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Office of Financial Aid Duke University School of Medicine Financial Aid for the Physician Assistant Program.

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Presentation on theme: "Office of Financial Aid Duke University School of Medicine Financial Aid for the Physician Assistant Program."— Presentation transcript:

1 Office of Financial Aid Duke University School of Medicine Financial Aid for the Physician Assistant Program

2 All Rights Reserved, Duke Medicine 2007 Duke’s Financial Aid Package Types of Financial Aid How to apply for Financial Aid Topics of the day

3 All Rights Reserved, Duke Medicine 2007 Tuition & Fees$41,461 Living Expenses$ 22,392 –$1,866 / monthly $834 – rent $490 – food $366 – miscellaneous $176 - transportation Books$2,485 Loan fees$1, st year total COA $ 67,949 Cost of Attendance for

4 All Rights Reserved, Duke Medicine 2007 Duke Financial Aid Package Federal Direct Student Loans Unsubsidized Stafford Loan GradPLUS Loan

5 All Rights Reserved, Duke Medicine 2007 Federal Direct Student Loans cont’d Unsubsidized Stafford Loan 6.8% interest – interest accrues while in school Maximum award per academic year - $20,500.00

6 All Rights Reserved, Duke Medicine 2007 Federal Direct Student Loans cont’d Grad PLUS Loan 7.9% interest – interest accrues while in school Maximum award per academic year – up to total cost of attendance (remainder of budget)

7 All Rights Reserved, Duke Medicine 2007 Scholarships National Health Service Corps –Pays tuition and required fees directly to school –Pays monthly living stipend directly to student $1, for academic year –Service commitment is required minimum of 2 years / full-time

8 All Rights Reserved, Duke Medicine 2007 Scholarships Duke Physician Assistant Program Scholarship –Recipients selected by PA Scholarship Committee –Award notification directly to student and Office of Financial Aid by program –Scholarship funding replaces loan in financial aid award

9 All Rights Reserved, Duke Medicine 2007 State Loan Program Forgivable Education Loan for Service (available to NC residents only) –Administered through College Foundation of North Carolina, separate application by student –Maximum award of $10, per academic year –Service commitment in NC is required – 1 year of service for each year of loan

10 All Rights Reserved, Duke Medicine 2007 Other loans Physician Assistant Loan –Offered at the discretion of the program Perkins Loan –Federal loan – offered as funding is available Alternative Loans –Private loans – variable interest rates

11 All Rights Reserved, Duke Medicine 2007 Other funding sources Veterans Benefits – Yellow Ribbon Program National Guard Tuition Assistance Armed Forces Scholarship Civic Organizations Health Care Organizations School affiliations Professional Organizations Home state affiliations

12 All Rights Reserved, Duke Medicine 2007 Applying for Financial Aid Complete the FAFSA Free Application for Federal Student Aid, E00161 Duke University School of Medicine

13 All Rights Reserved, Duke Medicine 2007 Your FAFSA Step Two –Tax Return Filed? Must have one of the following status in order to calculate EFC and determine eligibility –COMPLETED –NOT FILING –Status of “WILL FILE” not valid for processing of aid award –IRS data retrieval or IRS tax transcript

14 All Rights Reserved, Duke Medicine 2007 To – Do List Send in your forms no later than April 15, 2013 Check your credit report! –Students who borrow Grad PLUS loan will undergo a credit check by Direct Lending –Must not have adverse credit history or a co- endorser may be required –www.annualcreditreport.comwww.annualcreditreport.com

15 All Rights Reserved, Duke Medicine 2007 Adverse Credit per the Department of Education Bankruptcy (Chapters 7, 11 or 12 within past 5 years) Voluntary surrender within past 5 years Repossession within past 5 years Foreclosure proceedings started Foreclosure within past 5 years Deed in lieu of foreclosure Accounts currently 90 day or more delinquent –Unpaid collection accounts –Charge offs / write offs Wage garnishment within past 5 years Defaulted loan that has been claim paid Lease or contract terminated by default County/State/Federal tax lien within past 5 years

16 All Rights Reserved, Duke Medicine 2007 Applying for loans All federal educations loans offered through Direct Lending –Apply for loans –E-sign Master Promissory Notes –Complete Mandatory Entrance Counseling Stafford/Grad Plus

17 All Rights Reserved, Duke Medicine 2007 Applying for loans –cont’d Perkins Loan and Physician Assistant Loan –E-sign Master Promissory Note –Complete Mandatory Entrance Counseling Perkins Loan and Physician Assistant Loan, if offered, will be serviced by ECSI. Noted MPN and entrance counseling will be completed online via the ECSI website. You will be contacted via regarding access to this information by the Duke Student Loan Office.

18 All Rights Reserved, Duke Medicine 2007 Financial Aid Timeline -June access to on-line acceptance of aid open to matriculated students (should be done early June) -July loan entrance counseling and Master Promissory Note completion deadline (early July) -August financial aid disburses to student account 10 days prior to classes beginning -August refunds issued to students for living expenses (first week of classes)

19 All Rights Reserved, Duke Medicine 2007 Federal Loan Facts Stafford Unsubsidized Loan –6.8% fixed interest rate –6 month grace period –Repayment lengths based on payment plan selected GradPLUS Loan –7.9% fixed interest rate –No grace period. 1 st payment due 60 days after final disbursement –May request deferment for up to 6 months

20 All Rights Reserved, Duke Medicine 2007 Loan facts cont’d Fulfill service commitment for any loan and/or scholarship provided Select repayment plan suitable for you –www.studentloans.govwww.studentloans.gov Keep track of your federal education loan debt –www.nslds.ed.govwww.nslds.ed.gov Keep lender informed of any changes to your name, address, telephone numbers or Social Security number

21 All Rights Reserved, Duke Medicine 2007 Perkins Loan Facts 5% interest – May be cancelled in full after 5 years of qualifying service as follows: 15% of the original principal loan amount—plus the interest that accrued during the year—for each of the first and second years; 20% of the original principal loan amount—plus the interest that accrued during the year—for each of the third and fourth years; and 30% of the original principal loan amount—plus any interest that accrued during the year—for the fifth year. A “year of service” consists of 12 consecutive months of service

22 All Rights Reserved, Duke Medicine 2007 Details to consider Arrive with at least 1 month of living expense on hand. 2 months is even better. Disbursement of loans will not take place until 1 st day of classes…..see above! Arrive with reliable transportation. Loans may not be used to purchase a vehicle. Pay down consumer / credit card debt. High debt may impact ability to obtain GradPLUS loan funding. Consumer debt is not considered part of the cost of attendance.

23 All Rights Reserved, Duke Medicine 2007 Contact Information Office of Financial Aid Suite 0368, 3 rd Floor Seeley G Mudd Building Box 3067 DUMC Durham NC ph: fx:

24 Questions?


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