ADMISSIONS: 2018-2019 Financial Aid

Financial Aid UMMS offers two types of financial aid applications: Student Loan Only option (only student financial info required) OR Institutional (Parental Financial info required) Types of Institutional aid include : Gift Aid (grants, scholarships & tuition waivers) Loans (UMMS Institutional loans, various subsidized federal loan programs) Other Resources: District Medical Societies www.massmed.org Click on member participation, districts and regions

Application Process Student Loan Only: Institutional Aid Application Complete FAFSA with student information www.fafsa.gov Institutional Aid Application Complete CSS Profile with parental information in addition to FAFSA https://student.collegeboard.org/css-financial- aid-profile Provide Parents’ 2017 tax returns If parents are divorced non-custodial parent must complete non-custodial profile

Financial Aid www.umassmed.edu/financialaid Timeline for applying for next year Application materials are posted on our website in mid-February. The deadline to apply for aid this past yis April 1, OR 4 weeks after acceptance if accepted after March 1, 2019 Print out the instructions page from UMMS website. This will have all of the online links you will need, the paper forms and step by step instructions on how to apply. Complete the FAFSA, Sign MPN, complete online student loan entrance counseling Disbursement for first year Money will arrive first week of classes and again in January www.umassmed.edu/financialaid

Student Debt 2017 graduates average debt : Public Medical Schools: $167,260 Private Medial Schools: $187,717 UMASS Medical: $117,488

Learning Contract All medical students can defer $5,568.00 of tuition through the UMMS Learning Contract annually. Financial Aid application is not required to qualify for the Learning Contract. All amounts deferred are eligible for cancellation through service payback (4 years full time or the part time equivalent). Eligible service types include primary care, public service, community service and underserved. Complete list of eligible service types are posted on website. Interest rate is fixed at 8%. Repayment term is 8 years. More info: www.umassmed.edu/financialaid (click on Learning Contract)

Costs 2017-2018 In-State Out-of-State Tuition $35,500 $61,050 Fees $2,078 Total Direct Costs: $37,578 $63,128 Room and Board $14,000 Miscellaneous $5,400 Health Insurance $4,720 Books and Supplies $2,845 Transportation $3,400 Total Indirect Costs: $30,365

AAMC FIRST The AAMC has designed the FIRST for Medical Education program to help medical students navigate the complexities of student debt. FIRST offers a full range of Financial Information, Resources, Services, and Tools. The goal is to expand financial literacy, make smart decisions about student loans, and manage your student debt wisely. https://www.aamc.org/services/first/ The Medloans® Organizer and Medloans® Calculator allows you to enter, track, store and run repayment scenarios for your loans. To access the Medloans® Organizer and Calculator, please go to www.aamc.org/first

Financial Aid Questions???? Good Luck!!!!