FUNDING MY EDUCATION

MEDICAL SCHOOL AND

OTHER MEDICAL RELATED

GRADUATE SCHOOLS

7/2/2012

KNOW THE COST OF YOUR UNDERGRADUATE EDUCATION

UNDERGRADUATE Tuition and Fees Books and Supplies Living Expenses Workforce Absence Application Costs Interview Expenses Savings MCAT Prep

POSSIBLE COSTS Mini Med School Research Options Study Abroad Private Tutoring Loan Interest Costs Graduate School

Visits Preparatory Classes Hidden Pre-

Requisites

7/2/2012

KNOW WHAT FUNDING IS AVAILABLE

UNDERGRADUATE

PELL/Grants Scholarships Part-Time Work Family Support Budgeting Loans

7/2/2012

UNDERGRADUATE FUNDING Everyone should complete FASFA Scholarships

Valenciacollege.org (college foundation)Fastweb.org (free scholarship searches)

LoansSubsidizedUnsubsidized (pay interest while in school)ParentPrivate

7/2/2012

UNDERGRADUATE CONTINUED Family Support

Living at home vs. living independently Part-Time work (1-15hrs per week) Budgeting

Living on a shoestring

7/2/2012

KNOW THE COST OF YOUR GRADUATE EDUCATION

GRADUATE Tuition and Fees Books and Supplies Living Expenses Workforce Absence Residency expense Relocation Expense

POSSIBLE COSTS Application services

fees Travel for

interviews Study aids Mal-practice

insurance Uniforms and

supplies

7/2/2012

KNOW WHAT GRADUATE FUNDING IS AVAILABLEGRADUATE Loans Budgeting Fellowships Research Assistant Public Service Forgiveness Family Support Part-Time Work

7/2/2012

GRADUATE FUNDING Loans

Subsidized – interest starts accruing after graduation Unsubsidized – interest starts accruing immediately (recommend

making monthly interest payments while in school) Budgeting

Reality of a shoestring budget Fellowships – work programs

National Health Service Corps COSTEP Commissioned Officer Student Training and Extern

program Lambarini Medical Student Fellowship for work in Africa Tylenol Future Care Scholarships Professional Organizations

Research Assistant Public Loan Forgiveness Programs

National Health Service Corps Loan Repayment Program Family support

7/2/2012

REDUCING EDUCATION COSTS Education plan (no w/d,retakes,150%) Used or rented books Budget/Saving Live w/family Shared living expenses No credit card debt Modified transportation Deferred gratification

7/2/2012

PITFALLS OF REPAYMENT Loan fees – most loan have an interest

fee of 1-3% and a origination fee if 1-3%. These fees can be paid with your loan or rolled into your loan. If you pay with your loan this payment will

be deducted from the check you receive- barrow $10,000 receive $9,400

If you rolled it into your loan you barrow $10,600 but only receive $10,000

7/2/2012

PITFALLS CONTINUED Loan consolidation, deferment or

forbearance extends number of years of payments in exchange for lower payments. (adds more interest costs to principle)

Capitalization – this refers to the amount of interest being added to your principle based on how often interest is compounded. (If you have a 10,000 loan at 8% that you defer that

means year 1 of your deferment you are adding $800 to your principle. Year two you are adding $880 to your principle, year three you added $928. So in 3 years you now owe 12,608 even though you did not barrow any additional money)

7/2/2012

GOOD NEWS!!! Your education can be affordable if:

You are informedYou plan for your successYou are honest about needs vs. wantsYou are passionate about your education

and career goals

7/2/2012