Find a Medical Billing and Coding Program
Finding financing and payment options for school can be difficult if you don’t know where to start looking. So, where can you find medical billing and coding financial aid? Furthermore, what do you have to do to get it?
Student financial aid is available both publicly and privately. Institutions will often have their own financial aid awards for participating students, such as scholarships and loans. For students seeking a certificate, there are multiple resources available for medical billing and coding financial aid.
The National Center for Education Statistics “College Navigator” provides a search engine to find schools that allow you to use federal financial aid for education expenses. The search engine also allows you to find resources available directly through each institution. Narrow down the search by location and certificate to find a program in your area that provides medical billing and coding financial aid.
File your FAFSA
You’ve picked a school with the perfect program for your needs. Now it’s time to get the capital for your not-so-cheap education. Make your search time for aid efficient and effective by starting with the essential paperwork.
The Free Application for Federal Student Aid (FAFSA) is your golden ticket to federal financial aid programs. It’s important to start your financial aid search by completing your FAFSA online or via paper application. Filing an electronic application will yield faster results and you can regularly check for updates and award information. You may be able to complete your FAFSA directly with the school itself. Check with the Financial Aid office if you need assistance completing the application.
To complete your FAFSA you will need the following documents:
- Social Security card
- Driver’s license or state identification card
- Permanent Resident Receipt Card (if applicable)
- W-2 forms and other tax records from the previous year
- Income tax return from the previous year
- Child support records
- Records of taxable earning from Federal Work-Study or other work programs
- Records of grants, scholarships, or fellowship aid that was included in your adjusted gross income (AGI)
- Current stock, bond, and other investment records
- Current business and farm records
- Current bank statements
A Student Aid Report (SAR) will be sent to you and the school listed on the application after the application has been processed. The report is used to determine the amount of federal student aid for which you may be eligible after your Expected Family Contribution (EFC).
There are few important dates to remember when completing your application for federal financial aid, according to the FAFSA website’s Frequently Asked Questions.
- January 1 – Applications are available for the upcoming school year.
- June 30 – Completed applications are due.
- Mid-September or last day of enrollment* – A correct and complete application is due to your school.
*If your last day of enrollment occurs before Mid-September of the next school year, your application must be submitted by this date.
There are no exceptions to these dates. Check additional state and school deadlines for other information that may affect you. The sooner you apply, the better.
Make an Appointment with the Financial Aid Office
After completing your FAFSA, make an appointment to talk to the school’s Financial Aid Office. Some schools do not participate in some of the federal financial aid programs that are available such as loans, grants, and work-study programs. Discuss your options and possibilities with a financial aid counselor to determine your expected expenses and possible aid options. Complete any internal financial aid application for the school if you are considering accepting tuition assistance from the school.
Look to Outside Lenders for Medical Billing and Coding Financial Aid
You have hit a roadblock looking for federal student aid and school aid programs. What do you do now? All is not lost. There are other avenues to try when searching for medical billing and coding financial aid. Try looking at outside lenders, such as the ones described here, for your education financing needs. Bank loans, family loans, or even tuition reimbursement from an employer may be viable options for you.
PRIVATE LOANS: While a loan may be available through a private lender, use caution when determining the loans for which you want to apply. You may find that private loans accrue interest even while you are in school; you will have to pay this interest back as part of your loan agreement. Compare loan terms, interest rates, and interest accrual when shopping for a loan.
FAMILY LOANS: Check with family members who may be able to lend you money with minimal to no interest. It never hurts to ask. Use a formal contract and payment schedule as incentive for any relative who is able, but hesitant, to loan out money. This may be what tips the scales in your favor.
TUITION REIMBURSEMENT: If you are currently employed, review your employee benefits. You may find that there are tuition assistance or tuition reimbursement programs offered as part of your employment. These benefits are generally contingent upon length of employment and program choice. Check with the human resources department to see if a medical billing and coding certificate qualifies for the program(s). If you qualify, begin the application process for employee benefits as early as possible. Many companies set a cap on the amount of money they will allot for these types of benefits each year. Be first in line to ensure you get a piece of the company pie.
TUITION REPAYMENT/INCENTIVES: If you are considering a job change or career move after completing your medical billing and coding certificate, consider looking at hospitals or other medical facilities that offer scholarships and incentives in exchange for signing a contract with them. These contracts may require you to work for the employer for 2 or more years after completing your education. Call the human resources office of employers that interest you and ask about medical billing and coding financial aid programs offered for potential hires.
If a private loan is not in the cards for you, you may want to seek out additional resources for medical billing and coding financial aid, such as private scholarships. There are a number of programs that may apply to your situation and need that you didn’t even know existed.
Apply for Private Scholarships
Look for private scholarships that for which you may be eligible. Many student and professional organizations have scholarships for students pursuing medical billing and coding financial aid. Below are some examples of scholarships that may be available to you.
The AHIMA Foundation Medical Coding and Billing Scholarship:
Offers scholarships to students receiving an Associate’s degree in Health Information Technology, up to $1,000.
Veterans/Family of Veterans Financial Aid:
Provides up to 45 months of education and training to eligible dependents of certain qualified veterans.
Military Spouse Career Advancement Accounts
Funds 100% of tuition and fees for medical coding and billing courses for military spouses.
Imagine America Scholarships:
Applications are completed through a student financial aid office for students in a career education program, up to $1,000.
While the possibilities for medical billing and coding financial aid are not endless, the search is not hopeless. There are lots of resources for you if you know where to look and what questions to ask.
About our expert. Jan Jacobs has worked in medical offices since the early 1980's. Ms. Jacobs has worked for M.D.'s and D.O.'s in primary care and specialty care. She is employed as a senior medical biller and has been at her current job for nearly 10 years, where she uses three different billing systems.
