grants and Determine your Eligibility

   This should always be the first on your list, as it can help you get access to other grants and determine how much help you’re entitled to procure. Fill out the FAFSA form and determine your eligibility.

2. Review Local Sources

   If you’re looking for scholarships, you must always begin with high school, community colleges, and universities.

3. Look up Professional Associations

   Professional associations like the American Association of Medical Assistants (AAMA) or American Medical Technologists (AMT) provide numerous scholarships. You’ll find them listed on their websites. Hence a quick Google search should help.

4. Speak to your Financial Aid Officer

   Every school has a financial aid officer who would help you with your scholarship needs. Not only will they allow you to access the available scholarships, but also help complete applications and find the right scholarship.

5. Use Scholarship Aggregators

   Move online and take the help of scholarship aggregators like unigo.com and fastweb.com to find scholarship relevant to your course of study.

6. Sign up for Student Search Service

   You must do this through PSAT, SAT, or other tests. It would help you get connected to scholarships directly relating to the field of your study.

Resourceful Links for those Searching for Medical Assistant Scholarships

1. Federal Student Aid

   The US Department of Education’s Federal Student Aid is known for providing over $120 billion in scholarships, grants, and loans to students to help them pay for college. Whether you want scholarships, direct loans, or some programs that help you work alongside college, this is a valuable resource to check out. Complete the FAFSA form, or use this site to compare school aid offers, and you’ll also be provided with checklists for academic and financial preparation.

2. Scholarships.com

   A quick Google search can get confusing. Hence, head over to scholarships.com to get abreast of the latest scholarship availability and find a direct application. Here, you can search for over 3.7 million college scholarships and other grants.

3. Fastweb.com

   It is the leading online resource that helps you find scholarships to pay for your school. There are targeted scholarships available for professions, FAFSA details, and even part-time jobs.

4. College Board

   It is a mission-driven non-profit organization that helps you find the right scholarships and financial aid. They have a board of trustees from the best institutions and operate through the 6 regional offices present locally.

5. Consumer Financial Protection Bureau (CFPB)

   A federal government website that helps students pay for college and provides banking guides, and also relevant tools for comparing financial aids and other offers.

6. National Association of Student Financial Aid Administrators (NASFAA)

   This is a valuable resource for state financial aid programs, with relevant links to all government-aided programs in 50 states.

7. FinAid.org

   It is a free site that features useful information on scholarships, student loans, military student aids, and valid options for saving for college with a wide range of cost calculators that help you estimate the cost and expenditure of colleges.