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

Questions

OG. Dino KoffODino.Koff@Dartmouth.edu

O603-650-1919