Student Loans for Medical Billing and Coding School: How To Pay for Health Care Training in 2025

An education in medical billing and coding can open the door to a growing, in-demand health care career. According to the U.S. Bureau of Labor Statistics, medical billing and coding jobs are projected to grow 9% from 2023 to 2033.

“Compared to many other allied health professions, the average entry-level salary for a certified coder is higher than most,” says Dana Janssen, chief product officer at MedCerts. He adds that it's because they have a direct impact on revenue.

“Errors in coding can lead to claim denials, audits, or legal risks, which is why employers pay more for coders who are skilled and certified. This means a quicker return on investment for graduates of quality coding programs.”

In this guide, explore financial aid and student loan options for medical billing and coding school, along with tips to keep your costs down.

Current private student loan rates

Can you get student loans for medical billing and coding school?

You may be able to get federal student loans and financial aid if you're enrolled in a medical billing and coding program at a Title IV-eligible university, community college, or trade school. To confirm whether a school qualifies, use the Department of Education's accreditation search tool.

Private student loans are another option, however, your choices may be more limited. Many private lenders only offer loans for students in degree-granting programs, such as bachelor's or master's degrees.

Federal student loans for medical billing and coding programs

To find out if you're eligible for federal student loans and other types of financial aid, fill out the Free Application for Federal Student Aid (FAFSA). This single form determines whether you qualify for federal loans and grants for medical billing and coding school.

Based on your eligibility, you may be offered one or more of the following:

• Direct Subsidized Loans: These are need-based loans for undergraduate students.
• Direct Unsubsidized Loans: These are available to undergraduate and graduate students, regardless of financial need.
• Direct PLUS Loans: These loans are for graduate students or parents of dependent undergraduates. PLUS loans are the only federal loans that require a credit check for adverse credit history.
• Pell Grants: These are awards for undergraduate students with exceptional financial need. Unlike loans, Pell Grants don't need to be repaid.

Private student loans for medical billing and coding school

Private student loans can help cover the cost of medical billing and coding programs when federal aid isn't available. These loans are based on your credit and income, so you may need to apply with a cosigner if you don't meet a lender's requirements on your own.

Here are some lender options based on where you enroll:

• Community colleges: College Ave, Sallie Mae, and Ascent offer private loans for students attending community college.
• Trade or vocational schools: Sallie Mae and Ascent also offer career training loans for students enrolled in approved trade schools.
• Online certificate programs: Very few lenders offer loans for online certificate programs, but some, like Climb Credit, do.

To find the best loan offer, you can prequalify with multiple lenders at once on platforms like Credible. Prequalification allows you to view your estimated rates without affecting your credit score.

Other ways to pay for health care training

Student loans can help, but they're not your only option. Here are other ways to pay for medical billing and coding school.

Scholarships

Start your search for scholarships through professional medical associations. The American Health Information Management Association (AHIMA) offers scholarships for students pursuing an associate degree in Health Information Management or Health Informatics. The American Medical Billing Association (AMBA) also offers a need-based scholarship for its members.

Workforce grants

You may also qualify for workforce development grants, which are state-funded programs that help students train for high-demand careers. These grants are administered through your state's labor department. For example, California residents enrolled in an approved medical coding program may be able to get their full program cost covered through CalJOBS.

Employer tuition reimbursement

If you already work for a hospital, clinic, or insurance company, check whether your employer offers tuition reimbursement for job-related training. Some companies will cover all or part of your certification costs.

Programs like these often come with requirements, such as staying with the company for a set period after completing your training or earning a minimum grade. Ask your HR department if tuition assistance is available and what the specific terms are.

School payment plans

Some private vocational schools and online certificate programs offer tuition payment plans that let you split the cost into smaller monthly installments. In some cases, these plans are interest-free, but review the terms carefully to understand any fees or conditions before enrolling.

Military and veteran benefits

If you're a service member or veteran, you may be able to use your GI Bill or other military education benefits to pay for a medical billing and coding program. If you don't use all your benefits on this program, any remaining funds can often be applied to future training or education.

Smart borrowing tips for health care students

Student loans can help fill financial gaps, but it's important to borrow strategically to avoid unnecessary debt after you complete your program.

“Students also need to consider when they expect the income boost from the certificate program from their job,” says Jack Wang, a college financial aid adviser at Innovative Advisory Group.

“There's a big difference between getting certified in something and getting an immediate income boost from your current job, versus getting the certificate and then having to apply for a new job to get a raise,” he adds.

Here are some tips to help you borrow wisely:

• Estimate your post-certification income: The median annual wage for medical record specialists is $50,250, according to the U.S. Bureau of Labor Statistics. Make sure your expected starting salary can support your monthly student loan payments.
• Borrow only what you need: Apply for grants and scholarships first, since they don't need to be repaid. Only use student loans to cover remaining expenses.
• Choose loans with flexible repayment options: If you won't be working right after finishing your program, look for loans that offer a grace period before repayment begins. This gives you time to find a job and settle in before your first payment is due.
• Stay on top of your loan: Know when repayment starts and whether interest accrues while you're in school. If you're unsure about your loan terms or have questions, reach out to your loan servicer for clarification.

Cost of medical billing and coding school

The cost of medical billing and coding school can vary widely depending on the program format, school type, location, and length. Online certificate programs are typically the most affordable, with costs ranging from about $1,000 to $5,000. If you're pursuing a degree through a college or university, tuition can range from $4,200 to $19,500, according to the American Academy of Professional Coders (AAPC).

Salary outlook for medical coders

Medical billing and coding professionals are classified as “medical records specialists” by the U.S. Bureau of Labor Statistics (BLS). As of May 2024, the median annual wage for medical records specialists was $50,250, with the top 10% earning more than $80,950.

Earning potential can increase with experience and additional certifications. According to the AAPC, certified medical records specialists earn an average of $66,186 per year. Those with three or more certifications see even higher average earnings — around $84,414 annually.

This career also offers flexibility, with many professionals working remotely for hospitals, insurance companies, and medical coding firms. With more experience and credentials, you could advance into roles like revenue cycle manager, compliance auditor, fraud investigator, or coding director.