dino koff may 7, 2012

Financing Medical School

Dino KoffMay 7, 2012

How Do You Pay For College?GrantsScholarshipsPowerballLoansSavingsWorkService Awards

Where Does Aid Come From?FederalLoansScholarships (Service)Loan RepaymentStateLoansGrantsLoan RepaymentInstitutionalLoans and Scholarships/GrantsPrivate ResourcesFoundationsCompaniesUndergrad Institutions

Cost of AttendanceTuition and FeesRoom and BoardBooks and SuppliesPersonal ExpensesTransportationDependant careActual cost of a computerDisability needs

Why Financial Management?Average Public Medical School Cost of Attendance? (year 1)$51,307 (in state) $73,749 (non-resident)Average Private Medical School Cost of Attendance? (year 1)$69,913

Source: AAMC Tuition and Fees Questionnaire, 2012Why Financial Management? (Part II)Average Public Medical School Debt?$137,197Average Private Medical School Debt?$151,874

Does not include pre-medical school debtSource: AAMC LCME Part IB, 2011

Geisel School of Medicine Average Debt 2011: ~$137,000Clinical Clerkships, Electives, USMLE, On Doctoring and Local TransportationCost of Attendance increase for students who:Live at a distance from the Medical SchoolIncur travel expenses in excess of the amount included in the budget ($250)Books: Budget figures reflect average book purchases in each class. Students whose necessary book purchases go beyond this level may seek a budget adjustment through the Financial Aid Office.

Computer, PDA, Equipment: The COA can be increased one time in a students 4 year degree for a computer and PDA. This does not include warranties, printers, cameras

My parents are not helping me and my

You Can Do ThisFederal Stafford LoansSubsidized $8,500Unsubsidized $34,200 (1st year, increase each year)

Federal Graduate PLUS LoanUp to the COA

Going away 7/1/12 for grad studentsStudent loans are debt, but theyre also anINVESTMENT

Direct Stafford LoansTotal of $42,700 per year Interest rate fixed at 6.8% for lifenew loans after July 1, 2006No rate reduction being discussed in front of Congress currently6 Month grace period after enrollment ends0-2% origination/guarantee feeUnsubsidized OnlyGRAD PLUS LoansFederal LoanNot Parent, not Undergraduate StudyYes Loan !Up to COA less other aidFixed 7.9% Interest Rate3% Origination/Default FeeHow do I

What Financial Aid Package is Better?ABCScholarship$37,000$41,000$40,000Unsub Stafford$10,000$11,000$14,000School Loan$5,000$5,0000Total:$52,000$57,000$54,000School Loan A: 5% after residency; School Loan B: 8% after gradOptionsNational Health Service CorpsHealth Professions Scholarship Program (Military)

Portion of AGI Available for Loan Payment in IBR

Portion of AGI Available for Other ExpensesPortion of AGI Needed to Cover Basic Needs(150% of poverty guideline)Portion of AGI Available for IBR Loan Payment(15% of remaining AGI)Slide: Jeff Hanson, Access GroupFinancial Aid Organizer

Check it Out!http://dinodms.wordpress.com/Facebook: Dartmouth Medical School Financial AidQuestionsG. Dino KoffDino.Koff@Dartmouth.edu603-650-1919