1. Financing A Professional Medical Degree Linda Frenza – Financial Aid Associate Director Antonieta Zubia – Financial Aid Counselor / Scholarship Coordinator Financing A Professional Medical Degree Linda Frenza – Financial Aid Associate Director Antonieta Zubia – Financial Aid Counselor / Scholarship Coordinator

2. Agenda How to apply The cost of a medical education Types of Financial Aid available to medical students o Loans o Scholarships Loan Repayment and Loan Forgiveness Options Financial Literacy

3. Apply online through the Free Application for Federal Student Aid (FAFSA) Independent, Graduate/Professional Student Parental information is not required, but may be requested www.FAFSA.ed.gov How to Apply

4. The Costs Doctor of Osteopathic Medicine1 st Year2 nd Year3 rd Year4 th year Tuition$53,570 Mandatory Institutional Fees$40 $20$370 Books & Supplies$2,793$1,273$507$0 COMLEX Exam FeesN/A$590$1,880N/A COMLEX Travel (PA)N/A $774 Living Expenses (R&B/Personal)$18,790 $20,498 Transportation$3,163$3,234$8,970$8,280 Loan Fees$1,937$1,900$2,171$2,087 Total Budget$80,293$79,397$87,616$85,579 http://www.westernu.edu/financial/financial-budgets

5. Types of Financial Aid Student Loans o Unsubsidized Stafford Loan o Graduate PLUS Loan o Primary Care Loan (PCL) o Loan for Disadvantaged Students (LDS) o Health Professions Student Loan (HPSL) o Private/Alternative Student Loan

6. Types of Financial Aid Unsubsidized Stafford o Federally regulated loan o Guaranteed funding through FAFSA application o Eligibility ranges from $20,500 up to $47,167 (depending on borrowing history, program, and enrollment) o Interest rate is fixed o Origination fee applies

7. Types of Financial Aid Graduate PLUS Loan o Federally regulated loan o Must not have adverse credit o Maximum loan amount is the student’s cost of attendance minus any other financial aid received o Interest rate is fixed o Origination fee applies

8. Types of Financial Aid Primary Care Loan o Institution applies for funding through the U.S. Department of Health and Human Services o If the institution is granted funding, the institution will invite the student to apply from one of these disciplines: allopathic medicine or osteopathic medicine o Must practice in primary care for the life of the loan, including residency o Interest free during enrollment and residency o Interest is fixed at 5% in repayment

9. Types of Financial Aid Loan for Disadvantaged Students o Institution applies for funding through the U.S. Department of Health and Human Services o If the institution is granted funding, the institution will invite the student to apply from one of these disciplines: allopathic medicine, osteopathic medicine, dentistry, optometry, pharmacy, podiatric medicine, veterinary medicine o Student must be from a disadvantaged background o Interest free during enrollment and residency o Interest is fixed at 5% in repayment

10. Types of Financial Aid Health Professions Student Loan o Institution applies for funding through the U.S. Department of Health and Human Services o If the institution is granted funding, the institution will invite the student to apply from one of these disciplines: dentistry, optometry, pharmacy, podiatric medicine, veterinary medicine o Interest free during enrollment and residency o Interest is fixed at 5% in repayment

11. Types of Financial Aid Private Student Loan o Not federally regulated o Credit check is performed to determine approval, interest rate, and fees o Maximum loan amount is the student’s cost of attendance minus any other financial aid received o Fixed and variable interest rates that can increase or decrease over time, depending on market conditions. o Origination fee may apply

12. Types of Financial Aid Scholarships o Scholarship for Disadvantaged Students o National Health Service Corps o Military Health Professions Scholarship Program o Western Interstate Commission for Higher Education: Professional Student Exchange Program (WICHE – PSEP)

13. Types of Financial Aid Scholarship for Disadvantaged Students o Institution applies for funding through the U.S. Department of Health and Human Services o If the institution is granted funding, the institution will invite the student to apply from one of these disciplines: allopathic medicine, osteopathic medicine, dentistry, optometry, pharmacy, podiatric medicine, veterinary medicine, chiropractic, behavioral and mental health, public health, nursing, allied health, physician assistant o Student must be from a disadvantaged background

14. Types of Financial Aid National Health Service Corps Scholarship Program o Scholarship pays for tuition, fees, other educational costs, and a monthly stipend o Student applicants from one of these disciplines: allopathic medicine, osteopathic medicine, dentistry, nurse practitioners, certified nurse-midwives, doctor of nursing practice, physician assistant o Commitment to work at least 2 years in a medically underserved area in primary care http://nhsc.hrsa.gov/

15. Types of Financial Aid Military Health Professions Scholarship Program o Army, Navy, and Air Force offer this scholarship o Scholarship pays for tuition, fees, other educational costs, and a monthly stipend o Student applicants from one of these disciplines: medical, dental, optometry, veterinary medicine o Recruiter information is available through the college

16. Types of Financial Aid WICHE- Professional Student Exchange Program o Enables students in 10 western states to enroll in selected out-of-state professional programs o Student pays for reduced levels of tuition o Student applicants from one of these disciplines: medical, dental, occupational therapy, optometry, pharmacy, physical therapy, physician assistant, podiatry, veterinary medicine o Student commitment to return to home state after graduation and practice profession for a designated number of years. http://www.wiche.edu/psep

17. Types of Financial Aid Scholarship Search o www.fastweb.com www.fastweb.com o www.collegenet.com/mach25 www.collegenet.com/mach25 o Professional Associations o WesternU’s Scholarship Database for currently enrolled students: jprod.westernu.edu/financialaid/index.jsp

18. Loan Repayment/Forgiveness Options o Public Service Loan Forgiveness o State Loan Forgiveness o National Health Service Corps o Military

19. Loan Repayment/Forgiveness Options Public Service Loan Forgiveness o Work full-time in a public service job o Remaining loan balance forgiven after 120 on-time monthly payments (10 years) o Federal Direct Loan Borrowers (Stafford and Grad PLUS) https://studentaid.ed.gov/repay-loans/forgiveness- cancellation/public-service#what-is-pslf

20. Loan Repayment/Forgiveness Options State Loan Forgiveness o States apply for funds, not individual health professionals o Service commitment varies per state http://www.nhsc.hrsa.gov/loanrepayment/stateloanrepaymentprogram/

21. Loan Repayment/Forgiveness Options National Health Service Corps Loan Repayment Program o Pays up to $50,000 towards loan debt for two year service commitment o Primary care clinicians: medical, dental, mental/behavioral health https://nhsc.hrsa.gov/loanrepayment/

22. Loan Repayment/Forgiveness Options Military: STRAP (Specialized Training Assistance Program) o Army and Air Force offer STRAP o Amount of support varies by branch and health profession o Recruiter information is available through the college

23. Financial Literacy Before you start medical school Reduce or eliminate any monthly financial obligations: credit cards, car payments, cell phone Create a realistic, conservative budget Understand the cost of attendance and how financial aid will assist you Save as much money as possible prior to the start of school Protect your credit report Apply for scholarships!

24. Financial Literacy Access Group: www.accessgroup.org/financing-your-educationcollege Western University of Health Sciences: websites.westernu.edu/financial-literacy

25. Questions? Thank you! Visit us on campus prospective.westernu.edu/campusevents/