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It’s estimated that close to $100 million in scholarships go unclaimed each year and $2 billion in student grants go unclaimed. Typically, the money is not awarded due to lack of applicants. This is good news for students — as those that are willing to put in the time to search for scholarships and grants should be able to find at least a few to help pay their way through college.

The beauty of scholarships and grants is that you almost never need to pay them back. Who doesn’t love gifts? But acquiring them will take at least a little effort.

Keep reading to learn more on unclaimed scholarships and grants, including where to find them, types of aid you may qualify for, and why so many scholarships go unclaimed each year.

Where to Find Unclaimed Scholarships

You don’t have to be a 4.0 student or a star athlete to receive scholarships. In fact, the average high school student is eligible for 50-100 different types of scholarships each year. But, scholarships aren’t just going to come to you. You have to be the one to put in the work to find scholarships you qualify for and apply for them.

One of the best ways to find scholarships you are eligible for is through a scholarship search. Scholarship searches are offered by a variety of companies and allow you to filter the scholarships based on your specific qualifications, including your state, area of study, background, ethnicity, and more. Scholarship searches are one of the quickest ways to find quality scholarships throughout the country.

Other ways to find unclaimed scholarships include asking your specific college or university what they offer, using the library’s recommendation section, reaching out to businesses in your field of study, speaking to your high school counselor, and asking religious organizations if they offer scholarships.

Regardless of which methods you use to find scholarships nobody applies for, the reality is they are out there waiting for students to apply for and claim them.

Recommended: Search Grants and Scholarships by State

Two Types of Aid of Financial Aid

Financial aid can be need-based or merit-based.

Need-Based Aid

Federal need-based aid is determined by the Student Aid Index, or SAI (formerly called the Expected Family Contribution, or EFC) as calculated by the Free Application for Federal Student Aid (FAFSA®).

The Pell Grant, the Department of Education’s biggest grant program, is geared toward students who demonstrate significant financial need, but the total cost of attendance at a particular college also plays a role. The maximum Pell Grant amount for the 2025-26 academic year is $7,395.

Any student who could use college financial aid has nothing to lose by filling out the FAFSA. And even if you are not eligible for federal aid, realize that most states and schools use FAFSA information to award nonfederal aid, too.

One way to find nonfederal financial aid is to fill out the CSS Profile, which determines eligibility for institutional awards and grants. The CSS Profile awards billions in nonfederal aid to college students each year and can be a great way to find unclaimed scholarships.

While scholarships and grants are ideal because they do not need to be repaid, many students may still need to explore federal loan options, such as an unsubsidized loan, to cover remaining college expenses. Unlike scholarships, loans must be repaid with interest, so it’s important to understand all your options before borrowing.

Recommended: How to Complete the FAFSA

Merit Aid

Merit scholarships are not based on financial need. They are awarded by colleges, employers, individuals, businesses, nonprofits, states, religious groups, and professional or social organizations to students who demonstrate academic or athletic achievement. While many people are aware of this, merit aid can also be based on other factors. These may include community involvement, dedication to a particular field of study, race, gender, teacher recommendations, and more.

So who is the biggest source of “free money?” Colleges, according to a recent College Board Trends in Student Aid Report. The U.S. Department of Education awards $46 billion annually in scholarships, and thanks to competition to attract students, nearly every college and university in the country offers merit-based aid in some form.

To find unclaimed scholarships, you could start by thinking about all the ways you have, well, merit — making lists of opportunities and eligibility criteria, and pursuing only the scholarships you’re best qualified for.

Why Would Any Scholarships Go Unclaimed?

So is it true there are obscure scholarships left unclaimed? There is no database that can give precise answers, but it makes sense that when specific parameters exist around a particular scholarship, fewer students will qualify.

For example, scholarships exist for North Korean refugees who are permanently living in the United States. Applicants must have been born in North Korea or the child of someone born in North Korea.

Let’s say you don’t fit those parameters. Other unusual opportunities include the following:

•   If you dazzle your friends with your ability to make prom outfits using only duct tape, then you could win a $15,000 Stuck at Prom scholarship. Seriously.

•   Or maybe you have the best plan ever to survive the zombie apocalypse. If so, you could apply for the Zombie Apocalypse Scholarship offered by Unigo ($2,000).

•   If you live in the Phoenix area and you’re a tall graduating senior, you could be interviewed and measured for the chance to gain all of $250 through the CATS Tall Club program.

While you may not qualify for any of the above-mentioned scholarships, these are just examples of how many are actually out there. You may be surprised at what you find (and what you do actually qualify for!) when conducting your search.

Recommended: Scholarship Opportunities for High School Seniors

Keeping an Eye Out for Scholarship Scams

Plenty of scholarship and grant money for college is out there waiting to be claimed. Unfortunately, though, there are also financial aid scams, including scholarships that aren’t legitimate. The Department of Education offers tips to protect yourself, including:

•   Know that you don’t need to pay to find scholarships or any other form of financial aid.

•   Check information about scholarship offers at a public library and/or online.

•   Talk to the financial aid department at your college of choice to verify legitimacy.

Also, before students begin a search, they may want to be aware of “scholarships” that are actually sweepstakes because their information may be sold to third parties.

The Takeaway

Finding unclaimed scholarships and grants is the ideal way to fund college because this money does not need to be repaid. To cover all the expenses of college, however, many students will then need to take out federal and/or private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Where can students find unclaimed scholarships?

Students can discover unclaimed scholarships by using scholarship search engines, consulting with their college’s financial aid office, checking with local businesses and organizations, and reaching out to religious or community groups.

Why do some scholarships go unclaimed?

Some scholarships go unclaimed due to highly specific eligibility criteria, lack of awareness among potential applicants, or misconceptions about the application process.

How much scholarship and grant money goes unclaimed each year?

Approximately $100 million in scholarships and $2 billion in student grants go unclaimed annually, often due to a lack of applicants.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOISL-Q225-055

If you’re thinking about becoming a doctor and wondering, how much is medical school?, it’s a good idea to understand the total expense upfront. The average cost of medical school is $238,420 in total, according to the Education Data Initiative. The yearly cost is $59,605, and there’s an average increase of about $1,224 each year.

Seventy percent of medical students rely on student loans to help pay for the cost of medical school, and the average medical student graduates with just over $264,519 in total student loan debt (this includes debt from their undergraduate degree).

The average physician salary ranges from an average of $277,000 for primary care doctors to an average of $394,000 for specialists, with some specialties making close to $600,000 per year. While these numbers are well above the national average wage of $62,088 per year, paying for medical school and paying off medical school student loans is still no easy feat.

How to Pay for Medical School

With the average cost of medical school being well above six figures, affording their education is one of the biggest hurdles future medical students face. However, by being proactive about finding ways to pay for medical school, med students may be able to reduce their overall student debt.

Scholarships

Scholarships aren’t always easy to get at the graduate level, but it’s not impossible. Some schools offer merit-based scholarships to incoming medical students who show exceptional academic capabilities and have a unique life experience. Students can also look into more individualized scholarships geared toward their location, specific area of study, or previous work experience.

Scholarships are offered by colleges and universities, businesses, local organizations, churches, and more. While it may take some time to search for scholarships you qualify for, the end result could save you thousands in medical school tuition expenses.

Military Service

Some medical professionals choose to obtain their medical degree by participating in a military physician program. The qualifications and commitment for each program vary, and the separate branches of the military, including the Army National Guard and Navy Reserve, have different programs.

The two options for medical students in the military are the Health Professions Scholarship Program and Uniformed Services University of the Health Sciences. Both programs pay for the cost of medical school but require a service commitment once the student graduates.

Federal Financial Aid

The first step in getting federal student loans is to complete the Free Application for Student Aid (FAFSA®). Students can check with the medical school they plan to attend to get filing date requirements and information on institutional financial aid (aid given by the school).

There are three types of federal student aid:

•  Grants: Grants, such as the Pell Grant, do not have to be paid back unless the student withdraws from school and owes a refund. Grants are needs-based and the maximum amount for the 2025-2026 academic school year is $7,395.

•  Work-Study: Federal work-study jobs are needs-based and help students earn money to pay for school through part-time employment. A bonus for medical students is that the work often is tied to community service or may be related to the student’s course of study, so this type of job may be more interesting and manageable than some others.

•  Federal Loans: A student who borrowed money as an undergraduate and demonstrated financial need may have been awarded a Federal Direct Subsidized Loan to help cover school costs. Those types of federal loans are not available to students in graduate and professional school programs.

However, medical students are eligible for other federal loans. They may receive a Direct Unsubsidized Loan, which is not based on financial need, or a Direct PLUS Loan, which will require a credit check.

Private Student Loans

Private student loans are usually used once federal student loans have been exhausted. Based on federal loan limits and the cost of medical schools, medical students may need additional funding to cover the gap. Certain private student loan lenders, including SoFi, allow borrowing up to 100% of the cost of attendance.

To get a private loan with a competitive interest rate, a borrower generally needs to have a strong credit profile and a low debt-to-income ratio. If a borrower doesn’t meet these qualifications, they may want to consider using a cosigner to get a better rate.

Have a Budget Plan in Place

Finding the right resources to pay for medical school is important, but learning to live within a budget can also help to reduce debt. Medical students who started with a spending plan as undergraduates can probably modify what they’ve already been doing. But, it’s never too late to start budgeting.

Once a student determines how much will be coming in from various sources (work, family, loans, scholarships, etc.), the next step is to list what will be going out for tuition and fees, housing, food, transportation, and other costs.

Next, it’s a good idea to see where you can cut back on spending. Is there inexpensive public transportation available? Will you have roommates to split rent and utility bills? Other ideas to reduce expenses include meal planning and cooking at home, canceling subscription services, and buying in bulk.

By living on a budget while in medical school, you may be able to take out less in loans, pay off your loans quicker, and set yourself up for financial success down the line.

How to Pay Off Medical School Debt

It’s no secret that physicians have the potential to earn a higher-than-average salary once they finish their residency and start practicing. Here are the average annual salaries of a variety of medical specialties:

•  Orthopedics: $558,000

•  Plastic Surgery: $536,000

•  Cardiology: $525,000

•  Radiology: $498,000

•  Anesthesiology: $472,000

•  General Surgery: $423,000

•  Emergency Medicine: $379,000

•  Ob/Gyn: $352,000

•  Family Medicine: $272,000

•  Pediatrics: $260,000

However, these amounts are not earned until both medical school and residency are completed. Luckily, there are medical school loan repayment strategies that can be used in the meantime.

It’s important to be aware that the total cost of medical school over time can be impacted by the loan repayment option a borrower chooses. Repayment plans with a longer loan term can result in the borrower paying more overall.

In addition, how interest accrues on certain repayment methods can also be a factor. For example, on federal income-driven repayment plans, unpaid interest may accrue. This can happen if your monthly payments are less than the interest that accrues between payments. In that case, because your payments don’t cover all of the interest, the unpaid interest will add up.

Loan Forgiveness and Repayment Through Service

There are several student loan forgiveness programs for physicians with student debt. Some are government-sponsored (federal and state), and some are private programs.

Benefits vary, but generally, participants provide service for two to four years (depending on the number of years they receive support) in exchange for repayment of student loans and possibly a stipend for living expenses.

One of the most common programs is the federal Public Service Loan Forgiveness (PSLF) program, which was designed to encourage students to enter full-time public service jobs.

While PSLF isn’t specifically aimed at medical students, it could help those who choose to work for a government or not-for-profit organization.

Eligible borrowers may receive forgiveness of the remaining balance of their federal direct loans after making 120 qualifying payments while employed by certain public service employers.

Another program is the National Health Service Corps (NHSC) Students to Service Loan Repayment Program, which provides loan repayment assistance in return for at least three years of service at an NHSC-approved site in a designated Health Professional Shortage Area. Students who are in their last year of medical or dental school may be eligible.

Federal Repayment Programs

There are several student loan repayment plans for federal student loan borrowers. Some are based on graduated payments that start low and increase over time, and they are designed to ensure the loans will be repaid after a designated period.

Others, such as income-based repayment, are based on a percentage of discretionary income and family size, and the repayment term is generally 20 to 25 years on these plans.

Federal Loan Consolidation

A Direct Consolidation Loan allows borrowers to combine multiple federal student loans into one loan with a single monthly payment.

Consolidation also can give borrowers access to additional federal loan repayment plans and forgiveness programs. But the interest rate on the new loan will be a weighted average of prior loan rates (rounded up to the nearest one-eighth of a percentage), not necessarily a new lower rate.

If the monthly payment is lower, that may be because the loan term is longer, which means the borrower is paying more interest over time. Also, federal loan consolidation is only for federal loans and does not include private student loans.

Private Student Loan Refinancing

Another option borrowers may want to consider is to refinance student loans. With student loan refinancing, one or more student loans are combined into one new private loan from a private lender with one new payment — ideally, with a lower interest rate.

Advantages of a student loan refinance include possible lower monthly payments and more favorable loan terms. However, borrowers should be aware that they will lose access to federal benefits if they refinance federal loans, including income-driven repayment plans and loan forgiveness.

You may also opt to extend the term of the loan when you refinance. An extended loan term means you may pay more interest over the life of the loan. You can use a student loan refinancing calculator to plug in the numbers and see how much your payments might be.

Refinancing generally works best for borrowers with a good job and solid credit profile when they may be able to qualify for lower student loan refinancing rates.

Recommended: Student Loan Consolidation vs. Refinancing

The Takeaway

Medical school is expensive, with the average cost being well over $200,000. Many students rely on student loans, grants, and scholarships, to pay for their medical education.

When it comes time to pay off your loans, there are many options new graduates can consider. These include federal repayment plans, student loan forgiveness, federal loan consolidation, and student loan refinancing.

If you do choose to refinance your student loans, consider SoFi. It takes just minutes to check your rate and your credit will not be impacted when you prequalify.

FAQ

How much does medical school cost on average?

The average total cost of medical school is $238,420, according to the Education Data Initiative. The average yearly cost of medical school is $59,605.

Is medical school more expensive than other graduate programs?

Medical school, which has a total average cost of $238,420, is more expensive than many other graduate programs, including law school, which has a total average cost of $230,163. It’s also more than the total average cost of an MBA from Harvard, which is approximately $161,304.

What are the main factors that affect the cost of medical school?

Factors that affect the cost of medical school include the length of time a student must attend. Medical school is typically four years — and that’s after the four years students spend earning their bachelor’s degree. In addition, there are supplies and equipment med students need, such as stethoscopes and lab coats, numerous text books, and study materials. As students advance in their medical education, they will often do rotations, which may involve travel and accommodation costs. There are also licensing exams students must take, which are generally hundreds of dollars each.

Can scholarships cover the full cost of medical school?

There are some scholarships that cover the full cost of medical school, but the eligibility requirements to qualify can be rigorous. However, smaller scholarships can add up to help cover a chunk of medical school costs, so students should consider searching for and applying to the applicable scholarships they can find. One resource: The Association of American Medical Colleges, which has a scholarship database organized by state.

How do most students pay for medical school?

Most students pay for medical school by taking out student loans. Seventy percent of medical students rely on student loans to help pay for the cost of medical school, according to the Education Data Initiative.

What is the total cost of medical school including living expenses?

According to research by the Association of American Medical Colleges, the median cost of medical school, including living expenses, for first-year med students at an in-state public school was $73,126 for the 2023-24 academic year. The cost was $103,365 for those attending private medical school.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.