Medical Billing & Coding Schools Online with Financial Aid

MB&C Programs & Financial Aid: How It Works

To help ease your financial burden, we’re featuring below some of the most popular online accredited medical billing and coding programs and digging into their financial aid packages.

The schools below offer a combination of loan programs, scholarships, grants, and other forms of financial aid to their medical billing and coding students. They also have fully staffed financial aid departments to help with forms and establish payment plans if available.

• NOTE: In many cases, you may be required to prove financial need or academic excellence in order to receive financial assistance.

Top Scholarships for Medical Billing & Coding Students

Applying for and winning scholarships can alleviate part of the stress of educational funding, allowing you to focus on your studies and gain the skills needed to succeed in your career. And, unlike loans, scholarships have the benefit of not requiring repayment.

Additionally, many scholarships offer mentorship, networking, and professional development opportunities that can enhance your academic journey.

Below, we’ll explore several popular scholarships for medical billing and coding students that can help you afford your education and meet your career goals.

Association of Schools of Allied Health Professions Scholarship (ASAHP) of Excellence

This ASAHP program recognizes academic excellence and future leadership potential for outstanding healthcare students. The organization awards an additional scholarship (along with the title of Elwood Scholar) for the most outstanding Scholarship of Excellence recipient.

Eligibility requires enrollment in a degree-granting program and completion of at least one term in the program.

• Amount: $1,000

AvaCare Medical Scholarship

This scholarship offered by medical services and equipment provider AvaCare recognizes outstanding students pursuing degrees in the medical field who have demonstrated acts of kindness. Winners are chosen by a panel and through online voting.

Eligibility is open to high school seniors and college/university students with a minimum 3.0 GPA. U.S. Citizenship or permanent resident status is also required.

• Amount: $1,000

California Health Information Association (CHIA) Student Scholarships

CHIA offers scholarships that are designed to support students in their educational goals to advance their health information careers. Recipients must have completed or be on track to complete at least 50% of the program’s curriculum by the scholarship deadline.

CHIA also provides certification exam fee reimbursement to up to 20 students who pass on their first exam attempt.

• Amount: $1,000

Certified Professional Coder (CPC) Medical Coding Scholarships and Grants

In partnership with state workforce organizations, the Coding Clarified news and professional website for coding careers offers several state-level grants and scholarships to medical coding students. Eligibility requirements and award amounts vary by state.

• Amount: Varies

Medical Billing Service Review Health and Technology Scholarship

This annual scholarship is awarded to a college or university student who demonstrates a passion for health and technology. Applicants must be enrolled full-time at a U.S. college or university and submit a 250-word essay.

• Amount: $1,000

National Society of Allied Health Student Scholarships

Students attending a Historically Black College or University and pursuing a degree in an allied health profession can apply for one of two awards given annually per member institution. Students must demonstrate financial need, provide recommendation letters and a personal essay, and possess a minimum 2.5 GPA.

• Amount: $500

New York Health Information Management Association Returning Student Scholarship

This award is given by the state’s professional group for health information management and goes to a student who is either going back to college or university or is hoping to start a new career in the profession. Applicants must be enrolled full-time or part-time at a New York state accredited school.

• Amount: $1,000

Robert D. Kruse Memorial Scholarship Fund for Allied Health Professionals

If you are a student in the final year of your healthcare degree program with a GPA of at least 2.5, you can apply for this annual scholarship from Cleveland Clinic. Applicants must submit two recommendation letters and a written statement describing their academic journey.

• Amount: $5,000

Fort HealthCare Scholarships

This health and wellness provider sponsors a variety of scholarships for high school and early college students studying for a healthcare degree, all of which can be applied for via a single online application. Specific awards available include the Fort Healthcare Partners Scholarships and the Fort Memorial Hospital Foundation Scholarships.

• Amount: Varies

Answering Common Questions

If you have questions about funding for your medical billing and coding education, you’re not alone. Below, we’ve answered several of the most frequently-asked questions to help you navigate the financial aid process and secure the most funding possible for your MB&C training.

Can you use FAFSA for medical coding?

Yes. Tuition for medical billing and coding programs can be paid for in part through federal student aid.

Your first step is to fill out the Free Application for Federal Student Aid (FAFSA) to determine eligibility. There are tight deadlines for FAFSA funds, so applying as soon as possible is highly recommended.

Many college and university financial aid offices are willing and able to help you in filling out your FAFSA form.

Can I learn medical billing and coding online for free?

It is possible to learn the basics of medical billing and coding through a free online program. But it’s important to note that you won’t receive the comprehensiveness and perks of a tuition-based program.

You likely also won’t earn a certificate or degree through a free program, which will severely limit your employment chances in the job market.

Free programs may work as a good test-run, though, as you navigate their content and decide if the challenge of being a biller/coder is something you’re interested in.

Can I get a grant for medical billing and coding?

There are several different resources available for grant money related to medical billing and coding programs. The FAFSA (detailed above) is one option for applying for grants including the popular Pell Grant and the Federal Supplemental Education Opportunity Grant (FSEOG).

There are also private groups such as the American Medical Billing Association that offer grants. You can seek out state and school-sponsored grant opportunities as well.

Contact the financial aid department of your chosen college or university to find out what’s available.

How much does it cost to take the CPC exam?

Obtaining the Certified Professional Coder (CPC) certification is a must for landing a quality MC&C job. Getting your CPC, however, requires sitting for and passing an exam. The current cost of the CPC exam is $399 for one attempt and $499 for two attempts.

Be sure to check with the program you are attending to see if CPC exam costs are covered as part of its tuition. It’s likely, though, that you will still need to pay for exam preparation.

Types of Financial Aid

Finding all the funding you need for your medical billing and coding education will likely involve more than one financial aid type or source. So, it’s important to have a solid understanding of the many financial types available.

Grants and Scholarships

Topping the list of the most popular financial aid sources are scholarships and grants. That’s because they’re not paid back, making them essentially “free money” for your education. Common providers of scholarships and grants include:

• Federal government
• State governments
• Professional organizations (like the American Association of Professional Coders)
• Special interest groups
• Healthcare providers
• Private donors

Federal Student Loans

Federal student loans are also extremely popular because their among the easiest to get.

There are several types of federal loans available, including subsidized loans (based on need and featuring interest-free options) and unsubsidized loans (that include interest and are not need-based).

Parents may wish to look into federal PLUS loans to secure funding for their children’s education.

Work-Student and Employer Assistance

Federal Work-Study jobs may be available to help pay part of your medical billing and coding education costs as well as provide valuable on-the-job training. In addition, many employers offer tuition reimbursement opportunities to their best employees in order to help them advance their careers and encourage them to remain in their employment.

Military & Veteran Benefits

Active-duty military members and veterans may be eligible for a number of resources to help fund their MB&C training, most prominently those available through the the GI Bill.

Offered through the Department of Veteran Affairs, GI Bill benefits may include funds for tuition and other expenses associated with attending college. There are also specific scholarships and programs tied to the individual branches of the military.

In addition, many schools and universities themselves offer their own tuition discounts and other financial aid opportunities and incentives to active military and veterans. Check with your school’s financial aid office to see what may be available.

Professional Discounts

Professional associations related to the medical billing and coding field often offer discounts, special promotions, or other money-saving opportunities for their certification exam prep programs. Examples of such associations include the American Academy of Professional Coders (AAPC) and AHIMA.

Eligibility for these discounts and promotions typically requires membership in the association.