Financial Aid Entrance Counseling Campbell University School of Osteopathic Medicine

Class of 2020: MS-1 Budget Tuition…………………………………………...…...….$44,300 Fees………………………………………………………..$ 1,680 Estimated Books, Supplies, Equipment…......$ 5,000 Estimated Living Expenses (Room, Board, Transportation, etc.)……...…$ 20,100 Medical and Dental $ 2,400 Loan Fees………………………………………………$ 1,842 Total Cost of Attendance………….……………...$ 75,322

Applying for Federal Aid File your FAFSA ( FAFSA is available January 1, 2016

Federal Loans US Citizens and Permanent Residents Federal Direct Unsubsidized Loan $40,500 Interest Rate: 5.84% Federal Direct Graduate PLUS Loan Interest Rate: 6.84% Credit Requirement: Good credit history or no credit history Eligible for an amount up to the cost of attendance

Loan Origination Fees Federal Direct Unsubsidized Loan 1.068% Federal Direct Graduate PLUS Loan 4.272% Example: Borrow $10,000 with 4.272% orig. fees: $10,000 x 4.272% = $ orig. fee paid to Dept. of ED $9, disbursed, but repayment = $10,000

Private Student Loans Interest Rate: Usually variable, rate depends on lender & loan Credit Requirement: Most require particular credit score

Live Within Your Means Borrow what you need, not what you want Decline loans that exceed your need

Your Current Federal Loans Finding your Federal Loans To access: SSN Date of Birth First 2 letters (last name) FAFSA Pin # (

Finding Other Current Loans Finding other loans To access: Name Address Date of Birth SSN

CU Billing The CU Business Office will mail an invoice to your current residence approximately two weeks before classes begin. If you will not be paying your tuition with student loans, the general rule is that tuition is due on the first day of class. Charges can be paid to the University by mailing a check or paying online through the University’s CASH NET System.

Financial Aid Disbursement Completion of all loan requirements Be registered for the correct number of classes Loans Disbursement If you do not meet the requirements above, your loans will not disburse!

Refunds for Living Expenses Sign up for direct deposit prior to loan disbursement. E-Refunds are scheduled to be processed five days after the start of class.

While In-School In-School Deferment Make payments on accruing interest –if you can! There is no penalty for prepayment of student loans.

Options During Residency Make Payments In-school deferment Make Payments Select repayment plan Determines the payment amount & interest cost Make Payments Postpone Payments Deferment Forbearance Select a Repayment Plan

Postponing Payments Deferment In-School, Military, Economic Hardship/Unemployment Forbearance Entitled to a Mandatory Medical Internship/Residency Forbearance for your federal loans Issued in annual increments but can be re- requested to cover the entire residency

Repayment Begins Standard Repayment Plan Graduated Repayment Plan Extended Repayment Plan Income-Contingent Repayment Plan Income-Based Repayment Plan Pay As You Earn Repayment Plan

Average Debt Mean osteopathic medical education debt for the class of 2013: $278,455 according to the Association of American Medical Colleges. Estimated monthly payments under each repayment plan: Standard: $2, Extended Fixed: $ Extended Graduated: $ Graduated: $ Income Plans AGI: $54,000 HH: 1 ICR: Your monthly payment will be the lesser of 20% of your discretionary income or the amount you would pay on a fixed payment plan over 12 years, adjusted according to your income IBR: Your monthly payments will be 10 or 15% of discretionary income. PAYE: Your maximum monthly payments will be 10% of discretionary income Income Sensitive-Your monthly payment is based on annual income

Serious Obligation It is your responsibility to make on-time payments! Payment is expected of you whether or not you: Complete your program Complete it in the expected amount of time Feel satisfied with your educational experience Whether or not you are able to obtain employment You must repay your student loans. No excuses!

Consequences of non-payment In the case that something does “slip through the cracks” and you forget to make a payment… Loans will be considered delinquent once a payment is late. After a loan is 270 days delinquent, the servicer assumes you will not pay and places your loans in default.

Consequences of Delinquency and Default There are negative consequences for both delinquency and default. Delinquency Your credit score will be negatively impacted Default Not only will your lack of payments be reported to the credit bureaus, but you may also experience: a garnishment of wages and tax refunds additional fees/costs associated with the debt collection potential lawsuits in which you are responsible for legal fees BUT - nobody wants you to get there! If you are experiencing financial difficulties, do not wait until it’s too late. Call your servicer immediately and see what arrangements can be made.

On a positive note… Medical school borrowers have a very low default rate! This means that borrowers like you tend to: repay their loans repay them on-time and many even pay their loans off earlier than required. The key to this, especially during residency, is to stay organized and know when your payments are due.

WELCOME TO CAMPBELL! Q & A with Sherry

Sherry Smith Asst. Director of Financial Aid