AAMC Financial Assistance Program (FAP)
With the AAMC Financial Assistance Program (FAP) reopening in January, I thought it best to explain talk about this amazing program that saves you thousands of dollars in medical school application. There are some exciting qualification updates that have been made to this years cycle so if you did not qualify before you may be able to qualify now.
What is the AAMC Financial Assistance Program (FAP)?
The FAP is a an opportunity for students who intend on taking the MCAT and applying to medical school to receive financial assistance to reduce the costs. Before we go into what exactly it covers, lets discuss the costs that are involved in applying to medical school. The MCAT exam costs $325 per exam and if you need to reschedule your exam there are additional fees. When submitting your AMCAS (your application to medical school) there is is a $170 processing fee which includes 1 medical school. Each additional school costs $42 per school. Lastly, each school you apply to has their own secondary application which costs money to submit. The prices typically range from $80-$100 per school but I have seen more at some schools. The average student applies to approximately 15 schools so these numbers add up quickly.
It can definitely be stressful and costly to apply to medical school. Keep in mind that interviews are virtual due to COVID but if they were in person, you also have flight/travel fees, food, and hotel fees to think about. Now how can the FAP help you mitigate these costs? The FAP reduces the cost of the MCAT from $325 to $130 per exam with a rescheduling fee of $50. They give you the MCAT Prep Bundle for FREE. I go into detail about the MCAT Bundle HERE, but this is an essential part of your MCAT studying. The MSAR (an online databate of medical schools with information such as average GPA, MCAT, etc.) is given to you free for two years.
In addition, they cover the the primary application costs for up to 20 schools! In addition, if you have the FAP, each school that sends you a secondary application will waive the cost of their fees as well. Most schools do this but I know about 2-3 that do not. Now if you apply to more than 20 schools, you will only have to pay the primary application for the additional school. So if I apply to 30 schools, 20 schools will be covered and I will pay the primary application for 10 schools ($42 per school x 10 schools = $420). However, all 30 secondary applications sent by the schools will be covered because you have the FAP. This saves you so much money! I received the FAP 3 times and it has saved me thousands!
How do I qualify for the FAP?
Alright so you are hooked and want to know how to apply. Well, you’ll need to qualify. If you are below the age of 26, you’ll have to provide both your and your parents financial information. However, if you are 26 and over when applying, you only need to provide your financial information. Anyone can apply as long as they have a U.S address. These are the two need additions to the qualifications. In terms of your financial information, they look at your W2’s or taxes and you must be below a threshold to qualify. Keep in mind that your financial info is looked at separately from your parents. The chart for the income limits can be found on their website. The application opens up at the end of January so you have plenty of time to check it out.
Is there anything else I need to know?
Yes! There are 3 important things I tell people when applying for the FAP.
There is a lifetime limit! You can only receive the FAP a total of 5 times in your lifetime. Most people will not reach it but it’s something to keep in mind. I believe I am on my 3rd and final FAP.
You only get the MCAT Bundle once! The benefits last you 2 years and when you qualify for the FAP they ask you if you’d like to receive the MCAT benefits now. If you are not studying for the MCAT at this time, it’s best to wait until you are before applying so you can access the MCAT benefits. I did not receive the MCAT bundle during the second and third FAP.
Last and most important is that your benefits expire after two years, including the year you apply! So if you apply in January 2022 and are accepted, your benefits expire on December 31st of 2023. However, if you apply in November 2022, your benefits still expire on December 31st, 2023! This is again because you receive benefits for the year you are applying and the following year so please be strategic about when you’re applying.
There is so much more I wanted to share about the FAP but I would make a whole novel by then. All of this information I stated can be found on the AAMC website so please check it out. You won’t regret it.
