AAMC (Association of American Medical Colleges) President and CEO David J. Skorton, MD, shared the following message with AAMC member medical schools, teaching hospitals, learners, and other members of the academic medicine and transition to residency community:
“I am pleased to announce a significant development in our work to reduce financial barriers for aspiring physicians. In 2024, the AAMC will extend our Fee Assistance Program to residency applicants using the Electronic Residency Application Service® (ERAS®). This expansion will offer financial relief to medical students and demonstrates our ongoing commitment to supporting our learners from premed through residency and beyond.
Currently, the AAMC Fee Assistance Program is the largest program of its kind in the health professions sector. In 2022 alone, we awarded $23 million in benefits, bringing the total benefits awarded over the past six years to a remarkable $110 million. The program provides benefits that include complimentary access to the Medical School Admission Requirements (MSAR®) website, waived AAMC PREview® professional readiness exam registration fees, reduced fees for MCAT® exam registration, waived MCAT Official Prep product fees, assistance in paying for an updated psychoeducational or medical evaluation (if required to support an MCAT accommodation application), and waived AMCAS® application fees for up to 20 schools.
In developing the expansion of this critical program, we have worked closely with the National Association of Student Financial Aid Administrators and actively sought input from medical students, residents, medical school leaders, student affairs deans, advisors, and the AAMC Board of Directors. Starting in 2024 with the 2024-2025 ERAS application season, the program will expand to include residency applicants who were previously approved for Fee Assistance Program benefits during their medical school application process. These qualifying applicants will automatically receive a 60 percent fee discount on up to 50 ERAS applications, significantly alleviating the financial burden associated with the application process.
We look forward to sharing more information in the coming months and following the conclusion of this residency cycle."