University of Louisville School of Medicine Financial Aid Leslie R. Kaelin M.Ed. Financial Aid Director UofL School of Medicine

SOM Financial Aid Office Part of SOM Student Affairs Staff: Leslie R. Kaelin-Director, School of Medicine Cynthia Morse-Financial Aid Advisor, Senior Location: Instructional Bldg. Room B-230 (Ped-way) Office hours: M-F 9:00 a.m.-5:00 p.m. phone: 502-852-5187

SOM Financial Aid Office Services Financial Aid/Loan Counseling SOM Financial Aid Website: www.louisville.edu/medicine/financialaid Financial Literacy Programing and Information ”The Price is Right”-Setting Goals & Budgeting-M1 Fashion $ense Show-M1 ”So you want to be a Millionaire?”-Credit-M2 ”Financing a House” Webinars-M3 & M4 AAMC Webinars, wide range of topics-All Classes “Ask a Doc” Panel-M3 & M4 Loan Entrance and Exit Counseling-Individual and Group Sessions Fiscal & Posting Responsibility for SOM Scholarship Accounts Credit Counseling Assistance and Referral Budgeting and Loan Borrowing Planning LCME & Federal Financial Aid Reporting Catch All-”If you don’t know, just ask and we will get you to the correct office or find the answer”.

Now that I have been accepted…How am I going to pay for my Medical School education? Applying for and receiving Federal Financial aid is much easier than what you had to do to get admitted!

So…what will it cost to attend UofL SOM? UofL Tuition* (18-19) KY Resident $38,286 Non KY Resident $58,196 Technology Fee* $1,250 Recreation Fee* $196 HSC Health Fee* $105 Disability Insurance Fee* $46 Major Health Insurance* $2,345 (May be waived with proof of insurance) Books and Supplies*(1st yr.)$1,223 *All figures are estimated until Board of Trustee Approval

What about Living Expenses? Room & Board, Transportation, Personal Expenses, Loan Fees & Major Health Insurance… Approx. $2,020 per month is allowed in the financial aid budget or (COA) for these non-direct educational student expenses 1st year $20,242 (10 months) 2nd year $22,222 (11 months) 3rd year $24,202 (12 months) 4th year $20,242 (10 months)

Cost of Attendance-(COA) Always includes: Tuition & Required Fees Required Books & Supplies, Board Exams, Room & Board, Transportation, Health and Misc. Personal Expenses May Include: Dependent child care expenses-PJ Expenses associated with a disability-PJ Excessive Medical expenses of the student-PJ

What Charges will be on my Student Billing Statement from the Bursar’s office? (Estimated 2-16-18) Tuition- KY Resident $38,286 ($19,143 per semester) Non-Resident (unsubsidized position) $58,196 ($29,098 per semester) HSC Health fee -$105 ($52.50 per semester) Technology fee-$1,250 ($625 per semester) Health Insurance $2,345 ($1,172.50 per semester) Can waive, if you have major medical insurance. Recreation fee-$196 ($98 per semester) Disability Insurance fee-$46 (Fall only)

UofL Admissions UofL Endowed Scholarship Accounts are used to fund the following types of Admissions Scholarship awards: Diversity Underrepresented in Medicine (URM) Academic/GEMS MD/PhD Misc. All incoming student scholarship awards are offered by the SOM Admissions Office. No application is needed

Some Types of Outside Scholarships Military HPSP Religious Affiliation Ethnicity Employer offered Practice interests Commitment-NHSC Misc. www.finaid.org

% SOM Graduates with Federal Loan Debt: 76% (Class of 2016) Most students borrow Federal Loans to finance their Medical School education % SOM Graduates with Federal Loan Debt: 83% (Class of 2017) 76% (Class of 2016) 90% (Class of 2015) 83% (Class of 2014)

Medical School Indebtedness 2015-16 Average Indebtedness for Graduates WITH DEBT ALL U.S. Medical Students $168,392* U of L Medical Students $193,968* (76%-Class of 2016 w/Debt) *Figure does not include prior educational debt-medical debt only. (Data from the 2015-16 Financial Aid Summary Report-AAMC)

Free Application for Federal Student Aid (FAFSA) Student’s personal and financial information required to perform need analysis is collected on the “Free Application for Federal Student Aid” (FAFSA) Complete each year Electronic 2018-19 FAFSA on the Web: www.fafsa.ed.gov

in applying for Federal Aid Obtain a FSAID at www.fafsa.ed.gov Complete the 18-19 FAFSA on the Web at www.fafsa.ed.gov Complete any forms requested by Financial Aid Office www.ulink.louisville.edu Complete MPN’s on-line (Direct Unsubsidized & Direct Graduate PLUS) as needed www.studentloans.gov UofL on-line “Financial Aid Notification” (FAN): Accept, Reject or Reduce Federal Loans offered (You do not have to accept scholarship aid) Any residual funds sent to “Bank Mobile” to disburse based on your selection

Common Errors on FAFSA Social Security Numbers Untaxed income U.S. income taxes paid Real estate and investment net worth For PCL or LDS eligibility consideration: Divorced/remarried parent information Income earned by parents/stepparents Household size Number in college

Should you provide parental information on the FAFSA? Only students that are interested in being considered for the DHHS Loan Programs Primary Care Loan (PCL) or the Loan for Disadvantaged Students (LDS)

Financial Aid Award (FAN) Notification The FAN notification is e-mailed to student (found on-line at the ULINK web site). The SOM will have a link to click on for specific SOM information The FAN outlines the: Type and amount of aid offered How and when aid will be disbursed (FALL/SPRING) Terms and conditions of aid awarded (Full time, Promissory Note, etc.)

Federal Aid Department of Education Title IV Direct Unsubsidized Loan Direct Graduate/PLUS Loan

Direct Unsubsidized Maximum limit-Up to COA: After Scholarships Maximum Direct Unsubsidized Loan up to: $42,722 per 10 month academic year (M1 & M4) $44,944 per 11 month academic year (M2) $47,167 per 12 month academic year (M3) (Max. Combined Aggregate Sub. & Unsub. Limit: $224,000) “Non Need Based” 6.0% fixed rate (July 1, 2017) (will change 7-1-18-changes yearly) Requires Master Promissory Note (MPN) (once for Medical School) Loan Fee: 1.066% (subject to change) “Unsubsidized” interest during all periods: Grace, Forbearance, Deferment Repayment options: 10 yr. Level, Extended, Graduated, IBR, PAYE & REPAYE -”Public Service Loan Forgiveness” (PSLF)-for Eligible Loans -“NHSC Loan Forgiveness Program”-for Eligible Loans -“NHSC Students 2 Service Loan Forgiveness Program”-for Eligible Loans

Direct Graduate PLUS Maximum limit-Up to COA: After Scholarships and Direct Unsubsidized Loan “Non Need Based” Graduate/Professional Student as Borrower (not the parent!) 7.0% fixed rate (July 1, 2017) (will change 7-1-18-changes yearly) Requires Master Promissory Note-MPN (once for Medical School) Loan Fee: 4.264% (may change ) “Unsubsidized” interest during all periods: Grace, Forbearance, Deferment Repayment options: 10 yr. Level, Extended, Graduated, IBR, PAYE & REPAYE -”Public Service Loan Forgiveness” (PSLF)-for Eligible Loans -“NHSC Loan Forgiveness Program”-for Eligible Loans - “NHSC Students 2 Service Loan Forgiveness Program”-for Eligible Loans

Department of Health and Human Services-Title VII Loan Programs To be considered, the student must provide parental data on FAFSA !!! Primary Care Loan (PCL) Loan for Disadvantaged Students (LDS)

Primary Care Loan (PCL) Subsidized during school and approved primary care residency period Fixed Interest Rate- 5% Determination of PCL award based on parental & student income data 10 year Level Repayment (120 payments) Not eligible for federal forgiveness programs

Primary Care Loan Continued… Must be in Primary Care Residency & Practice: Pediatrics, Internal Medicine, Medicine/Pediatrics, Family Practice and Preventive Medicine –NO SPECIALITIES The PCL Loan Cannot be forgiven under: -”Public Service Loan Forgiveness” (PSLF) -“NHSC Loan Forgiveness Program” -“NHSC Students 2 Service Loan Forgiveness Program” Penalties for non-primary care Residency or Practice-becomes a 7% interest rate and immediate repayment required Contact SOM Financial Aid-Leslie or Cynthia if you would like to be considered for PCL during any year of Medical School

Loan for Disadvantaged Students (LDS) Subsidized during School and Residency Fixed Interest Rate 5% Determination of award based on parental & student income data. Students from PEPP counties given priority. Low income, ”Need Based” 10 year Level Repayment (120 payments) No Application needed-Parental data will be reviewed (only if provided), on the FAFSA. Individual student eligibility determined and offered as limited funds are available -”Public Service Loan Forgiveness” (PSLF)-Eligible Loan-Only if consolidated with Direct Consolidation Loan -“NHSC Loan Forgiveness Program”-Eligible Loan* -”NHSC Students 2 Service Loan Forgiveness Program”-Eligible Loan*

Outside Scholarships & Loans All outside scholarships or aid must be reported to Financial Aid as soon as you know of the award Some EXAMPLES: Military Scholarships-HPSP NHSC Scholarships Daviess County Medical Society Community or Outside Scholarships National Medical Fellowships Scholarships

UofL Bank Mobile-Student Refunds Bursar’s Office sends by early July to new UofL students Select from Two Refund Choices: 1. Bank Mobile Vibe Checking Account OR 2. Transfer to your personal checking account (ACH) (ACH is Strongly recommended!) (It will contain your UofL “Personal Code” to secure access to the Bank Mobile Refund Selection Website.)

Basic information Bursar’s Office-Billing & Student Account 852-6503 Health Insurance 852-6519 Bank Mobile 852-2308 Student Loan Deferment Forms-Your Loan Servicer ULink www.ulink.louisville.edu -Go to “for first time users” -Will get user ID & Password -Click on Student Services Tab -Category “Financial Aid” -Click on “View my to do list” -Print forms requested

Credit 101 www.annualcreditreport.com (TransUnion, Experian & Equifax) Credit Report-provides a snapshot of a borrower’s creditworthiness and helps lenders calculate the amount of risk they will assume when providing a borrower access to borrowed funds. Credit Score-is a numerical calculation that is based on your financial behavior as reported on your credit report (Payment History, Amounts Owed, Length of Credit History, New Credit & Types of Credit Used) Benefits of Good Credit… Better loan offers, lower interest rates, faster credit approvals, increased leasing & rental options, reduced security deposits & reduced premiums on auto, home, and renter’s insurance

FIRST Financial Information, Resources, Services and Tools www. aamc FIRST Financial Information, Resources, Services and Tools www.aamc.org/FIRST What can FIRST do for you? Help you navigate the complexities of student debt Provide resources to expand your financial literacy skills Assist you with managing your student debt wisely -Education Debt Manager (EDM) for Matriculating Medical School Students-(Essential Reading) -Education Debt Manager (EDM) for Graduating Medical School Students-(Essential Reading when you graduate) -Medloans Organizer and Calculator -$ALT-Money Management & Saving and Investing -FIRST Financial Aid FACT Sheets -FIRST Videos & Webinars -Budgeting Worksheets for Students & Residents

What did she say???

University of Louisville School of Medicine Congratulations to the Class of 2022 ! See you in July ! Leslie & Cynthia