2. Agenda PNWU.edu LEARN. CARE. COMMUNITY.  Medical school expenses  Budgeting and tips  Community resources  Scholarships  Financial aid process  Student loans  Loan repayment  Loan forgiveness

3. Going for the Gold (a.k.a. White Coat) PNWU.edu LEARN. CARE. COMMUNITY. This is probably one of the biggest financial investments of your life. Get your finances in order Examine your household budget and KNOW your education costs WAIT if you need to! Be financially and mentally ready! Know your career goals and work toward that end

4. Medical School Expenses PNWU.edu LEARN. CARE. COMMUNITY.  Tuition, room & board, transportation  Laptop  Licensing exams; COMLEX  Insurance: health, auto, renter’s  Immunizations, TB test, influenza  Criminal background checks  Urine drug screening  Additional books  Business casual clothing  Moving expenses at end of second year  Travel for rotations

5. Current PNWU Cost of Attendance PNWU.edu LEARN. CARE. COMMUNITY.  OMS1, 10-month budget = $72,926  OMS2, 10-month budget = $73,902 –Extra costs for background check, national boards  OMS3, 11-month budget = $79,562 –Extra costs for national boards, travel, and extra month of living expenses  OMS4, 11-month budget = $80,552 –Extra costs for travel, COMLEX test in Philadelphia  Cost of attendance does not cover summer living expenses, moving expenses to Yakima or away for rotations, or residency interview expenses in final year

6. Budgeting PNWU.edu LEARN. CARE. COMMUNITY.  Cover essentials - plan for optionals and the unexpected  Make a list of your spending habits –Look at past bank and credit card statements –Be honest with yourself, include everything –Use general categories: housing/utilities, transportation, household, health/beauty, communication, entertainment, gifts  Add up each category in your overall budget  Now compare that to your income –Identify areas to cut back and determine amount to save  Create a medical school budget and stick to it

7. PNWU Budget/Cost of Attendance PNWU.edu LEARN. CARE. COMMUNITY.  Budget allows for tuition and living expenses  Pays tuition in full  Living expenses  Average residency = $52,000 annually  Minus 25% (taxes, etc.) = $3250 per month  Your expenses while at PNWU shouldn’t exceed what you will make as resident No childrenOne or more children 10 months = $2217.6010 months = $2935.40 12 months = $1848.0012 months = $2556.17

8. Tips PNWU.edu LEARN. CARE. COMMUNITY.  Reduce/eliminate debt before coming to school! —Car payment, credit cards, mortgage, etc.  Consolidate debt if you can’t eliminate it  Check receipts & statements for errors  Use a thermos/water bottle  Bike, walk, carpool  PLAN AHEAD: Cook ahead and freeze  Pack your lunch, snacks, and dinner  Don’t carry your credit/debit card all the time

9. Community Resources PNWU.edu LEARN. CARE. COMMUNITY.  Find out what is available in the Yakima area –Food banks –Energy assistance –Housing –Check with your church –Talk with other PNWU students

10. Salvation Army PNWU.edu LEARN. CARE. COMMUNITY. Attached is a screen shot of the Salvation Army site and services offered:

11. People for People PNWU.edu LEARN. CARE. COMMUNITY. Community resources for Yakima County, compiled by People for People: Check out their comprehensive list of resources at (http://www.pfp.org) or follow this link http://mobile.4people.org/countydocs/yakima.pdf

12. Yakima Valley OIC PNWU.edu LEARN. CARE. COMMUNITY. Attached is a screen shot of the OIC site and services offered:

13. Budgeting Software PNWU.edu LEARN. CARE. COMMUNITY.  Free Personal Finance Software –Mint (www.mint.com) –GnuCash (www.gnucash.org) –Power Wallet (www.powerwallet.com) –Budget Planner (www.freeplanner.com)  Helps you track spending and planning

14. Scholarships PNWU.edu LEARN. CARE. COMMUNITY.  Check out scholarships on PNWU website  Register yourself at www.thewashboard.orgwww.thewashboard.org  If you are eligible, apply for Tribal scholarships  Investigate military scholarships  Investigate National Health Service Corps (NHSC)  Research scholarships on your own, but remember NEVER pay for a search!

15. Financial Aid PNWU.edu LEARN. CARE. COMMUNITY.  The only federal loans at PNWU are unsubsidized federal student loans (Direct Loans)  Complete your federal income tax return  Complete your FAFSA  Notify Financial Aid Office of any source of funds not listed on PNWU award notice, such as scholarships (including military, Tribal, NHSC), AmeriCorps benefits, etc.

16. Preparing to Borrow PNWU.edu LEARN. CARE. COMMUNITY. If you will be using federal student loans this year:  File your FAFSA  Complete loan entrance counseling online at www.studentloans.gov www.studentloans.gov  Complete your Master Promissory Note (MPN) online at www.studentloans.gov www.studentloans.gov  Review your credit report for errors or items you may need to clear up. You can get your free credit report at www.freecreditreport.com www.freecreditreport.com

17. Student Loans PNWU.edu LEARN. CARE. COMMUNITY.  Decide amount of student loans to access  Sign and return award notice to Financial Aid Office  Complete promissory notes and entrance counseling if necessary  Notify Financial Aid Office of any unexpected financial changes or alarming student loan notices  READ everything, keep everything, stay organized

18. Loan Repayment PNWU.edu LEARN. CARE. COMMUNITY.  No longer enrolled half-time  6-month grace period unless already used  Start repayment or use forbearance  Make payments or use forbearance while applying for certain payment reduction plans

19. Conventional Loan Repayment PNWU.edu LEARN. CARE. COMMUNITY.  Standard – fastest and most cost-effective repayment plan; 10 years  Graduated – monthly payments start low, increase every 2 years; 10 years  Extended – “fixed” or “graduated” monthly payments; up to 25 years

20. Income-Driven Loan Repayment PNWU.edu LEARN. CARE. COMMUNITY.  Income-Based Repayment (IBR) – based on your annual adjusted gross income (individually or with your spouse, as applicable), your family size, and your state of residence; payment recalculated annually  Income-Contingent Repayment (ICR) – Direct Loan only; based on your annual adjusted gross income (and spouse's income, if you're married), your family size, and the total amount of your eligible loan debt; payment recalculated annually

21. Income-Driven Loan Repayment PNWU.edu LEARN. CARE. COMMUNITY.  Pay As You Earn (PAYE) – Direct Loans only –usually provides lowest monthly payment but has the most stringent eligibility criteria –differs from other income-driven repayment plans in that loan forgiveness is granted after 20 years of qualifying payments instead of 25 –calculated based on 10% of your income –payment is recalculated annually

22. Loan Repayment Assistance PNWU.edu LEARN. CARE. COMMUNITY.  Alleviate obligation to repay all or a portion of eligible loans  Forgiven amounts may be considered taxable income!  Eligibility criteria must be met to qualify  Public Service Loan Forgiveness (PSLF) –Employed full-time in a “qualifying public service job” which includes 501(c)(3) nonprofit organizations –Forgives remaining balance after 10 years of eligible payments and qualifying service; forgiven amount NOT considered taxable by the IRS

23. Loan Repayment Assistance PNWU.edu LEARN. CARE. COMMUNITY.  Indian Health Service (IHS) Loan Repayment Program (LRP) –Employed full-time for IHS, Tribal, or Urban health programs –Must agree to work for two continuous years in full- time clinical practice at that facility or in approved Indian health program  Military service  Employer

24. Loan Repayment Assistance PNWU.edu LEARN. CARE. COMMUNITY. NHSC – National Health Service Corps Loan Repayment Program  NHSC Loan Repayment Program is open to licensed primary care medical, dental, and mental and behavioral health providers who are employed or seeking employment at approved sites. NHSC Loan Repayment Program  Students to Service Loan Repayment Program is open to allopathic and osteopathic medical students in their fourth year at an accredited medical school. Students to Service Loan Repayment Program  State Loan Repayment Program is open to primary care providers deemed eligible in participating states. Providers apply to the individual state program, not to the NHSC. State Loan Repayment Program

25. Proceed with Caution PNWU.edu LEARN. CARE. COMMUNITY. DO NOT BORROW WITH THE ASSUMPTION YOUR LOAN WILL BE FORGIVEN THROUGH PSLF! Q: Can you be certain that the PSLF Program will exist by the time you have made your 120 qualifying payments? A: The U.S. Department of Education cannot make any guarantees regarding the future availability of PSLF. The PSLF Program was created by Congress, and Congress could change or end the PSLF Program.

26. Review PNWU.edu LEARN. CARE. COMMUNITY.  Plan ahead, budget  Find ways to save/cut expenses  Be reasonable about housing costs and personal expenses  Complete FAFSA every January  Look for scholarships  Research loan forgiveness and loan reduction –Know what’s out there –Have a repayment strategy  DO NOT BORROW AS IF YOUR LOAN WILL BE FORGIVEN!

27. Thank You Please contact me with ANY questions! Laura Pendleton 509.249.7746 lpendleton@pnwu.edu finaid@pnwu.edu