Financial Basics for Entering Medical Students Marti Trujillo | Director of Financial Aid Stanford University School of Medicine Hello, welcome and thank you for attending this financial basics session as part of your orientation to medical school. While I/we represent the financial aid office, the information provided here is relevant to all students, regardless of the source of funding of their medical education. With our limited time, we can’t cover all the resources that are available but use this time to high light what we think you need to know to get off to a good start!

The Financial Aid Team md_financial_aid@stanford.edu Abera Metaferia Financial Aid Advisor (650) 724-3181 abera.metaferia@stanford.edu Lawson Roberts Financial Aid Analyst (650) 723-6958 lawsonr@stanford.edu Martha (Marti) C. Trujillo, MPA Director of Financial Aid (650) 723-6954 mtrujill@stanford.edu md_financial_aid@stanford.edu http://med.stanford.edu/md/financial_aid Let me start by introducing our medical school financial aid team which cumulatively, have over 60 year in providing financial aid services.

Financial basics Understanding your university bill Managing your money Reviewing payment options Additional Resources The intent of todays presentation is to give you a general understanding : 1, 2, 3, 4

Medical career tuition Tuition residency requirement 12 Full Tuition Quarters Tuition tiers Full Tuition – $19,399 Reduced Tuition Rate – $3,878 Assessed when conducting 100% research OR after 12 Full Tuition Quarters have been paid Graduation quarter – $150 All students in the MED career will be assessed the MED tuition rate. Tuition is not fixed, and it has historically increased by 3.5% each year. All students pursuing the MD degree are required to pay 12 quarters of “full” tuition. These quarters to not have to be contiguous. The reduced tuition rate may be assessed after paying 12 full tuition quarters or when engaging in full-time research. The research quarter is not required but can be requested (one quarter only) prior to graduation – it allows students who have completed their degree requirements to remain in campus housing and also, keep federal and instructional loans in the “in-school” status – e.g. grace period and/or repayment periods do not kick-in. Also, the medical school does not have a per unit tuition rate.

Tuition and enrollment Maximum units allowed: 39 Units – Autumn quarter of first AND second year 26 Units – All other quarters Units above these limits are assessed additional tuition “surcharge” of $1,293 per unit If you take only 10 units, you will still be assessed the full tuition rate. If you exceed the maximum unit cap, your will be assessed an additional $1,293 above the full tuition rate of $19,399.

University billing process Quarterly charges may include: Tuition on-campus housing or subsidized off campus housing health insurance (Cardinal Care) Campus Health Service Fee Grad Student Activities Fee Monthly charges may include: Card Plan charges Cable TV Any loans and/or support for tuition will be applied to your student account, if paid in full the balance is refunded to you. A refund doesn’t always mean your account is paid in full. Grant “Permissions” to ensure loan funds are applied to all charges Sign up for Direct Deposit! Self explanatory – most important, avoid delays in getting your refunds – apply for direct deposit.

University disbursement and billing schedule Aid Disburses Bill Deadline Autumn ~9/16/18 10/15/2018 Winter ~1/1/2019 1/15/2019 Spring ~3/26/2019 4/15/2019 Summer ~6/16/2019 7/15/2019 Bills are sent out ~20th of each month and due on the 15th of the following month (except autumn quarter) Charges not paid by the due date are subject to a late payment fee of 1% (assessed monthly until paid) Late fees, unless due to administrative error, cannot be waived – students are responsible for.

Sample bill Housing Technology Fee Housing Early Arrival Posted Item Amount 8/10/2018 Grad. Student Activities Fee   $44.00 EV 2BR Eff Housing Charges  $3,131.00 EV House Dues $20.00 0/2018 Housing Technology Fee $71.00 Housing Early Arrival $502.11 Medical Tuition $20,692.00 Document  Fee $250.00 Health Insurance $1,736.00 Campus Health Service Fee $217.00 Total Charges: $26,663.01 Additional $1,293 assessed for 1 unit above 39 maximum This is an actual example of one of your bills. Note that the tuition is $20,692 instead of $19,399 – this student exceeded the maximum unit cap of 39 by one unit and is assessed the additional $1,293 per unit fee. This student should reduce enrollment by the one unit before the enrollment deadline.

Paying your bill Payment can be made by you or authorized payer. Payment methods include: eCheck via Stanford ePay Wire Transfer Check via mail In Person at Tresidder Union Stanford University does not accept credit card payments against student bill Note that the medical school financial aid office does not accept cash payment on your behalf, you must make payments using the pay methods listed above.

Paying your bill The following payments may also reduce your bill: Grants and Loans Teaching and Research Assistantships MedScholars Fellowship Outside Awards and Scholarships

Mind Over Money The Mind Over Money program is a collaborative effort led by Student Financial Services and 19 other offices with the mission to equip students with the knowledge to make informed financial decisions during Stanford and in their careers beyond the Farm.  Financial Literacy Workshops Budgeting Saving Credit and loans Much more! Online Resources sfs.stanford.edu/mind-over-money View loan history functionality will be added in AXESS allowing students to track borrowing level (Stanford only) in real time

AAMC’s Financial Information, Resources, Services, and Tools (FIRST) Review strategies for managing your financial aid and daily finances while you’re in school Help in making best financial decisions during and after medical school. Additional FIRST resources including videos, fact sheets, and articles can be found on the Financial Aid page at: https://students-residents.aamc.org/attending-medical-school/medical-school-survival-tips/finances-medical-school/ The tools and resources available through FIRST are unique to medical students career paths and offer a wealth of resources, including webinars. The FAO will publicize.

PDF available at http://med.stanford.edu/md/financial_aid

Financial Aid Entrance Counseling Session Wednesday, September 12, 2018 5:00 - 6:30 PM TBD ? (Dinner provided)

Questions?