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

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Presentation on theme: "G. Dino Koff Associate Dean of Student Affairs and Director of Financial Aid May 12, 2014 May 12, 2014 | HANOVER, NH."— Presentation transcript:

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

2 GEISELMED.DARTMOUTH.E DU How Do You Pay For College? Grants Scholarships Powerball Loans Savings Work Service Awards

3 GEISELMED.DARTMOUTH.E DU Where Does Aid Come From? Federal – Loans – Scholarships (Service) – Loan Repayment State – Loans – Grants – Loan Repayment Institutional – Loans and Scholarships/Grants Private Resources – Foundations – Companies – Undergrad Institutions

4 GEISELMED.DARTMOUTH.E DU Cost of Attendance Tuition and Fees Room and Board Books and Supplies Personal Expenses Transportation Dependant care Actual cost of a computer Disability needs

5 GEISELMED.DARTMOUTH.E DU 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

6 GEISELMED.DARTMOUTH.E DU 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

7 GEISELMED.DARTMOUTH.E DU 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)

8 GEISELMED.DARTMOUTH.E DU 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…

9 GEISELMED.DARTMOUTH.E DU “My parents are not helping me and my…

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

11 GEISELMED.DARTMOUTH.E DU Student loans are debt, but they’re also an INVESTMENT

12 GEISELMED.DARTMOUTH.E DU 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

13 GEISELMED.DARTMOUTH.E DU GRAD PLUS Loans Federal Loan Not P arent, not U ndergraduate S tudy Yes L oan ! Up to COA less other aid Fixed fixed at 6.41% for life (this year) 4% Origination/Default Fee

14 GEISELMED.DARTMOUTH.E DU How do I …

15 GEISELMED.DARTMOUTH.E DU What Financial Aid Package is Better? ABC Scholarship$37,000$41,000$40,000 Unsub Stafford $10,000$11,000$14,000 School Loan$5,000 0 Total:$52,000$57,000$54,000 School Loan A: 5% after residency; School Loan B: 8% after grad

16 GEISELMED.DARTMOUTH.E DU Options National Health Service Corps Health Professions Scholarship Program (Military)

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

18 GEISELMED.DARTMOUTH.E DU Financial Aid Organizer

19 GEISELMED.DARTMOUTH.E DU Get Out of Debt Before Medical School

20 GEISELMED.DARTMOUTH.E DU Check it Out! Facebook: Geisel School of Medicine Financial Aid

21 GEISELMED.DARTMOUTH.E DU Questions G. Dino Koff Dino.Koff@Dartmouth.edu 603-650-1111


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