Financial Aid for your Health Information Management Degree

Every year there is millions of dollars in financial aid from the government that goes untouched by students who would qualify if they had just applied for it. Check with your Schools Financial aid department to see if you qualify for financial aid,  you might be able to earn your health information management degree for free 😉

Health information technology Financial Aid

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Eligibility

Your eligibility is determined by your financial need which is calculated using this formula:

Financial need = Cost of Attendance – Expected Family Contribution

If you live with your parents and they claim you as dependent, then your need is based on their income.

If you claim yourself as independent on your income taxes, then its more than likely that you are eligible for financial aid.

Visit the Federal Student Aid website, FAFSA ,and fill out an application to see if you qualify for Financial Aid.

Health Information Technology Scholarships

Federal Pell Grants

  • Does not have to be repaid
  • Maximum amount $5,500 per year
  • Based on financial standings, undergraduate, Full Time/Part Time student, expected family contribution

Federal supplemental educational opportunity grants

  • For students with exceptional need. You can receive from $100-$4000 depending on your circumstances
  • http://studentaid.ed.gov

Federal Work Study

  • Provides jobs, hands on experience, minimum wage pay.

Federal Perkins Loan

  • Low interest rate %5
  • Must be paid in a 10 year period
  • Your eligibility depends on your level of financial need.
  • You can borrow up to $5,500 for each year for undergrad and $8,000 for each year of grad school.
  • The total amount you can borrow for grad and undergrad combined is $60,000. After graduation if you are employed in certain public, military, or teaching service positions you may be eligible to have part or all of your loans canceled.

Parental Loans for Undergrad Students (PLUS)

  • Parents with good credit history can borrow money for a child who is dependent. Parents must complete forms and send them to the school.
  • A plus loan equals the cost of attendance minus any other financial aid you receive. For example if the cost of tuition is $10,000 and you receive $3,000 in financial aid, your parents can borrow up to $7,000.

Loan Repayment

After you graduate with your degree you have a grace period of 6-9 months where you don’t have to pay your loans. Afterwards, when you are working, your loan payments are paid monthly and the amount depends on your salary

Posted in Health Information Careers.