g. dino koff associate dean of student affairs and director of financial aid may 12, 2014 may 12,...
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G. Dino KoffAssociate Dean of Student Affairs and Director of Financial AidMay 12, 2014
May 12, 2014 | HANOVER, NH
GEISELMED.DARTMOUTH.EDU
How Do You Pay For College?• Grants• Scholarships• Powerball• Loans• Savings• Work• Service Awards
GEISELMED.DARTMOUTH.EDU
Where Does Aid Come From?• Federal
– Loans– Scholarships (Service)– Loan Repayment
• State– Loans– Grants– Loan Repayment
• Institutional– Loans and Scholarships/Grants
• Private Resources– Foundations– Companies– Undergrad Institutions
GEISELMED.DARTMOUTH.EDU
Cost of Attendance
• Tuition and Fees• Room and Board• Books and Supplies• Personal Expenses• Transportation• Dependant care• Actual cost of a computer• Disability needs
GEISELMED.DARTMOUTH.EDU
Why Financial Management?• Average Public Medical School Cost
of Attendance? (year 1)– $55,061 (in state) $78,731 (non-
resident)
• Average Private Medical School Cost of Attendance? (year 1)– $ 74,401
– Source: AAMC Tuition and Fees Questionnaire, 2013
GEISELMED.DARTMOUTH.EDU
Why Financial Management? (Part II)
• Average Public Medical School Debt?– $144,072
• Average Private Medical School Debt?– $160,105
– Does not include pre-medical school debt– Source: AAMC LCME Part IB, 2013
Geisel School of Medicine Average
Debt 2013: ~$142,000
GEISELMED.DARTMOUTH.EDU
Clinical Clerkships, Electives, USMLE, On Doctoring and Local Transportation
• Cost of Attendance increase for students who:– Live at a distance from the Medical
School– Incur travel expenses in excess of the
amount included in the budget ($250)
GEISELMED.DARTMOUTH.EDU
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…
GEISELMED.DARTMOUTH.EDU
“My parents are not helping me and my…
GEISELMED.DARTMOUTH.EDU
You Can Do This
• Federal Stafford Loans– Subsidized $8,500–Unsubsidized $34,200 (1st year, increase
each year)
• Federal Graduate PLUS Loan–Up to the COA
went away 7/1/12 for grad students
GEISELMED.DARTMOUTH.EDU
Student loans are debt, but they’re also an
INVESTMENT
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Direct Stafford Loans
• Total of $42,700 per year • Interest rate – fixed at 5.41% for life
(this year)–Every July 1, rates can change
• 6 Month grace period after enrollment ends
• 0-4% origination/guarantee fee• Unsubsidized Only
GEISELMED.DARTMOUTH.EDU
GRAD PLUS Loans
• Federal Loan• Not Parent, not Undergraduate
Study
• Yes Loan !• Up to COA less other aid• Fixed fixed at 6.41% for life (this
year)• 4% Origination/Default Fee
GEISELMED.DARTMOUTH.EDU
How do I …
GEISELMED.DARTMOUTH.EDU
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
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Options
•National Health Service Corps•Health Professions Scholarship Program (Military)
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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
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Financial Aid Organizer
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Get Out of Debt Before Medical School
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Check it Out!
• Facebook: Geisel School of Medicine Financial Aid
