Financing Your Way Through Health-professional School Information seminar Health Professions Advising Program Trinity College, Hartford, CT

Financing Your Medical School Education Tuition/Fees/COAPublicPrivate (In-State) Tuition/Fees$22,068$39,530 Cost of Attendance$40,586$57,486 All SchoolsPublic SchoolsPrivate Schools Mean $139,517$129,810$156,804 Median $140,000$132,000$166,913 Class of 2007 Indebtedness

Expected Income Makes Debt Manageable PHYSICIAN INCOMES BY SPECIALTY SpecialtyAverage Salary Family Practice$178,859 Pediatrics$188,496 Internal Medicine$191,525 Emergency Medicine$258,088 OB/GYN$296,699 Surgery$330,215 Anesthesiology$371,913 Dermatology$390,274 Orthopedic Surgery$475,781

…but the time between graduation from medical school and full salary realization is a “Long and Winding Road” Medical Student Medical Resident (3-7 years) Practicing Physician ($$$$$...) ($$$$...) $43,266 ($$$...) $175,000

Costs of Applying To Medical School Preparation MCAT Review materials $60 Software/CD Roms $100 Classroom Review $1800 Home Study Review $500 Private Tutoring $2500 MCAT Registration $200 Applying AMCAS Fee $160/$30 School Apps $100 per Transcripts $25 per Interviews –Wardrobe $300 –Travel varies –Lodging $300 per –Transportation $100 After you are in Moving Expenses Apartment Deposit Utilities Advance Tuition Payments Payments on School Loans What can you do NOW? SAVE, Get used to living on a reduced budget, Be strategic in preparation and application plans, pay off credit cards and other dept, and….

(MD) 2 – Phase I Strategies for Making a Successful Financial Transition to Medical School (Monetary Decisions for Medical Doctors) Get as much information as you can about financial aid… FIRST for Medical Education

Premedical Advisors College Financial Aid Officers Medical School Admissions Officers Medical School Financial Aid Officers Faculty Members Physicians Financial Professionals Step 1 - Know Who to Turn to for Help

Understand the Philosophy of Financial Aid Discuss Financial Options with your Family Manage Educational Debt Acquired Prior to Medical School Start Living on a Budget Now Step 2(a) - Prepare for Medical School Costs

Critical Issues for the Non-Traditional Applicant Choose a Postbaccalaureate Premedical Program Carefully Prepare for Lifestyle Changes: Making the Work-to-School Transition Step 2(b) - Prepare for Medical School Costs

What is Credit? How is it Used? How is Your Credit History Maintained? What are Credit Criteria? How Can You Use Credit Wisely? Step 3 - Understand the Effects of Credit and Debt

Step 4 - Understand the Associated Costs of Medical School Medical School Application Expenses The Costs of Education The Cost of Living at Your Medical School

Step 5 - Know the Types of Medical School Financial Aid Available Types of Financial Aid Outside Sources Service Obligation Programs Alternative Approaches to Financing a Medical Education

Step 6 - Understand the Financial Aid Application Process Complete the Correct Application Forms Pay Attention to Deadlines and Timelines Apply for Aid at Multiple Schools Know the Difference Between Direct Lending and FFELP

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