The cost of going to school increases every year, as the competition for financial aid grows ever more fierce. Students are expected to coordinate various sources of funds to pay for surgical technology school, yet private loans are not always an option for everyone. In addition, low credit scores can prevent some parents or spouses from helping when they would like to support your return to school.
Therefore, savvy students should begin searching for financial aid sources well in advance applying to a program, as most financial aid is awarded on a first-come, first-served basis. This will give them a head’s start on preparing for this big step, and provide a clear picture of the cost of furthering their education.
Financial Aid for Surgical Technicians
As you get ready to go to school for surgical technology, be aware that there are four different types of aid available.
College grants
These are considered “free” money, since students do not have to pay it back. Grants are based primarily on financial need.
Scholarships
In order to receive a scholarship, you must meet certain eligibility criteria, such as race, ethnicity, GPA, or extracurricular activities. Applications are considered by a panel and awarded to chosen students. Scholarship money does not need to be paid back.
Work-Study
This is part-time employment to help supplement the cost of your education. Students work in community service and/or in a field related to their studies on or off campus.
Students can also sign up for the Reserve Officer Training Corps [ROTC]. Schooling will be paid, but they must reimburse the government through future work for a set period of time.
Student loans
The most common type of financial aid is student loans.
One kind is called a direct loan, which is provided directly from the school to the student or their parents and backed by the US government.
Other student loans are offered by banks and credit unions. Parents can take out a loan, but are then responsible for paying them back (instead of the student).
Where to Start Looking
Applying for financial aid is not difficult. The Free Application for Federal Student Aid is a good place to start. FAFSA is a form that determines a student’s eligibility for student financial aid, such as the Pell Grant, Federal student loans, and the Federal Work-Study Program. Because the US Department of Education begins processing FAFSA applications at the start of every year, it is important to get yours in as soon as possible.
Using the information provided on the FAFSA, you will gain access to information about potential schools’ loans, scholarships, and grants. When looking for money to go to school with that is free, scholarships and grants are the place to start.
Grants
Besides the Federal government, grants can also be found through other sources. For example, try researching societies such as Rotary Club, Lion’s Club, or Shriner’s Club. The Internet has a wealth of information about grant programs that are targeted for medical professionals. If you are unsure about where to start, high school guidance counselors and college financial aid counselors should be able to give you some pointers.
Most grants offer several hundred to a thousand dollars, which will hardly cover tuition – but it is a start! Obtaining multiple grants is possible, especially when you fall into the very low income bracket or have a large family whose income meets certain criteria.
Scholarships
Scholarships are awarded to applicants based on certain requirements. These criteria were determined when the scholarship program was created, and are typically related to a personal interest of the founding person. Whether the scholarship is for an athlete who is studying accounting, or for a minority who is entering a technology-related field, scholarships are very useful.
Surgical technology students will want to start broad and search for scholarships related to surgical technology science, technology, and medicine. Then narrow down your choices.
Using one’s personal background helps too. For example, if you are a minority who wants to study surgical technology, applying for science-related scholarships would be a great idea. If you are a teenager, volunteer at a local hospital as a candy striper to gain invaluable resume experience. Explore your community and the places you frequent. For example, your church may have scholarships that are available.
Finding a way to show off your strengths is important. If you have experience building robots or received recognition for your entry in a science fair, be sure to include that in your application.
Work-Study
Work-study is one option that many students consider for an alternative option to pay for schooling. It combines working for a sponsoring organization while studying for the surgical technology degree.
Accepting a work-study position means it will take longer to complete your surgical technician degree because your studies will be put aside for the semester while you work. This gives you ample opportunity to have hands-on training for the skills you will need later on.
Sponsoring organizations can be hospitals, large medical practices, and surgical supply companies. Sometimes they will include a stipulation that you will work for them for a certain period after completing the work-study program. This can be a wonderful opportunity to line up employment for the future, making the extra time worthwhile.
Military
Another option that does not involve loans is enrolling in the US military. There are benefits to the military, regardless of branch. You can enter into one program called the Reserve Officer Training Program [ROTC]. ROTC offers you the opportunity to gain an education at the surgical technology school of your choice. The US government pays for your education, and you sign an agreement to stay in the military for a specific length of time in order to pay off your debt.
The Veterans Administration [VA] also offers a military work-study option. It operates differently from the ROTC program, but provides veterans with an opportunity to gain an education. Whether you choose the ROTC or the VA, you have great health care benefits, insurance, and a pension.
Loans
Several options are available to you when looking into the loan option:
Student loans
Parent loans
Alternative loans
There are different types of loans available, depending on the student’s circumstances.
Student Loans
The first step in obtaining a student loan is to fill out the FAFSA. This information is then processed through your chosen schools to see which can get you more aid.
Surgical technician students may find it easier to finance their schooling using a student loan that is specifically suited towards them. That is, if the student is in exceptional financial need, obtaining a subsidized loan, such as the Federal Perkins loan, would be beneficial. The school you attend is the lender for the Perkins loan, and will determine how much is lent to you. With no fees and a fixed interest rate of five percent, it is designed for those in financial need.
Schools are also the backers of direct loans like the Federal Stafford loan, which can be subsidized (meaning the Federal government pays the interest while you are in school) or unsubsidized (you are responsible for paying the interest on your loan immediately). Stafford loans can be taken out entirely by the student or co-signed by their parents or spouse.
Parent Loans
The PLUS program is a type of loan through which parents of the student can finance their child’s education, up to and including the entire cost. The downside is that they are based on a parent’s credit rating, which may not be high enough to be considered.
Alternative Loans
Alternative loans come from private loan lenders, who can (and will) charge you higher interest rates than Federal programs. Based on your credit score, you apply for these loans like you would for a car or a house loan. Therefore, if you have high credit scores with Experian, Equifax® and TransUnion®, and are ineligible for other types of financial aid, alternative loans may be perfect for you.
Finally, there is a new type of loan that is shaped on a pay-it-forward model. Called peer-to-peer loans, they are done between relatives or strangers. Designed for those with very low or no credit scores, promissory notes (i.e., legal IOU’s) are written and executed. Typically they are done in very small amounts.
