FINANCIAL AID FOR YOUR M4 YEAR What do I need to know and do, and when?

How Soon Can I Apply? File your FAFSA form on or after October 1, 2018; the earlier, the better. Apply for any COM Scholarships if/when the application becomes available. Start your own Scholarship Search now. Each external scholarship will have its own deadline to apply and they can be very early.

How many months will I be funded? Your academic year will be May 2019 through April 2020, or 12 months. This means the cost of living component of your budget will be similar to what it was this year. You cannot be funded for months in which you are not enrolled, so you will be responsible for your living cost from May 2020 forward. There are ways to fund costs after you complete degree requirements and before you start residency (more to follow about this).

Cost of Attendance for M4’s in 2018-19 Resident Non-Resident $31,740 Tuition & Fees $67,882 $ 340 Books & Supplies $ 340 $16,897 Room & Board $16,897 $ 4,794 Transportation $ 4,794 $ 9,964 Personal $ 9,964 $ 448 Direct Loan Fees $ 448 $64,183 Total $100,325

Residency Interviews Funding for Residency Interviews is not included in your initial budgets. You may request an adjustment to your budget to assist with the documented costs of these interview expenses, to include interview application costs, up to $6,000. Only the original interview can be funded; not 2nd looks. Try to schedule interviews in the same area at the same time so you only need to make one trip. If you are not sure if something can be funded, please ask.

Residency and Relocation Loans These loans are available to 4th year medical students to assist with the costs of away rotations, residency interview trips, and relocation to where you will enter your residency programs. They do not have the same provisions as Federal Loans (i.e. deferment, forbearance, extended repayment, forgiveness, etc.). They offer variable and fixed interest rates. Do be sure to compare all provisions of these loans before choosing them over the Federal loan programs. They are not “BAD” loans, but it is extremely important that you be aware of all provisions before accepting one of these loans.

Away Rotations Funding for Away Rotations is not included in your budgets. You may request up to a $2,500 budget increase for these costs. Residency and Relocation Loans (private loans between you and the lender) are available to assist you with these costs. Only 4th year medical students may use these loans. If you have adverse (bad) credit, you will not be able to use these programs (or may need a co-borrower), as they are credit based loans. Major players in this market are: Sallie Mae, Discover and Wells Fargo and PNC Bank.

Alternative Loans These loans are similar to Residency and Relocation Loans; however, you do not have to be a fourth year student to use them. The same rules regarding loan provisions apply, so be knowledgeable about the loan terms and costs before using these loans. Eligibility for these loans is usually limited to your budget less any other financial aid you have.

Financial Aid Meeting Requirements as M4’s If you have ANY student loan debt, you will be required to attend a one-on-one meeting in the Office of Medical Student Financial Aid to review your expected debt at graduation and the repayment programs available to you. You will be required to update your MEDLOANS Calculator at aamc.org/mloc prior to our meeting. Finally, you will attend your last Student Loan Repayment Seminar during your Transition to Residency program in the spring of 2020. This is a time for you to ask any final questions before you leave us.

Time for Your Questions