Medical trade school is an investment in your future, but it requires a significant financial commitment. While it may qualify you for better earning opportunities in the long term, it still has a cost in the short term. Fortunately, a variety of financial aid options are available to help those who qualify pay for school. With Prism Career Institute, learn more about how to pay for healthcare training and the different resources that are available.
How Much Does Medical Trade School Actually Cost?
Medical trade school is a comparatively inexpensive path to a new career. The tuition costs significantly less per year than most colleges, and the training can be completed much more quickly. The Medical Assistant program at Prism Career Institute can be completed within 40 weeks or under one year. The Practical Nursing program, meanwhile, can be completed in 60 weeks. Both are much shorter than even a two-year associate’s degree, meaning that you pay for less time in school.
While inexpensive when compared to college, medical trade school is not cheap. The cost of tuition may be considered an investment toward your future, qualifying you for better-paying job opportunities. Financial aid may help in the short term, giving you a stronger start toward your career.
Applying for Federal Aid
To receive federal financial aid for medical trade school, students should start by submitting the Free Application for Federal Student Aid (FAFSA). This application is free to submit and opens the door to several aid opportunities. Basic requirements for FAFSA include:
- Proof of citizenship or eligible non-citizen status
- A high school diploma, general educational development (GED) degree, or recognized equivalent diploma
- Proof of satisfactory progress in your course of study
The FAFSA determines your eligibility for a variety of federal aid types, including loans, grants, and other forms of financial assistance. Types of federal aid accessed through the FAFSA include:
- Federal direct loans: These loans feature a fixed interest rate and do not begin repayment until six months after you leave or finish school.
- Pell grants: These are need-based grants that you don’t need to repay. They are provided for eligible undergraduate students who don’t already hold a bachelor’s degree.
- Federal supplemental education opportunity grants (FSEOG): These are need-based grants for students with the lowest expected family contribution (EFC).
- Federal parent plus loans: These are loans available for parents of dependent students to help them pay for their child’s education.
- Veterans’ educational benefits: These benefits, which include GI Bill benefits, are available to veterans and their dependent family members.
Any and all of the above aid types can be used to pay for medical trade school, as long as you are studying at an accredited school. Prism Career Institute is accredited and fully licensed, including:
- ACCET accreditation (institutional)
- PA State Board of Private Licensed Schools (PA location)
- NJ Department of Labor & Workforce Development (NJ locations)
- NJ State Board of Nursing approval (for PN program)
Tuition Reimbursement Programs
Tuition Reimbursement Incentive Programs (TRIP) are another option for trade school financial aid. Rather than the federal government, tuition reimbursement is offered through an employer. In short, if you agree to work for a certain employer after graduation, then the employer will help pay for your tuition or student loans. TRIP may also include relocation assistance, hiring incentive packages, sign-on bonuses, and other benefits.
If you have a current employer or one you’d like to work for, you can speak with them about TRIP availability. You can also speak with the financial aid and Career Services departments at Prism Career Institute. Our representatives can help you explore the TRIP options available from our partner organizations and other connections in the industry.
Scholarship Hunting
Finally, you can hunt for scholarships to help you pay for medical trade school. Scholarships can come from schools, private organizations, communities, and employers to cover a portion of your tuition without any required repayment. For practical nursing school, some sources of scholarships include:
- Federal Nurse Corps Scholarship program
- American Association of Colleges of Nursing (AACN)
- Foundation of the National Student Nurses’ Association (FNSNA)
- National Health Service Corps (NHSC)
- American Red Cross
- National Association of Hispanic Nurses
Each scholarship has its own criteria for eligibility. For example, they might be need-based, merit-based, or available to individuals from certain regions or of specific ethnic backgrounds. Make sure you research a scholarship’s criteria and ensure you qualify before you apply.
Let Prism Career Institute Help You Navigate Financial Aid and How to Pay for Healthcare Training
Don’t let financial concerns hold you back from your career goals. Prism Career Institute has a dedicated financial aid team to help you explore all your options, including federal aid for those who qualify. We’re committed to making your education affordable. Contact our financial aid office to learn more about how to pay for healthcare training near you in Pennsylvania or New Jersey. Apply online to enroll.