Presentation on theme: "Terra Jones, Director Genene Strickland, Associate Director Financing your Medical Education: Gaining assistance and Managing the Loan Burden."— Presentation transcript:
Terra Jones, Director Genene Strickland, Associate Director Financing your Medical Education: Gaining assistance and Managing the Loan Burden
Agenda What does it cost to attend medical school? What type of Financial Aid is available? How do I apply for financial aid? What do I do after I am offered financial aid? What loan repayment options are available? Financial Literacy & Scholarship Resources
What Does It Cost to Attend Medical School?
What Does It Cost To Attend Medical School? Direct Costs Tuition Health Insurance Dental Insurance Matriculation Fee Imaging Fee Indirect Costs Rent & Utilities Books & Supplies Equipment Transportation Personal Expenses Average Cost of Attendance - Public Schools = $53,685 Average Cost of Attendance – Private Schools = $72,344
What Types of Financial Aid is Available? Federal Financial Aid Federal Direct Unsubsidized Stafford Loan Federal Graduate PLUS Loan Federal Perkins Loan Federal Work-study State Grants & Scholarships Senatorial/Delegate MD Graduate & Professional
Types of Financial Aid cont… Institutional Scholarships Need Based Merit Outside Scholarships Armed Forces Health Professions Scholarship National Health Service Corps National Medical Fellowships American Medical Association
How Do I Apply for Financial Aid? FAFSA- Free Application for Federal Student Aid Requires only student information Applications available for submission on January 1 Submit by priority awarding date. March 15 th Application to qualify for scholarship (need access or college profile). Usually requires student and parental information Institutional Financial Aid Application
What do I do next? Apples to Apples Comparison Budget ComponentsSchool ASchool B Tuition Health Insurance Dental Insurance Mandatory Fees Books & Supplies Rent & Utilities Food Uniforms & Laundry Transportation & Insurance Personal Total Cost of Attendance
Know What Questions to Ask? Does the tuition increase each year? If yes, will my scholarship be increased to cover the increase in tuition? Does my financial aid package cover my entire Cost of Attendance? How do I fund the “gap” between my COA and award package? What was the average loan indebtedness of the last graduating class? Is my scholarship based on need or merit funding? How was my financial aid package calculated? What percentage of my aid package is scholarship, what percentage is loan? Is my scholarship guaranteed for four years? If not, what is required to maintain it? Will my institutional scholarship be affected if I receive an outside scholarship? What financial literacy programs are offered?
What are my Loan Repayment Options? Standard Repayment 10 year repayment Minimizes repayment time and total interest paid Extended, Graduated, Income Contingent Income – Based Repayment Offers the lowest monthly payment by capping the monthly payment at 15% of discretionary income. Payments adjusted each year according to changes in income and family size. Balance forgiven after 20 years. Public Service Loan Forgiveness Balance on loans forgiven for students after working 10 years in a public service profession and making 120 on-time loan payments. Loan Repayment Programs National Institutes of Health- repayment of loans after completing qualifying research. National Health Service Corps - Three loan repayment options for primary care providers who work at approved sites in communities in need. Armed Forces LRP – payment of loans after serving in any branch of the armed services. AmeriCorps – payments towards college costs or Title IV loans after graduation after completion of term of service.
Financial Literacy Resources Student loan information Repayment information and calculators Updates in federal regulations StudentLoans.govStudentLoans.gov provides... Mint.com provides... Money management tools Automatic updates of spending patterns. AAMC First for Medical Education provides... Interactive modules on credit cards, credit reports, budgeting AAMC Toolkit MedLoans Organizer & Calculator