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

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

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

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

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

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)

Scholarships National Health Service Corps Pays tuition and required fees directly to school Pays monthly living stipend directly to student $1,289.00 for 2012-2013 academic year Service commitment is required minimum of 2 years / full-time

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

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 $10,000.00 per academic year Service commitment in NC is required – 1 year of service for each year of loan

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

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 www.StudentAid.ed.gov

Applying for Financial Aid Complete the 2013-2014 FAFSA Free Application for Federal Student Aid, www.fafsa.ed.gov E00161 Duke University School of Medicine

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

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 www.annualcreditreport.com

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

Applying for loans All federal educations loans offered through Direct Lending www.studentloans.gov Apply for loans E-sign Master Promissory Notes Complete Mandatory Entrance Counseling Stafford/Grad Plus

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 email regarding access to this information by the Duke Student Loan Office.

Financial Aid Timeline June 2013- access to on-line acceptance of aid open to matriculated students (should be done early June) July 2013- loan entrance counseling and Master Promissory Note completion deadline (early July) August 2013- financial aid disburses to student account 10 days prior to classes beginning August 2013- refunds issued to students for living expenses (first week of classes)

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

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

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

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.

Contact Information Office of Financial Aid Suite 0368, 3rd Floor Seeley G Mudd Building Box 3067 DUMC Durham NC 27710 ph: 919-684-6649 fx: 919-684-4322 finaid@dm.duke.edu http://medschool.duke.edu/education/financial-aid-office

Questions?