Looking to earn more money? Get a better education. Studies have shown that people with college degrees earn more on average than those with just high school diplomas. Students who have degrees in high need areas like medicine and the sciences are even more likely to get good paying jobs. However, while most people think going to college for subjects like medical building and coding can certainly improve their earning potential, they’re still not sure how they will afford the initial cost of that education. While medical billing and coding school is expensive, there are financial aid benefits that can help you pay.
Costs of Medical Billing and Coding School
The most obvious cost of going to medical billing and coding school is the tuition. Whether you take classes online or at a traditional brick and mortar school, you have to pay tuition for each class you take. Usually schools charge a few hundred dollars per class, but the tuition rates differ greatly based on state, school and program. In most cases, students who live in the same state as the school pay lower tuition than those who live out of state. Students also pay more for classes that will result in a diploma and less for classes that allow them to earn just a certificate.
In addition to tuition, students in medical billing and coding school must pay for books and supplies. There are often fees, like lab fees and technology fees that students pay so that they can have access to resources that will help them learn. Typically, students must also buy textbooks, binders, notebooks, software programs and sometimes even computers so that they can do homework for their classes.
Financial Aid for Medical Billing and Coding School
While the cost of medical billing and coding school might seem astronomical at first, there is a great deal of financial aid that students can prepare to receive. First, students can apply for federal and state aid through filling out the Free Application for Student Financial Aid (FASFA) online or at their school’s financial aid office. This application will be taken into consideration to determine whether you are eligible for any grants or loans from the state and federal governments. You can also get government aid in another form — tax deductions and credits. There are a number of deductions and credits that can help you offset your student costs through saving on your taxes. Second, students can apply for scholarships and grants from community organizations, corporations and their high schools.
While the costs of attending medical billing and coding school are high, there are also many opportunities for financial aid.