What does it cost?
The cost of medical coding school can vary tremendously. Both the AAPC (American Association of Professional Coders) and AHIMA (American Health Information Management Association) offer a package of courses for a basic coding certificate for about $2,000. An associate’s degree (generally a two year program,) through a community college averages $6,000 for two years, but will give you better credentials than a certificate program.
Of course, programs accredited through the AHIMA will cost more, and this is one area you don’t want to skimp on. Spend the extra bucks to attend courses from an accredited program. A bargain is no bargain if you don’t pass the exam, or a potential employer is underwhelmed by your resume.
Scholarships and Financial Aid
If you attend a college or university, you will have more options for scholarship assistance than if you train online. Additionally, scholarships are often available for people seeking degrees, as opposed to a certificate program.
However, getting an associate’s degree in Health Information management or other related field is a practical way to get started in your career. Contact your college’s financial aid office for an appointment to see what programs you may qualify for.
Loans
Again, if you are enrolling in a college or university program, you may have the option of getting a low-cost federal student loan. Schools may offer their own financing programs, but beware of the fine print. The interest rates are often pretty daunting.
Colleges may however, use a program like USA Funds® Loan Comparison, powered by Simple Tuition, which helps potential students to analyze their loan options. It’s an easy online process. You answer a few personal questions, then you will see a list of potential lenders and immediately, you will have the opportunity to apply for that school loan.
If you are interested in applying for aid, you must complete the FAFSA (Free Application for Federal Student Aid) to determine the amount of money each student is eligible to receive. However, you do have to plan ahead of time as it must be received by March 10 before the fall you wish to enroll.
Military Spouse Career Advancement Accounts (MyCAA)
If you are the spouse of a member of the US military, your education may be provided for through the Military Spouse Career Advancement Accounts (MyCAA) program. MyCAA funds are available from the Department of Defense and can be used for military spouses to cover a significant portion of the cost of tuition and fees. However, the program changes often, so contact your local military base to find out more.
Other Options
If a home equity loan, school loan, or other low-interest loan isn’t available, consider asking for a loan from a family member. Draw up a contract and consider it as binding as if it were from a bank. Avoid credit card debt if you can. If you must use a credit card, choose one with a low interest rate, and pay in it as quickly as you can.
Angie Boss is an award-winning health industry writer and author or co-author of several books, including Before Your Time: Living Well with Premature Menopause (Simon and Schuster, 2010). She received a Bachelor's of Arts degree in Sociology and Journalism from Virginia Wesleyan College and a Masters of Pastoral Counseling from Union Theological Seminary.
