8:11 AM
indigo
There is a lot of excitement surrounding the medical coding
profession and all of the employment opportunities. It isn’t surprising
at that hundreds of people are signing up for training in medical codes.
Prospective students do face a challenge though: money. Medical coding courses
are not extravagant but there are fees involved and costs for textbooks
and software. Students quickly realize that several thousand dollars
may be needed to get the required education for a medical coding career.
This may be more than a person can reasonably afford. It may require
seeking some kind of financial aid to be able to attend a medical coding school.
The good news is that such financial aid is available. This could be
in the form of outright scholarships but Federal Student Aid is a more
common form. These are federal loans and grants that help a student pay
for education. Ultimate Medical Academy offers both campus and online
education in medical coding. It also has advisers who will help
prospective students create a financial aid package to cover the cost.
This is a fairly common service offered by academic institutions. It is
to their benefit that a person secure needed financial aid and these
schools have staff members whose primary job responsibility is to help
find the money.
The assistance can come in a number of ways. The Federal Family
Education Loan Program provides Stafford Loans. These are direct loans
funded by the government and are available through financial
institutions. The Federal Work Study (FWS) program will provide
part-time employment that a student can use to pay for education.
Perkins Loans can be given to those students who are economically
deprived, but these are available only at participating institutions.
There are other needs-based grants and may come through the Federal
Supplemental Educational Opportunity Grants program. These federal
programs will require that a Free Application for Federal Student Aid,
or FAFSA, form be completed. This is a fairly comprehensive document and
a prospective student should not hesitate to seek assistance from a
school’s financial staff in completing one. Another good source of
financial aid can come with the help of the student’s parents. PLUS
loans are there for parents whose dependent child is at least a
part-time student in an eligible program.
Scholarships are the most desirable form of financial aid because
they ordinarily do not have to be paid back. The American Health
Information Management Association(AHIMA) has a merit scholarship
program for those interested in going health information studies. Under
the terms of the AHIMA Merit Scholarship
a student can receive anywhere from $1000 to $2,500 depending on the
level education he or she is seeking. One of the conditions, though, is
that a person must be a member of the Association and other criteria
includes number of credit hours completed or currently enrolled in.
Some caution should be used while looking for financial aid. Unlike
grants or scholarships, financial aid might have to be paid back at a
later date. Anyone reviewing financial aid options should read the
paperwork carefully. It’s important to have an understanding of what
obligations, if any, are expected of the student receiving the financial
aid. Failing to do so can have some heavy financial consequences. It is
possible that a schedule of payments can be arranged that will not
destroy a person’s budget, but an applicant has to realize that any
Federal money given in financial aid is a sum that will sooner or later
have to be repaid. That being said, those people seeking to afford
medical coding education will discover that there are means available to
help afford the coursework. What it does take is a little homework
ahead of time to get the right financial aid package.
