Financing your Medical Education An Excellent Investment Melet Leafgreen, Director of Student Financial Aid

Resident Tuition & Fee Comparison Association of American Medical Colleges 2016-2017 Average cost – Private Medical School $52,570 Average cost – Public Medical School $32,379 UT Southwestern $19,923

“Cost of Attendance” Books & supplies figure includes a computer allowance

Sources of Financing UTSW will assess your eligibility for: Scholarships Grants* Loans (Fed*, State*, UTSW) Other Sources: Relatives Private Sources

* Requires FAFSA Have you filed your Free Application for Federal Student Aid? File it anytime, at www.fafsa.ed.gov DON’T pay someone to help you Use 2015 tax data (and don’t update it later) Use the IRS Data Retrieval process

FAFSA on the web Pick the right FAFSA (2017-2018)

FAFSA on the web Use the right tax & income information When a Student Is Attending College When a Student Can Submit a FAFSA Which Year's Income and Tax Information To Use July 1, 2017–June 30, 2018 Oct 1, 2016–June 30, 2018 2015 July 1, 2018–June 30, 2019 Oct 1, 2017–June 30, 2019 2016 July 1, 2019–June 30, 2020 Oct 1, 2018–June 30, 2020 2017 July 1, 2020–June 30, 2021 Oct 1, 2019–June 30, 2021 2018

Financial Aid Award Notification

Scholarship & Grant Processing Accept FA awards Certain scholarships require a Thank You note from you Some scholarship checks must be picked up at our office

Loan Processing – Federal Unsubsidized Stafford Direct Loan 1. accept FA award 2. studentloans.gov MPN & entrance counseling Grad PLUS Loan 2. studentloans.gov (credit check!) 5.31% interest 1.069% fee 6.31% interest 4.276% fee

Gotta have a budget. Seriously. Why? helps you achieve academic and financial goals makes it easier to plan, to save, and to control your expenses helps you avoid unnecessary debt and build or improve your credit When you budget, you decide where your money goes, instead of wondering where it all went.

Gotta have a budget. Seriously. How? There’s an app for that. Mint You Need a Budget (YNAB) Every Dollar Coming in – Going Out = better not be negative

Budget - Expenses

The smaller your budget, the lower your debt. Tips for saving money Live with a roommate Shop around for best utility rates Eat at home/ take your lunch Keep driving your old car Ride your bike or walk Use Student Wellness services when possible

Typical Borrowing – Year 1

Repayment Estimates Monthly Payment Estimator for Medical Students – Direct Unsubsidized Loans Assumes 4 years of medical school, then a six-month grace period with the capitalization of all accrued interest occurring at the end of the grace period.

Resident Tuition & Fee Comparison Association of American Medical Colleges

Websites to know www.fafsa.ed.gov www.studentaid.ed.gov www.aamc.org/FIRST fa.financialavenue.org

Office of Student Financial Aid financialaid@utsouthwestern.edu 214-648-3611 Bryan Williams Student Center Questions???