0. G. Dino Koff Associate Dean of Student Affairs and Director of Financial Aid May 12, 2014
May 12, | HANOVER, NH

1. How Do You Pay For College?
Grants
Scholarships
Powerball
Loans
Savings
Work
Service Awards

2. Where Does Aid Come From?
Federal
Loans
Scholarships (Service)
Loan Repayment
State
Grants
Institutional
Loans and Scholarships/Grants
Private Resources
Foundations
Companies
Undergrad Institutions

3. Cost of Attendance Tuition and Fees Room and Board Books and Supplies
Personal Expenses
Transportation
Dependant care
Actual cost of a computer
Disability needs

4. Why Financial Management?
Average Public Medical School Cost of Attendance? (year 1)
$55,061 (in state) $78,731 (non-resident)
Average Private Medical School Cost of Attendance? (year 1)
$ 74,401
Source: AAMC Tuition and Fees Questionnaire, 2013

5. Why Financial Management? (Part II)
Average Public Medical School Debt?
$144,072
Average Private Medical School Debt?
$160,105
Does not include pre-medical school debt
Source: AAMC LCME Part IB, 2013
Geisel School of Medicine Average Debt 2013: ~$142,000

6. Cost of Attendance increase for students who:
Clinical Clerkships, Electives, USMLE, On Doctoring and Local Transportation
Cost of Attendance increase for students who:
Live at a distance from the Medical School
Incur travel expenses in excess of the amount included in the budget ($250)

7. Books: Budget figures reflect average book purchases in each class
Books: Budget figures reflect average book purchases in each class. Students whose necessary book purchases go beyond this level may seek a budget adjustment through the Financial Aid Office. Computer, PDA, Equipment: The COA can be increased one time in a students 4 year degree for a computer and PDA. This does not include warranties, printers, cameras…

8. “My parents are not helping me and my…

9. went away 7/1/12 for grad students
You Can Do This
Federal Stafford Loans
Subsidized $8,500
Unsubsidized $34,200 (1st year, increase each year)
Federal Graduate PLUS Loan
Up to the COA
went away 7/1/12 for grad students

10. Student loans are debt, but they’re also an INVESTMENT

11. Direct Stafford Loans Total of $42,700 per year
Interest rate – fixed at 5.41% for life (this year)
Every July 1, rates can change
6 Month grace period after enrollment ends
0-4% origination/guarantee fee
Unsubsidized Only

12. GRAD PLUS Loans Federal Loan Not Parent, not Undergraduate Study
Yes Loan !
Up to COA less other aid
Fixed fixed at 6.41% for life (this year)
4% Origination/Default Fee

13. How do I …

14. What Financial Aid Package is Better?
Scholarship
$37,000
$41,000
$40,000
Unsub Stafford
$10,000
$11,000
$14,000
School Loan
$5,000
Total:
$52,000
$57,000
$54,000
School Loan A: 5% after residency; School Loan B: 8% after grad

15. Options National Health Service Corps
Health Professions Scholarship Program (Military)

16. Portion of AGI Available for Loan Payment in IBR
Portion of AGI Available for Other Expenses
Portion of AGI Available for IBR Loan Payment
(15% of remaining AGI)
Portion of AGI Needed to Cover Basic Needs
(150% of poverty guideline)
Slide: Jeff Hanson, Access Group

17. Financial Aid Organizer

18. Get Out of Debt Before Medical School

19. Check it Out!
Facebook: Geisel School of Medicine Financial Aid

20. Questions
G. Dino Koff