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Cheri Marks University of Missouri School of Medicine Coordinator of Financial Aid and Student Records.

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Presentation on theme: "Cheri Marks University of Missouri School of Medicine Coordinator of Financial Aid and Student Records."— Presentation transcript:

1 Cheri Marks University of Missouri School of Medicine Coordinator of Financial Aid and Student Records

2 MATCH DAY!!! Nicholas Governatori reacts when he finds out he matched in emergency medicine at St. Luke's-Roosevelt Hospital in New York City. Associate Dean of Student Affairs Steven Specter looks on.

3 Remember when you applied to medical school?

4 Match Application Services Electronic Residency Application Service (ERAS) Transmits electronically the applications, personal statements, recommendation letters, Medical School Performance Evaluations (MSPE), transcripts, and other supporting credentials from your school to the residency program National Resident Matching Program (NRMP) Provides the venue for matching applicants and programs preferences for each other

5 Costs for Application Services NRMP: $50 ERAS Fee Structure Programs Up to 10: $85 Programs 11-20: $8 each Programs 21-30: $15 each Programs 31 + : $25 each Examples (both services): 15 programs = $ programs = $ programs = $990

6 Average Number of Applications 2012 Average = 33 Source: ERAS as of February 15, Smaller programs were removed from overall average.

7 Average Cost of ERAS Applications 2012

8 Average Number of Interviews Attended University of Missouri School of Medicine Survey Average = 14

9 Interview-Related Costs Professional attire Transportation costs (do your research) Airfare or gas, taxi or shuttle Accommodations Coordinate with other medical students, residents quarters, homes of those who have graduated, family Eat frugally Are you couples matching?

10 Average Total Interviewing Cost University of Missouri School of Medicine Survey Average = $6600

11 Average Number of Applications Across All Specialties ERAS Historical Data 42% increase

12 Options for Funding 28% Private Loan (Residency and Relocation Loan) 27% Support from Third Party 25% Credit Card 20% Personal Savings 5% Did not exceed COA 3% Grant/Scholarship 2% Other Source: Organization of Student Representatives 2010 survey

13 Residency and Relocation Loans Private alternative loan between the borrower and the lender – financial aid office is involved minimally Fees and interest rate are based on creditworthiness of borrower (with or without a co-signer) Things to consider: Interest rate, fees and terms Deferment options Customer Service

14 Its worth it… "Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome." -Booker T. Washington

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