1. Money Management for Entering Medical Students Michael T. Goodman
OPTIONAL
Welcome to Money Management for Medical Students, an Entrance Interview created with the AAMC and presented by _________________ (introduce financial aid office).
The purpose of the Entrance Interview is to share with you everything, legally, that you are required to know about the loans you are borrowing to finance your medical school education. Additionally, this session will provide tips on how to demonstrate wise borrowing behavior, and if used, may help you to reduce the amount of time and money required to repay this debt.
It may seem a bit overwhelming now, but understanding the “right” way to borrow will make you better equipped for successful repayment in the future.
Note to SPEAKER:
This is your opening slide and your opportunity to engage the audience. You may want to stress that they are attending this session to receive information that will help them make the right decisions at the right times. The goal of this session is two-fold. First, to fulfill the federally mandated entrance interview requirements and secondly, to provide guidance on how to exhibit intelligent borrowing behavior during medical school.
The following “Speaker Notes” are possible verbiage to use in the presentation of each slide. Along with the content of the slides, much of the content in the Speaker Notes is required to satisfy the Federal requirements for Entrance Interviews – and for this reason, should be verbally included in some form or fashion.
Furthermore, an accompanying document has been created to be used as a valuable handout with this PPT, the Education Debt Manager (EDM) for Entering Medical Students. Many slides in this presentation include a page reference where more information can be found in the Education Debt Manager. This component will also help ensure federal requirements are met. Finally, a fold-out Notes Page is available at the back of the booklet to allow the user to take notes and follow along in the book simultaneously.
For these reasons, Education Debt Managers (EDM) should be ordered prior to the session since this will provide the most relevant and valuable handout for the attendee. Printouts of the presentation will not contain the depth of information found in the EDM.
All information is accurate and compliant with Federal regulations to the best of our knowledge as of 01/15/11.
Michael T. Goodman
Associate Vice President
Tulane University Financial Aid 8/10/2017

2. Agenda Introduction Operations Disbursements of aid
Refunds for living expenses
Reconsiderations
Applying for
Aid for 2018 summer
Additional information
Dr. Jeffrey Hanson
Questions?...please visit with your financial aid counselor
(NOTE TO SPEAKER: Add your own comments about each of the 5 items or use text below.)
During the next minutes, we will not only meet the federal requirements for an Entrance Interview, we will also cover strategies and tips for managing money wisely as a medical student.
We accomplish this by reviewing these 5 debt management agenda items. The first of these is to “Know the Details of Your Loans”. Why do you need to know about your loans? Because this debt will have an impact on your future -- your life style, your credit and your peace of mind!
You will also need to understand “The Timeline” for these loans, so that you will be better prepared when it comes time to repay.
Then, we will look at tips on how to “Borrow Strategically” during the next 4 years of medical school – which may mean not borrowing at all or only borrowing what you need.
Finally, we will wrap up with information that everyone needs to know to make smart financial decisions: this includes the importance of “Having a Spending Plan” and “Understanding your Credit”.
If you grasp these 5 debt management concepts and apply the tips that we share, you will be well on your way towards developing a healthy financial future.

3. Introduction
Tulane University Health Sciences Center Office of Financial Aid Suite 1213, Tidewater Building 1440 Canal Street Serving… School of Medicine School of Public Health & Tropical Medicine School of Social Work
Your student loan portfolio will possibly consist of a number of types of loans, with different balances, at different interest rates and with different repayment terms. So, for this reason, it is important that you understand what you are adding to your debt portfolio and be familiar with the details of these loans – before you borrow - because only then can you make wise decisions.

4. Operations
Tidewater Office Hours: 9AM – 5PM, Monday – Friday Counselors available: M-F 9AM – 4:30PM Recommend appointments Communications: (504) (504) fax Website:
Your student loan portfolio will possibly consist of a number of types of loans, with different balances, at different interest rates and with different repayment terms. So, for this reason, it is important that you understand what you are adding to your debt portfolio and be familiar with the details of these loans – before you borrow - because only then can you make wise decisions.

5. Operations Counselor by alphabet (last name):
A-FRAM: Jermaine Allen, Counselor
FRAN-JOL: James Bourgeois, Senior Associate Director
JOM-RH: Miguel Devezin, Counselor
RI-Z: Jonathan Jouet, Assistant Director
Program Coordinator: Donna Fasullo
Your student loan portfolio will possibly consist of a number of types of loans, with different balances, at different interest rates and with different repayment terms. So, for this reason, it is important that you understand what you are adding to your debt portfolio and be familiar with the details of these loans – before you borrow - because only then can you make wise decisions.

6. Where Are We? Accepted aid award via Gibson on-line
Completed Direct Loan entrance counseling on-line (for both Unsub and Graduate PLUS Loans)
Completed Direct Loan master promissory notes (MPNs) on-line (for both Unsub and Graduate PLUS Loans)
Completed direct deposit information on-line with the Tulane Accounts Receivable Office
Request refund from A/R website and suggest completing the Title IV Release Form
Your student loan portfolio will possibly consist of a number of types of loans, with different balances, at different interest rates and with different repayment terms. So, for this reason, it is important that you understand what you are adding to your debt portfolio and be familiar with the details of these loans – before you borrow - because only then can you make wise decisions.

7. New Interest Rates
Effective for loans disbursed after 7/1/17: Federal Unsubsidized Direct Loan: 6.00% 10 year Treasury note + 3.6% 9.5% Federal Graduate PLUS: 7.00% 10 year Treasury note + 4.6% 10.5%
Your student loan portfolio will possibly consist of a number of types of loans, with different balances, at different interest rates and with different repayment terms. So, for this reason, it is important that you understand what you are adding to your debt portfolio and be familiar with the details of these loans – before you borrow - because only then can you make wise decisions.

8. Loan Fees
Federal Unsubsidized Direct Loan: 1.069% example: borrow $20,250 with 1.069% fees: $20,250 x 1.069% = $216 $20,034 disbursed, yet repayment = $20,250 Federal Graduate PLUS: 4.276% Alternative Loans: usually 0% front fees, varies on back-end fees, check with private loan lender
Your student loan portfolio will possibly consist of a number of types of loans, with different balances, at different interest rates and with different repayment terms. So, for this reason, it is important that you understand what you are adding to your debt portfolio and be familiar with the details of these loans – before you borrow - because only then can you make wise decisions.

9. Tulane Budgeting & Billing
You will receive by a monthly billing statement detailing charges and credits that occurred during the prior month.
School of Medicine’s tuition & fees: $28, tuition per semester $ 1, academic support fee per semester $ student activity fee per semester $ health services fee per semester $ rec. center fee per semester $30, = Total tuition & fees per semester
Other charges: Books, Parking, Deming Pavilion, Health Insurance
A common misunderstanding that many new medical school students have is that they have to accept all of the loans that they are awarded; however that is not the case. We encourage you to know how much money you need each semester. Borrow what you need and decline any loans that exceed your need.
And, as you are accepting loans, please understand that when you accept certain loans it may affect your eligibility for other aid. You are limited in the total amountof financial aid, including all loans and scholarships, that you can receive each year in that you cannot receive more aid than your cost of attendance. This fact could mean forfeiting free or lower rate monies because you have already accepted a higher rate loan – so accept carefully.

10. Disbursements of Aid Example of 2017 Fall Semester disbursements:
Tuition & fees $30, = $30,756.00
Unsubsidized DL ($20,034.00)
Grad. PLUS ($21,807.00) = $41,841.00
= A/R balance ($11,085.00)
+ Refund $11,085.00
= A/R balance $
If enrolling for Tulane’s health insurance ($1,337 per semester premium), refund would then = $9,748.
A common misunderstanding that many new medical school students have is that they have to accept all of the loans that they are awarded; however that is not the case. We encourage you to know how much money you need each semester. Borrow what you need and decline any loans that exceed your need.
And, as you are accepting loans, please understand that when you accept certain loans it may affect your eligibility for other aid. You are limited in the total amountof financial aid, including all loans and scholarships, that you can receive each year in that you cannot receive more aid than your cost of attendance. This fact could mean forfeiting free or lower rate monies because you have already accepted a higher rate loan – so accept carefully.

11. Reconsiderations Computer purchase (max. = $2,500)
only allowed once during medical school career
Combined degree programs: MD/MPH, MD/MBA or MD/Anatomy
Special financial circumstances
Receive any other financial assistance: outside scholarship and/or grant
A common misunderstanding that many new medical school students have is that they have to accept all of the loans that they are awarded; however that is not the case. We encourage you to know how much money you need each semester. Borrow what you need and decline any loans that exceed your need.
And, as you are accepting loans, please understand that when you accept certain loans it may affect your eligibility for other aid. You are limited in the total amountof financial aid, including all loans and scholarships, that you can receive each year in that you cannot receive more aid than your cost of attendance. This fact could mean forfeiting free or lower rate monies because you have already accepted a higher rate loan – so accept carefully.

12. Applying for 2017-2018 2018-2019 FAFSA Becomes available 10/01/2017
School of Medicine Financial Aid Addendum
No need for new federal loan MPN
2018 Summer aid for MD/MPH, MD/MBA or MD/Anatomy
A common misunderstanding that many new medical school students have is that they have to accept all of the loans that they are awarded; however that is not the case. We encourage you to know how much money you need each semester. Borrow what you need and decline any loans that exceed your need.
And, as you are accepting loans, please understand that when you accept certain loans it may affect your eligibility for other aid. You are limited in the total amountof financial aid, including all loans and scholarships, that you can receive each year in that you cannot receive more aid than your cost of attendance. This fact could mean forfeiting free or lower rate monies because you have already accepted a higher rate loan – so accept carefully.

13. Additional Information
Outside Scholarships: check our web site for a list check
check bulletin board and
Communication: Tulane address
Emergency loans: Tulane is not an ATM $1,000 maximum for year
Resource: Loan Organizer and Calculator
Invest in a 30-minute meeting with Dr. Jeff Hanson!
A common misunderstanding that many new medical school students have is that they have to accept all of the loans that they are awarded; however that is not the case. We encourage you to know how much money you need each semester. Borrow what you need and decline any loans that exceed your need.
And, as you are accepting loans, please understand that when you accept certain loans it may affect your eligibility for other aid. You are limited in the total amountof financial aid, including all loans and scholarships, that you can receive each year in that you cannot receive more aid than your cost of attendance. This fact could mean forfeiting free or lower rate monies because you have already accepted a higher rate loan – so accept carefully.