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 M.Ed.-Director, School of Medicine A Building-Room A-205 Cynthia Morse M.Ed.-Financial Aid Advisor, Senior A Building-Room A-208 (Our offices are across from the SOM Student Affairs Office) Office hours: M-F 9:00 a.m.-5:00 p.m. phone: 502-852-5187

SOM Financial Aid Office Services Financial Aid Awarding & 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 Basics-M2 “Financing a House” Webinars-M3 & M4 “AAMC FIRST” Webinars (wide range of topics) for all classes Loan Entrance & Exit Counseling-Individual/Group Sessions Fiscal & Posting Responsibility for SOM Scholarship Accounts Credit Counseling Assistance and Referral, as needed Budgeting and Loan Borrowing Planning, as needed 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!

Total “Cost of Attendance” (COA) Always includes the following components: Tuition & Required Fees (Billed Fixed Costs-Bursar’s Office) Required Books & Supplies (Includes Board Exams) Room & Board Transportation Misc. Personal Expenses (Includes Health Insurance & loan Fees) May include (by special request and documentation): Dependent child care expenses, if eligible-(Professional Judgement) Expenses associated with a disability, if eligible-(Professional Judgement) Excessive Medical expenses of the student-(Professional Judgement)

What FIXED Charges will be on my Student Billing Statement from the Bursar’s office? (Estimated 2-16-19) SOM Tuition- KY Resident $39,766 ($19,883 per semester) Non-Resident (unsubsidized position) $60,472 ($30,236 per semester) HSC Health fee -$105 ($52.50 per semester) SOM Technology fee-$1,250 ($625 per semester) Major Health Insurance $2,345 ($1,172.50 per semester) Can waive, if you have major medical insurance. University Recreation fee-$196 ($98 per semester) SOM Disability Insurance fee-$55 (Fall only) NOTE: All listed figures are estimated until Board of Trustees approval Bursar’s Office bills are on student accounts: Fall Semester-first week of July and Spring Semester-late November Books & Supplies-$1,423 (Not billed!)

What about Living Expenses in the COA? Room & Board Transportation Personal Expenses Loan Fees Major Health Insurance… The following estimated amounts are in the Budget or “Cost of Attendance” (COA) for the above non-direct educational student expenses 1st year $21,246 (10 months) 2nd year $23,328 (11 months) 3rd year $25,410 (12 months) 4th year $21,246 (10 months)

UofL SOM 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. Contact SOM Admissions Office for more information.

Some Types of Outside Scholarships to research Military HPSP Religious Affiliation Ethnicity Employer offered Practice interests Commitment-NHSC Some Scholarship Websites: Fastweb.com, College Board, Scholarships.com, finaid.org

Reporting Outside Scholarships 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

% SOM Graduates with Federal Student Loan Debt: Most students borrow Federal Student Loans to finance their Medical School education % SOM Graduates with Federal Student Loan Debt: 80% (Class of 2018) 83% (Class of 2017) 76% (Class of 2016) 90% (Class of 2015)

Medical School Indebtedness 2016-17 Average Indebtedness for Graduates WITH Medical School DEBT ALL U.S. Medical Students $172,267* U of L Medical Students $181,544* (83%-Class of 2017 w/Debt) *Figure does not include prior educational debt-medical debt only. (Data from the 2016-17 Financial Aid Summary Report-AAMC)

in applying for Federal Aid-(LOANS) Student obtains FSA ID and Completes the 19-20 FAFSA on the Web at www.fafsa.ed.gov (NEW FAFSA available each October 1st, apply each academic year!) Student Completes any forms requested by Financial Aid Office www.ulink.louisville.edu Student notifies SOM Financial Aid, if they are interested in Primary Care Loan Student Completes Master Promissory Notes (MPN’s) on-line (Direct Unsubsidized & Direct Graduate/ PLUS), as needed, at www.studentloans.gov Financial Aid Office emails UofL “Financial Aid Notification” (FAN) to student. Student will Accept, Reject or Reduce Federal Loans offered on ULINK (You do not have to accept scholarship aid, only loans) EXPECT AWARD NOTIFICATIONS IN Mid JUNE Bursar’s Office posts Student Bills usually the first week of July for Fall Semester and in Mid November for Spring Semester. An email is sent notifying the student. Student completes Major Health Insurance Waiver process, if they have other Major Medical Insurance. Student Health Office removes Health Insurance charges from bill. Student must complete the process each Fall. Financial Aid posts aid to Student Account in Bursar’s Office and Bursar’s Office distributes any residual funds based on your personal checking account selection EXPECT FALL AID DISBURSEMENT DURING ORIENTATION WEEK

Federal Direct Unsubsidized Loan Limit-Up to COA (After all Scholarships awarded) AND Maximum Yearly 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” Fixed interest rate: 6.6% (July 1, 2018) (will change 7-1-19 & changes yearly) Requires Master Promissory Note (MPN) (complete once for Medical School) Federal Loan Fee: 1.062% (subject to change) “Unsubsidized” interest accrues during all periods: In-school, Grace, Forbearance, Deferment Repayment options: 10 yr. Level, Extended, Graduated, IBR, PAYE & REPAYE Federal Forgiveness Programs: Department of Education-”Public Service Loan Forgiveness” (PSLF)-for Eligible Loans DHHS-“NHSC Loan Forgiveness Program” & “NHSC Students 2 Service Loan Forgiveness Program”- for Eligible Loans

Federal Direct Graduate/PLUS Loan Limit-Up to COA: (After all Scholarships and Max. Direct Unsubsidized Loan awarded) “Non Need Based” Graduate/Professional Student as Borrower (not the parent!) Credit process by Dept. of Education (borrower can be denied loan based on poor credit) Fixed interest rate: 7.6% (July 1, 2018) (will change 7-1-19 & changes yearly) Requires Master Promissory Note-MPN (complete once for Medical School) Federal Loan Fee: 4.248% (may change ) “Unsubsidized” interest during all periods: In-School, Grace, Forbearance, Deferment Repayment options: 10 yr. Level, Extended, Graduated, IBR, PAYE & REPAYE Federal Forgiveness Programs: Department of Education-”Public Service Loan Forgiveness” (PSLF)-for Eligible Loans “NHSC Loan Forgiveness Program” & “NHSC Students 2 Service Loan Forgiveness Program”-for Eligible Loans

Department of Health and Human Services-Title VII Loan Programs Only students that are interested in being considered for the two HRSA/DHHS Loan Programs must provide parental data on the FAFSA! (household size and number in college) Primary Care Loan (PCL) Loan for Disadvantaged Students (LDS)

Primary Care Loan (PCL) Must be in Primary Care Residency & Practice: Pediatrics, Internal Medicine, Medicine/Pediatrics, Family Practice and Preventive Medicine –NO SPECIALITIES Fixed Interest Rate- 5% Penalties for Non-Primary Care Residency and Practice-becomes a 7% interest rate & immediate repayment required Subsidized during in-school and approved Primary Care Residency period (up to 4 years) 10 year Level Repayment (120 equal payments)-no income determined repayment plans MUST PROVIDE PARENTAL DATA (unless student is 24 years of age and has not been claimed on parents tax returns for the last 3 years-if so, student signs a “Verification Exemption Statement”) Not eligible for federal forgiveness programs. The PCL Loan cannot be forgiven under: Department of Education-”Public Service Loan Forgiveness Program” (PSLF) “NHSC Loan Forgiveness Program” & “NHSC Students 2 Service Loan Forgiveness Program” 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 In-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” MUST PROVIDE PARENTAL DATA-NO EXCEPTIONS 10 year Level Repayment (120 equal payments) No Application needed-Parental data will be reviewed (only if provided), on the FAFSA. Individual student eligibility determined and LDS offered as very limited funds are available May be eligible for federal forgiveness programs* ”Public Service Loan Forgiveness” (PSLF)-Eligible Loan-Only if consolidated into Direct Consolidation Loan “NHSC Loan Forgiveness Program” & ”NHSC Students 2 Service Loan Forgiveness Program”- Eligible Loan-Only if consolidated into Direct Consolidation Loan

Basic information SOM Financial Aid-852-5187 Bursar’s Office-Billing & Student Account 852-6503 Health Insurance-852-6519 Student Loan Deferment Forms-Your Federal Loan Servicer Your 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

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 wisely managing your student debt -Education Debt Manager (EDM) for Matriculating & Graduating Medical School Students-(Essential Reading!) -AAMC MedLoans Organizer and Calculator -FIRST Financial Aid FACT Sheets -FIRST Videos & Webinars -Budgeting Worksheets for Students & Residents -aamc.org/financialwellness Online education platform Interactive tool & calculators Initial financial wellness assessment for each user Content & activity recommendations tailored to a user’s actions and interests

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

What did she say???

University of Louisville SOM Financial Aid Congratulations to the Class of 2023 ! See you in July ! Leslie & Cynthia