Medical billing and coding is a popular job within the healthcare field. Billing and coding professionals are responsible for ensuring that all healthcare information is correctly recorded and filed for payment and reimbursement.
While a successful career as a medical biller and coder can be lucrative, earning a degree in this field can often be costly. Fortunately, there are a number of financial aid opportunities available for students pursuing such a profession. Medical billing and coding scholarships are some of these opportunities that you can look into.
Schools Usually Offer Medical Billing And Scholarships
There are a number of different medical coding and billing scholarships available through colleges, universities, professional associations, and private companies. These scholarships typically provide full or part-time education, depending on the degree program.
One good example is school aid. There are some accredited medical billing and coding schools online with financial aid. These institutions may offer grants, scholarships, or assistantships, most of which are determined by FAFSA information. School aid is often available only in small amounts, so students usually need other forms of aid to supplement. (1)
When applying for medical billing and coding scholarships, it’s important to check out the requirements of the scholarship provider to ensure that you meet all scholarship requirements.
It’s also important to realize that there are many different types of medical billing and coding programs. If you are currently enrolled in school, your first step should be to inquire about medical billing and coding scholarships for students.
Each school will offer slightly different scholarships to students looking to begin a career as a medical biller and coder. For example, if you are currently enrolled in a school that specializes in medical billing or coding, you may find that there are specific medical billing and coding scholarships only for teaching professionals.
If you are currently enrolled in a medical billing or coding program at a community college, you will likely be able to find general scholarships for students.
Other Sources Of Medical Billing And Coding Scholarships
In addition to school aid, there are a number of other financial aid opportunities that can provide medical billing and coding scholarships.
Many public colleges offer federal student loans for those interested in a career as a medical biller or coder.
Provided by the U.S. Department of Education, federal aid programs lend billions of dollars each year. FAFSA information determines how this aid is distributed. Federal aid includes grants, work-study programs, subsidized loans, and unsubsidized loans. Anyone with a Social Security number may apply for aid. (2)
Repayment of these loans does not have to be suspended while you are pursuing an education. There is typically a waiting period to apply for these student loans.
For students interested in pursuing professional advancement within their current line of work, such as advancement to management or teaching, loan repayment may not be suspended. Repayments can begin once you start to gain employment in your chosen field.
There are also a number of private and state-sponsored scholarship programs available.
Many states offer financial aid through their own departments of education, which have smaller budgets than the federal government does. State loans have similar interest rates and repayment options to federal loans, but they are usually only available to students who are residing and attending school in the lending state. State aid is less available than federal aid. (3)
Check Requirements For Medical Billing And Coding Scholarships
Contact the financial aid office of the university you wish to attend to inquire about the financial aid opportunities available to you. Many scholarships require that you be a full-time student at your university, while others only grant you partial credit.
Keep in mind, however, that it is possible to receive multiple awards from the same organization. For instance, some scholarships will award you money for each of your medical billing and coding classes. Other scholarships award you money for every semester or quarter you are enrolled in a university program.
Examples Of Medical Billing And Coding Scholarships
One common scholarship is the Sallie Mae Image Source Scholarship. The Sallie Mae Image Source Scholarship offers over $5,000 in scholarships and fellowships to college students with exceptional academic achievements including medical billing and coding classes.
This scholarship is granted to students who demonstrate strong written and verbal abilities. In addition to being awarded a scholarship, you will also receive a tax credit of up to $4000 each year for being a resident of the state of Texas when you earn your degree from an accredited institution of higher learning.
An additional scholarship is the George Washington University scholarships for Hispanic students. This scholarship is administered by the Hispanic Health Foundation, which is part of the Washington University Center for Health Service Administration.
To apply for this scholarship, you must be a U.S. citizen. You will have to submit a scholarship essay explaining why you want to participate in the George Washington University program. You must also pass the College Selection Test.
Another scholarship that is offered by the George Washington University is the Hispanic Scholarship Fund. Like the Sallie Mae Image Source Scholarship, this scholarship award is granted to students who demonstrate excellent academic achievement, fluency in at least two languages, strong spoken or written language, leadership skills, and prior internship experience in healthcare.
You must also be a U.S. citizen and a legal resident. Like the Sallie Mae Image Source Scholarship, the George Washington University Hispanic Scholarship Fund awards you an annual scholarship, which can cover all the expenses related to tuition, books, and other educational costs. You can also apply for financial aid for medical school through the school’s Financial Aid office.
These are just a few examples. If you’re keen on looking for a scholarship for medical billing and coding, you can consider checking out national private scholarships and regional private scholarships. (4)
Examples of national private scholarships are the following:
- The Abbot and Fenner Scholarship
- The American Health Information Management Association (AHIMA) Merit Scholarship
- The CourseHorse Learner’s Scholarship
- The General Scholarship for Higher Learning
- The Grasshopper Entrepreneur Scholarship
- The HALO Branded Solutions Scholarship
- The JM New Media Scholarship
- The Park Plaza Dental Scholarship
- The Pelican Water Sustainability Scholarship
- The Wise Company Scholarship
Examples of private scholarships are the following:
- The GHIMA Scholarship
- The HAHIMA Scholarship
- The High School Student Scholarship
- The Mary M. Zannis Scholarship
- The New York State Chapter of HIMSS Scholarship
- The NJHIMA Kathleen A Frawley Memorial Scholarship
- The NYHIMA Book Fund Scholarship
- The NYHIMA Returning Student Scholarship
- The Sarah Bush Lincoln Volunteer Guild Scholarship
- The Scott W. Hulstein Scholarship
- The Virginia Chapter of HIMSS Scholarship
- The Woody Finn Memorial Scholarship
One thing is for sure. There are a lot of medical billing and coding scholarships. Start looking into them now to jumpstart a career in medical billing and coding.