Getting trained in medical billing and coding can be a great investment that could put you on the track of a viable career with a relatively low tuition investment. Yet although these programs are comparatively affordable, they can still require a significant upfront payment. So, here are a few options if you’re wondering how to pay for medical billing and coding school!
Scholarships and grants
First off, the initial step you’ll want to take as you start the enrollment process is to look into scholarship options. Check your school’s website or talk to a representative to learn about available scholarships and grants. Oftentimes, schools will have scholarships open to their students, or you might be able to find third-party ones that you can use for tuition or living expenses — medicalbillingandcoding.org has a great resource page full of scholarship opportunities!
Workforce development programs
Workforce development programs are government-sponsored programs that provide grants and scholarships for certain technical training schools. You may be able to cover partial or full tuition for your medical billing and coding training course through these. To learn if your school offers assistance through these programs, you’ll need to contact them directly.
Out of pocket upfront
Once you’ve looked into scholarships and grant opportunities, paying out of pocket might be your next best option — as long as you have enough money saved up to cover the tuition, any books and supplies you may need, and living expenses such as rent and groceries. While this method does have the highest upfront cost, you won’t owe any money in interest, there’s no credit check, and you won’t have to worry about making monthly payments!
Interest-free recurring payment plans
For those who have explored all scholarships and are still looking for how to pay for medical billing and coding school, some schools offer payment plan options to allow students to make several smaller payments over the duration of the program. This lessens the upfront cost, and it includes no credit check and no interest — so you’ll ultimately pay less than you would with a loan. However, payments are spread over a much shorter period of time than they would be with a loan, so though you’ll pay less overall, your monthly payments will be higher.
A student loan can be a good option for students who need to make the smallest monthly payments, rather than larger payments or all upfront. While not all programs offer federal student loans, private student loans may still be available. Depending on the loan terms available for your course, you may have the option of full deferral, interest-only deferral, or immediate full repayment.
Some things you’ll want to keep in mind, though, are that most loans come with an interest rate, so you’ll likely end up paying more than the tuition amount. Your credit report will also be pulled, so your credit score may be impacted — although, Climb only performs a hard credit pull once a loan is funded, so you can submit an application with no impact to your credit score!* Ultimately, you’ll need to consider what works best for your situation: smaller monthly payments while paying more overall, or higher monthly payments while paying less overall.
*Climb performs a “soft” credit pull to evaluate eligibility, but this soft credit check will not affect your credit score. A hard credit pull is only performed once the loan is accepted and funded.