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Grey's Anatomy: How Not to Pay for School

On Grey’s Anatomy, the popular television series about doctors in training, Dr. Isobel (Izzie) Stevens, the beautiful blond surgeon played by Katherine Heigl, puts herself through medical school as an underwear model under the fictional alias “Bethany Whisper.”

During the show’s first season, Izzie often gets recognized by male patients, but defends her choice to other residents, pointing out that she won’t be facing massive medical school debts when she becomes a doctor.

Average Med School Debt = $120,000

Obviously Izzie’s choice was not the usual way to finance a medical education. But the desire to be debt free at graduation is a healthy goal. In 2005, the average new doctor’s medical school debts were $120,000, according to the American Association of Medical Colleges.

Average Four Year Degree Debt = $16,000 – $20,000

Most four year college degree students graduate with student debt between $16,000 (public schools) and $20,000 (private colleges).

In health care, there is a way to avoid having to pay for school at all – although you will have to work at finding your way through the maze, health care is a great career because many programs can help you finance your education.

The shortage of trained workers in health care amounts to crisis, and that crisis works to your advantage. The bigger the health care worker shortage gets, the more willing government and employers are to forgive student loans, provide scholarships and/or free tuition to employees, and sweeten the pie with signing bonuses.

Scholarships

If you’re not yet in school you can look into scholarships specifically for allied health professions. Our scholarship finder can help you search thousands of scholarships nationwide.

Zero Student Loan Debt: Make the System Work for You

If you are already a graduate, you can find ways to reduce your student loan debt to zero.

Student Loan Forgiveness Programs

Many state governments offer allied health care loan forgiveness in exchange for practicing in an underserved area. The federal government has similar programs.

State Programs

Some states that have offer allied health care student loan forgiveness programs, often in exchange for practicing in an underserved area. Check these for more details:

California
California Allied Healthcare Scholarship
$2,500
Web site: www.healthprofessions.ca.gov

New Mexico
New Mexico: Allied Health Student Loan-for-Service Program
$12,000
Eligible professions:
Allied: Emergency medical services, physical therapy, respiratory care, occupational therapy, lab tech, audiology, speech language pathology, pharmacy, nutrition
Other: mental health
Web site: http://fin.hed.state.nm.us

Washington
Washington State Loan Repayment Program
$25,000 a year for up to 3 years
Eligible professions:
Allied: Dental Hygienist, Physician Assistant
Other: Dentist, Pharmacist, Physician (MD or DO)
Web Site: http://www.hecb.wa.gov/paying/waaidprgm/health.asp

Other Programs

It’s also worth researching these non-state-run programs:

Carle Foundation (Illinois) Hospital Scholarship/Loan
$5,000 – $24,000

Indian Health Service Loan Repayment Program

Up to $20,000 a year for 2 years

Federal Programs: It Pays to Decipher the Alphabet Soup

HPSAs, MUAs and MUPs are three government designations for programs that provide funds to pay off student loan debt.

HPSA stands for Health Profession Shortage Areas. These are shortages of primary medical care, dental or mental health providers that exist in urban or rural areas, population groups or medical or other public facilities.

MUA stands for Medically Underserved Areas.

MUP stands for Medically Underserved Populations.

To learn more about programs and how to qualify for them, visit the Bureau of Health Professions web site at http://www.bhpr.hrsa.gov/shortage/

Get A Signing Bonus: Allied Health Care 2007 Average = $7,500

You can’t count on it ahead of time, but because of the health care worker shortage, most employers will pay a signing bonus when you take a job. The average signing bonus employers paid allied health care workers in a new job in 2007 was $7,500. Subtract that from the average $16,000 debt of a four year college, and you’d be down to a balance of $8,500. If you only went to school for a two year degree, you’d be ahead of the game.

It pays to get an education in healthcare.

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