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©2014 Association of American Medical Colleges. All rights reserved. Paying For A Medical School Education Presenter name.

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Presentation on theme: "©2014 Association of American Medical Colleges. All rights reserved. Paying For A Medical School Education Presenter name."— Presentation transcript:

1 ©2014 Association of American Medical Colleges. All rights reserved. Paying For A Medical School Education Presenter name

2 ©2014 Association of American Medical Colleges. All rights reserved. WHERE TO START Know the Cost Understand Your Financial Aid Options Manage Money Wisely Support Along the Way

3 ©2014 Association of American Medical Colleges. All rights reserved. KNOW THE COST

4 ©2014 Association of American Medical Colleges. All rights reserved. Application fees can be a large expense  MCAT – test for admission to medical school  AMCAS – medical school application  Pivio Subscription – online portfolio  Secondary Application/College Service Fees The AAMC Financial Assistance Program (FAP) may be able to help Know the Cost of Applying

5 ©2014 Association of American Medical Colleges. All rights reserved. Know the Cost of Applying Variable Costs  MCAT preparation courses  MSAR – online guide to medical school information  Interviewing costs - clothing, travel, etc.  Moving expenses For more information:

6 ©2014 Association of American Medical Colleges. All rights reserved. Know the Cost of Attendance Based on the October 2014 Debt, Costs, and Loan Repayment Fact Card:

7 ©2014 Association of American Medical Colleges. All rights reserved. Know the Current State of Debt $200,000$200,000 $170,000$170,000 PUBLIC PRIVATE Median MD School Debt: $180,000 Based on the October 2014 Debt, Costs, and Loan Repayment Fact Card: 84% of all medical students leave with Education Debt

8 ©2014 Association of American Medical Colleges. All rights reserved. Source: Reprinted with permission from the Medical Group Management Association. Copyright All Rights Reserved. Report based on 2013 data: first year post-residency or fellowship compensation.www.mgma.org $178,950 $220,000 $180,000 $160,000 $165,000 $276, Physician Starting Salary

9 ©2014 Association of American Medical Colleges. All rights reserved. UNDERSTAND FINANCIAL AID

10 ©2014 Association of American Medical Colleges. All rights reserved. Grants & Scholarships Need and merit based Federal Student Loans Stafford, PLUS, Perkins, LDS, PCL Other sources of aid Family Service-based aid Outside scholarships Financial Aid Options

11 ©2014 Association of American Medical Colleges. All rights reserved. Turn to the Financial Aid Office (FAO) for assistance 1) Apply for financial aid – be aware of deadlines FAFSA and additional forms may be required 2) Talk with the FAO about your options 3) Research & apply for outside scholarships (Repeat steps 2 & 3 as often as possible or as needed) During Medical School

12 ©2014 Association of American Medical Colleges. All rights reserved. Medloans® Organizer & Calculator Allows wise borrowing decisions to be made during medical school!!

13 ©2014 Association of American Medical Colleges. All rights reserved. Repayment programs listed on the AAMC website NIH Loan Repayment Programs NHSC Repayment Program Public Service Loan Forgiveness Repayment & Assistance Programs

14 ©2014 Association of American Medical Colleges. All rights reserved. MANAGE MONEY WISELY

15 ©2014 Association of American Medical Colleges. All rights reserved. Have a Spending Plan

16 ©2014 Association of American Medical Colleges. All rights reserved. Have a Spending Plan A budget will help control overall spending 1) Put it in writing 2) Review periodically to identify leaks 3) Make necessary adjustments “Live like a student while you are a student…”

17 ©2014 Association of American Medical Colleges. All rights reserved. Spending Wants: Leaks It may not seem like much in the short term, but… small amounts add up over time GOURMET $5/day, 5 days/week $100/month, 10 months $1,000/year = $4,000

18 ©2014 Association of American Medical Colleges. All rights reserved. Spending Alternatives Savings can also add up quickly … if you consider alternatives AT HOME $10/month 10 months/year $100/year $400

19 ©2014 Association of American Medical Colleges. All rights reserved. Are Credit Cards Bad? Managing Credit Cards

20 ©2014 Association of American Medical Colleges. All rights reserved years to repay in full $12,000 in total repayment cost What could possibly be worth paying more than twice its original value? Source: BankRate.com $5,000 balance with an 18% interest rate (Making minimum monthly payments) Refer to page 43 The Minimum Payment Trap

21 ©2014 Association of American Medical Colleges. All rights reserved. Check your Credit Report

22 ©2014 Association of American Medical Colleges. All rights reserved. 35 % 30 % 15 % 10 % Payment history Amount owed Length of history New credit Type of credit A FICO Score is Based On… Refer to page 38

23 ©2014 Association of American Medical Colleges. All rights reserved. Improve Your Score While a Student During medical school, be sure to: Pay bills on time Pay down debt on lines of credit Apply for credit sparingly Refer to page 37

24 ©2014 Association of American Medical Colleges. All rights reserved. How To Get Started

25 ©2014 Association of American Medical Colleges. All rights reserved. “An investment in knowledge always pays the best interest” - Benjamin Franklin

26 ©2014 Association of American Medical Colleges. All rights reserved. SUPPORT ALONG THE WAY

27 ©2014 Association of American Medical Colleges. All rights reserved. Your school’s counselors and advisors AAMC’s Organization of Student Representatives (OSR) FIRST for Medical Education Your family & friends Current medical students and residents Support Along the Way

28 ©2014 Association of American Medical Colleges. All rights reserved. Medical Schools, their Financial Aid Offices & current students StudentLoans.gov Medloans Organizer & Calculator Medloans Organizer & Calculator Support Along the Way

29 ©2014 Association of American Medical Colleges. All rights reserved. facebook.com/AAMCFIRST


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