G. Dino Koff Associate Dean of Student Affairs and Director of Financial Aid May 12, 2014 May 12, 2014 | HANOVER, NH

How Do You Pay For College? Grants Scholarships Powerball Loans Savings Work Service Awards

Where Does Aid Come From? Federal Loans Scholarships (Service) Loan Repayment State Grants Institutional Loans and Scholarships/Grants Private Resources Foundations Companies Undergrad Institutions

Cost of Attendance Tuition and Fees Room and Board Books and Supplies Personal Expenses Transportation Dependant care Actual cost of a computer Disability needs

Why Financial Management? Average Public Medical School Cost of Attendance? (year 1) $55,061 (in state) $78,731 (non-resident) Average Private Medical School Cost of Attendance? (year 1) $ 74,401 Source: AAMC Tuition and Fees Questionnaire, 2013

Why Financial Management? (Part II) Average Public Medical School Debt? $144,072 Average Private Medical School Debt? $160,105 Does not include pre-medical school debt Source: AAMC LCME Part IB, 2013 Geisel School of Medicine Average Debt 2013: ~$142,000

Cost of Attendance increase for students who: Clinical Clerkships, Electives, USMLE, On Doctoring and Local Transportation Cost of Attendance increase for students who: Live at a distance from the Medical School Incur travel expenses in excess of the amount included in the budget ($250)

Books: Budget figures reflect average book purchases in each class Books: Budget figures reflect average book purchases in each class. Students whose necessary book purchases go beyond this level may seek a budget adjustment through the Financial Aid Office. Computer, PDA, Equipment: The COA can be increased one time in a students 4 year degree for a computer and PDA. This does not include warranties, printers, cameras…

“My parents are not helping me and my…

went away 7/1/12 for grad students You Can Do This Federal Stafford Loans Subsidized $8,500 Unsubsidized $34,200 (1st year, increase each year) Federal Graduate PLUS Loan Up to the COA went away 7/1/12 for grad students

Student loans are debt, but they’re also an INVESTMENT

Direct Stafford Loans Total of $42,700 per year Interest rate – fixed at 5.41% for life (this year) Every July 1, rates can change 6 Month grace period after enrollment ends 0-4% origination/guarantee fee Unsubsidized Only

GRAD PLUS Loans Federal Loan Not Parent, not Undergraduate Study Yes Loan ! Up to COA less other aid Fixed fixed at 6.41% for life (this year) 4% Origination/Default Fee

How do I …

What Financial Aid Package is Better? Scholarship $37,000 $41,000 $40,000 Unsub Stafford $10,000 $11,000 $14,000 School Loan $5,000 Total: $52,000 $57,000 $54,000 School Loan A: 5% after residency; School Loan B: 8% after grad

Options National Health Service Corps Health Professions Scholarship Program (Military)

Portion of AGI Available for Loan Payment in IBR Portion of AGI Available for Other Expenses Portion of AGI Available for IBR Loan Payment (15% of remaining AGI) Portion of AGI Needed to Cover Basic Needs (150% of poverty guideline) Slide: Jeff Hanson, Access Group

Financial Aid Organizer

Get Out of Debt Before Medical School

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Questions G. Dino Koff Dino.Koff@Dartmouth.edu 603-650-1111