2014-2015 ECU School of Dental Medicine Finanical Aid Presentation
The Educational Investment, ECU School of Dental Medicine
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Transcript of The Educational Investment, ECU School of Dental Medicine
The Educational Investment
Hillary Harrell, MBAStudent Financial Support Manager
ECU School of Dental Medicine
Responsible borrowing leads to responsible repayment.
The Good News…
The Good News…Dental school graduates have an excellent
repayment history
The Good News…Dental school graduates have an excellent
repayment history
You can fund entire dental education with student loans
The Good News…Dental school graduates have an excellent
repayment history
You can fund entire dental education with student loans
Multiple repayment options- be as aggressive as you want
The Good News…Dental school graduates have an excellent
repayment history
You can fund entire dental education with student loans
Multiple repayment options- be as aggressive as you want
Easier than ever to track loans
Educational Debt Statistics
Educational Debt Statistics
National Avg: Dental School Only: _________
Educational Debt Statistics
National Avg: Dental School Only: $203,987
Educational Debt Statistics
National Avg: Dental School Only: $203,987
ECU SoDM Average: _________
Educational Debt Statistics
National Avg: Dental School Only: $203,987
ECU SoDM Average: $123,900
Cost of AttendanceThe total estimated cost of an education, including
tuition, fees, and living expenses.
Cost of Attendance
Cost of AttendanceAll sources of funding (grants, scholarships,
loans, etc.) may not exceed cost of attendance.
Cost of AttendanceAll sources of funding (grants, scholarships,
loans, etc.) may not exceed cost of attendance.
Set annually by Financial Aid Office with input from SoDM.
2015-2016 Cost of Attendance D1 D2 D3 D4
Tuition and Fees
$29,638 $29,638 $29,638 $19,759
Room and Board
$17,565 $17,565 $17,565 $11,710
Books and Supplies
$8,134 $4,974 $7,219 $3,236
Personal $2,985 $2,985 $2,985 $1,990
Transportation $2,757 $2,757 $4,080 $4,485
Medical Insurance
$1,820 $1,820 $1,820 $1,820
Loan Fees $808 $808 $808 $654
Total $63,707 $60,547 $64,115 $43,654
Cost of Attendance D1
Tuition and Fees $29,638
Room and Board $17,565
Books and Supplies $8,134
Personal $2,985
Transportation $2,757
Medical Insurance $1,820
Loan Fees $808
Total $63,707
D1FELS: $14,00
0
Grant: $5,000
Scholarship: $10,000
Total Outside Funding: $29,000
Student Loans: ($63,707- $29,000)
$34,707
Total $63,707
=
2015-2016 Cost of Attendance D1
Tuition and Fees $29,638
Room and Board $17,565
Books and Supplies
$8,134
Personal $2,985
Transportation $2,757
Medical Insurance $1,820
Loan Fees $808
Total $63,707
Includes “Technology Loan”
Technology Loan
Technology Loan3 terms= 3 refund disbursements
Technology Loan3 terms= 3 refund disbursements
Separate loan for Technology $960 allowance for loupe purchase$2,795 for Apple bundle
Funding Sources?
Funding Sources?
Direct Unsubsidized Stafford Loans
Funding Sources?
Direct Unsubsidized Stafford Loans
Private Loans
Funding Sources?
Direct Unsubsidized Stafford Loans
Private Loans
FELS
Direct Unsubsidized Stafford Loan
Direct Unsubsidized Stafford Loan
Subsidized versus Unsubsidized?
Direct Unsubsidized Stafford Loan
Subsidized versus Unsubsidized?
Maximum borrowing per year is $47,167
Direct Unsubsidized Stafford Loan
Subsidized versus Unsubsidized?
Maximum borrowing per year is $47,167
Aggregate borrowing limit is $224,000
Direct Unsubsidized Stafford Loan
Subsidized versus Unsubsidized?
Maximum borrowing per year is $47,167
Aggregate borrowing limit is $224,000
Fixed interest rate, set annually in July
Direct Unsubsidized Stafford Loan
Subsidized versus Unsubsidized?
Maximum borrowing per year is $47,167
Aggregate borrowing limit is $224,000
Fixed interest rate, set annually in July
Grace period after graduation
Private Loan
Private LoanUnsubsidized
Private LoanUnsubsidized
Rates, terms, and fees all vary by lender
Private LoanUnsubsidized
Rates, terms, and fees all vary by lender
Not eligible for federal consolidation
Private LoanUnsubsidized
Rates, terms, and fees all vary by lender
Not eligible for federal consolidation
Higher interest rate
FELS
FELSForgivable Education Loans for Service
FELSForgivable Education Loans for Service
Forgivable as long as you practice in NC
FELSForgivable Education Loans for Service
Forgivable as long as you practice in NC
$14,000 per year/ $56,000 aggregate
NSLDS
NSLDSNational Student Loan Data System
NSLDSNational Student Loan Data System
Includes: All federal student loans Amount, disbursement date, servicer, status
NSLDSNational Student Loan Data System
Includes: All federal student loans Amount, disbursement date, servicer, status
Does NOT Include: Interest accrued Private loans FELS
www.NSLDS.ed.gov
Interest?Interest begins to accrue when loans are
disbursed
Interest?Interest begins to accrue when loans are
disbursed
$47,167 at 5.84% accrues:______ per day______ per month ______ per year
Important to be a smart borrower!
Interest?Interest begins to accrue when loans are
disbursed
$47,167 at 5.84% accrues:$7.65 per day______ per month ______ per year
Important to be a smart borrower!
Interest?Interest begins to accrue when loans are
disbursed
$47,167 at 5.84% accrues:$7.65 per day$230 per month ______ per year
Important to be a smart borrower!
Interest?Interest begins to accrue when loans are
disbursed
$47,167 at 5.84% accrues:$7.65 per day$230 per month $2,755 per year
Important to be a smart borrower!
Important RemindersLoans are a serious obligation and repayment
must be considered from beginning.
There are serious consequences of default.
Helpful Tips
Helpful Tips Know the status of your credit
Helpful Tips Know the status of your credit
Now isn't the time for large purchases
Helpful Tips Know the status of your credit
Now isn't the time for large purchases
Control what you can control: Direct: tuition and fees, books and supplies Indirect: housing, food, utilities, transportation,
personal
Helpful Tips Know the status of your credit
Now isn't the time for large purchases
Control what you can control: Direct: tuition and fees, books and supplies Indirect: housing, food, utilities, transportation,
personal
Be smart. Never borrow more than you need.
Helpful Tips Know the status of your credit
Now isn't the time for large purchases
Control what you can control: Direct: tuition and fees, books and supplies Indirect: housing, food, utilities, transportation,
personal
Be smart. Never borrow more than you need.
Set a budget and stick with it. Don’t overspend and rely on credit.
Helpful Tips Know the status of your credit
Now isn't the time for large purchases
Control what you can control: Direct: tuition and fees, books and supplies Indirect: housing, food, utilities, transportation, personal
If borrowing for undergrad, be smart. Never borrow more than you need.
Set a budget and stick with it. Don’t overspend and rely on credit.
Pay things off now, as you are able, to make dental school finances more manageable
Questions?