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

2. Topics of the day Duke’s Financial Aid Package Types of Financial Aid
How to apply for Financial Aid

3. Cost of Attendance for 2012-2013
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, 611
1st year total COA $ 67,949

4. Duke Financial Aid Package
Federal Direct Student Loans
Unsubsidized Stafford Loan
GradPLUS Loan

5. 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. 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. 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. 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. 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. 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. 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. Applying for Financial Aid
Complete the FAFSA
Free Application for Federal Student Aid,
E00161
Duke University School of Medicine

13. 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. 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

15. 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. 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. 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. 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. 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. 1st payment due 60 days after final disbursement
May request deferment for up to 6 months

20. Loan facts cont’d
Fulfill service commitment for any loan and/or scholarship provided
Select repayment plan suitable for you
Keep track of your federal education loan debt
Keep lender informed of any changes to your name, address, telephone numbers or Social Security number

21. 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. 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 1st 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. Contact Information
Office of Financial Aid
Suite 0368, 3rd Floor
Seeley G Mudd Building
Box DUMC
Durham NC
ph:
fx:

24. Questions?