1. Terra Jones, Director Genene Strickland, Associate Director
Financing your Medical Education:
Gaining assistance and Managing the Loan Burden
Terra Jones, Director
Genene Strickland, Associate Director

2. Agenda What does it cost to attend medical school?
What type of Financial Aid is available?
How do I apply for financial aid?
What do I do after I am offered financial aid?
What loan repayment options are available?
Financial Literacy & Scholarship Resources

3. What Does It Cost to Attend Medical School?

4. What Does It Cost To Attend Medical School?
Indirect Costs
Direct Costs
Tuition
Health Insurance
Dental Insurance
Matriculation Fee
Imaging Fee
Rent & Utilities
Books & Supplies
Equipment
Transportation
Personal Expenses
Average Cost of Attendance - Public Schools = $53,685
Average Cost of Attendance – Private Schools = $72,344

5. What Types of Financial Aid is Available?
Federal Financial Aid
Federal Direct Unsubsidized Stafford Loan
Federal Graduate PLUS Loan
Federal Perkins Loan
Federal Work-study
State Grants & Scholarships
Senatorial/Delegate
MD Graduate & Professional

6. Types of Financial Aid cont…
Institutional Scholarships
Need Based
Merit
Outside Scholarships
Armed Forces Health Professions Scholarship
National Health Service Corps
National Medical Fellowships
American Medical Association

7. How Do I Apply for Financial Aid?
FAFSA- Free Application for Federal Student Aid
Requires only student information
Applications available for submission on January 1
Submit by priority awarding date. March 15th
Application to qualify for scholarship (need access or college profile).
Usually requires student and parental information
Institutional Financial Aid Application

8. What do I do next? Apples to Apples Comparison
Budget Components
School A
School B
Tuition
Health Insurance
Dental Insurance
Mandatory Fees
Books & Supplies
Rent & Utilities
Food
Uniforms & Laundry
Transportation & Insurance
Personal
Total Cost of Attendance

9. Know What Questions to Ask?
How was my financial aid package calculated?
Does the tuition increase each year? If yes, will my scholarship be increased to cover the increase in tuition?
Does my financial aid package cover my entire Cost of Attendance?
What was the average loan indebtedness of the last graduating class?
How do I fund the “gap” between my COA and award package?
Is my scholarship based on need or merit funding?
What percentage of my aid package is scholarship, what percentage is loan?
Will my institutional scholarship be affected if I receive an outside scholarship?
Is my scholarship guaranteed for four years? If not, what is required to maintain it?
What financial literacy programs are offered?

10. What are my Loan Repayment Options?
Standard Repayment
10 year repayment
Minimizes repayment time and total interest paid
Extended, Graduated, Income Contingent
Income – Based Repayment
Offers the lowest monthly payment by capping the monthly payment at 15% of discretionary income.
Payments adjusted each year according to changes in income and family size.
Balance forgiven after 20 years.
Public Service Loan Forgiveness
Balance on loans forgiven for students after working 10 years in a public service profession and making 120 on-time loan payments.
Loan Repayment Programs
National Institutes of Health- repayment of loans after completing qualifying research.
National Health Service Corps - Three loan repayment options for primary care providers who work at approved sites in communities in need.
Armed Forces LRP – payment of loans after serving in any branch of the armed services.
AmeriCorps – payments towards college costs or Title IV loans after graduation after completion of term of service.

11. Financial Literacy Resources
StudentLoans.gov provides . . .
Student loan information
Repayment information and calculators
Updates in federal regulations
Mint.com provides . . .
Money management tools
Automatic updates of spending patterns.
AAMC First for Medical Education provides. . .
Interactive modules on credit cards, credit reports, budgeting
AAMC Toolkit
MedLoans Organizer & Calculator

12. Financial Aid Resources
FAFSA:
STUDENTLOANS.GOV:
NSLDS:
FIRST:
Aspiring Docs:

13. Scholarship Resources
American Medical Association (AMA)
Association of American Medical Colleges (AAMC)
College Board
National Institutes of Health (NIH)
School Financial Aid Office