MEDICAL SCHOOL AND OTHER MEDICAL RELATED GRADUATE SCHOOLS 7/2/2012

UNDERGRADUATE  Tuition and Fees  Books and Supplies  Living Expenses  Workforce Absence  Application Costs  Interview Expenses  Savings  MCAT Prep POSSIBLE COSTS  Mini Med School  Research Options  Study Abroad  Private Tutoring  Loan Interest Costs  Graduate School Visits  Preparatory Classes  Hidden Pre-Requisites 7/2/2012

UNDERGRADUATE  PELL/Grants  Scholarships  Part-Time Work  Family Support  Budgeting  Loans 7/2/2012

 Everyone should complete FASFA  Scholarships  Valenciacollege.org (college foundation)  Fastweb.org (free scholarship searches)  Loans  Subsidized  Unsubsidized (pay interest while in school)  Parent  Private 7/2/2012

 Family Support  Living at home vs. living independently  Part-Time work (1-15hrs per week)  Budgeting  Living on a shoestring 7/2/2012

GRADUATE  Tuition and Fees  Books and Supplies  Living Expenses  Workforce Absence  Residency expense  Relocation Expense POSSIBLE COSTS  Application services fees  Travel for interviews  Study aids  Mal-practice insurance  Uniforms and supplies 7/2/2012

GRADUATE  Loans  Budgeting  Fellowships  Research Assistant  Public Service Forgiveness  Family Support  Part-Time Work 7/2/2012

 Loans  Subsidized – interest starts accruing after graduation  Unsubsidized – interest starts accruing immediately (recommend making monthly interest payments while in school)  Budgeting  Reality of a shoestring budget  Fellowships – work programs  National Health Service Corps  COSTEP Commissioned Officer Student Training and Extern program  Lambarini Medical Student Fellowship for work in Africa  Tylenol Future Care Scholarships  Professional Organizations  Research Assistant  Public Loan Forgiveness Programs  National Health Service Corps Loan Repayment Program  Family support 7/2/2012

 Education plan (no w/d,retakes,150%)  Used or rented books  Budget/Saving  Live w/family  Shared living expenses  No credit card debt  Modified transportation  Deferred gratification 7/2/2012

 Loan fees – most loan have an interest fee of 1-3% and a origination fee if 1-3%. These fees can be paid with your loan or rolled into your loan.  If you pay with your loan this payment will be deducted from the check you receive- barrow $10,000 receive $9,400  If you rolled it into your loan you barrow $10,600 but only receive $10,000 7/2/2012

 Loan consolidation, deferment or forbearance extends number of years of payments in exchange for lower payments. (adds more interest costs to principle)  Capitalization – this refers to the amount of interest being added to your principle based on how often interest is compounded.  (If you have a 10,000 loan at 8% that you defer that means year 1 of your deferment you are adding $800 to your principle. Year two you are adding $880 to your principle, year three you added $928. So in 3 years you now owe 12,608 even though you did not barrow any additional money) 7/2/2012

 Your education can be affordable if:  You are informed  You plan for your success  You are honest about needs vs. wants  You are passionate about your education and career goals 7/2/2012