Download - Dino Koff May 7, 2012
Dino KoffMay 7, 2012
How Do You Pay For College?
OGrantsOScholarshipsOPowerballOLoansOSavingsOWorkOService Awards
Where Does Aid Come From?
O FederalO LoansO Scholarships (Service)O Loan Repayment
O StateO LoansO GrantsO Loan Repayment
O InstitutionalO Loans and Scholarships/Grants
O Private ResourcesO FoundationsO CompaniesO Undergrad Institutions
Cost of AttendanceO Tuition and FeesO Room and BoardO Books and SuppliesO Personal ExpensesO TransportationO Dependant careO Actual cost of a computerO Disability needs
Why Financial Management?
O Average Public Medical School Cost of Attendance? (year 1)O $51,307 (in state) $73,749 (non-
resident)O Average Private Medical School Cost
of Attendance? (year 1)O $69,913
– Source: AAMC Tuition and Fees Questionnaire, 2012
Why Financial Management? (Part II)
OAverage Public Medical School Debt?O $137,197
OAverage Private Medical School Debt?O $151,874
O Does not include pre-medical school debt
O Source: AAMC LCME Part IB, 2011
Geisel School of Medicine Average
Debt 2011: ~$137,000
Clinical Clerkships, Electives, USMLE, On Doctoring and Local Transportation
OCost of Attendance increase for students who:O Live at a distance from the Medical
SchoolO Incur 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 ThisO Federal Stafford Loans
O Subsidized $8,500O Unsubsidized $34,200 (1st year,
increase each year)
O Federal Graduate PLUS LoanO Up to the COA
Going away 7/1/12 for grad students
Student loans are debt, but they’re also an
INVESTMENT
Direct Stafford LoansOTotal of $42,700 per year O Interest rate – fixed at 6.8% for life
O“new” loans after July 1, 2006ONo rate reduction being discussed
in front of Congress currentlyO6 Month grace period after enrollment
endsO0-2% origination/guarantee feeOUnsubsidized Only
GRAD PLUS LoansO Federal Loan
O Not Parent, not Undergraduate
Study
O Yes Loan !O Up to COA less other aidO Fixed 7.9% Interest RateO 3% Origination/Default Fee
How do I …
What Financial Aid Package is Better?
A B C
Scholarship
$37,000 $41,000 $40,000
Unsub Stafford
$10,000 $11,000 $14,000
School Loan
$5,000 $5,000 0
Total: $52,000 $57,000 $54,000
School Loan A: 5% after residency; School Loan B: 8% after grad
Options
•National Health Service Corps•Health Professions Scholarship Program (Military)
Portion of AGI Available for Loan Payment in IBR
Portion of AGI Available for Other Expenses
Portion 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 Group
Financial Aid Organizer
Check it Out!
Ohttp://dinodms.wordpress.com/
OFacebook: Dartmouth Medical School Financial Aid
