1. Financing your Medical Education An Excellent Investment
Melet Leafgreen, Director of Student Financial Aid

2. Resident Tuition & Fee Comparison Association of American Medical Colleges
Average cost – Private Medical School $52,570
Average cost – Public Medical School $32,379
UT Southwestern
$19,923

3. “Cost of Attendance”
Books & supplies figure includes a computer allowance

4. Sources of Financing UTSW will assess your eligibility for:
Scholarships
Grants*
Loans
(Fed*, State*, UTSW)
Other Sources:
Relatives
Private Sources

5. * Requires FAFSA Have you filed your
Free Application for Federal Student Aid?
File it anytime, at
DON’T pay someone to help you
Use 2015 tax data (and don’t update it later)
Use the IRS Data Retrieval process

6. FAFSA on the web
Pick the right FAFSA ( )

7. FAFSA on the web Use the right tax & income information
When a Student Is Attending College
When a Student Can Submit a FAFSA
Which Year's Income and Tax Information To Use
July 1, 2017–June 30, 2018
Oct 1, 2016–June 30, 2018
2015
July 1, 2018–June 30, 2019
Oct 1, 2017–June 30, 2019
2016
July 1, 2019–June 30, 2020
Oct 1, 2018–June 30, 2020
2017
July 1, 2020–June 30, 2021
Oct 1, 2019–June 30, 2021
2018

8. Financial Aid Award Notification

9. Scholarship & Grant Processing
Accept FA awards
Certain scholarships require a
Thank You note from you
Some scholarship checks must be
picked up at our office

10. Loan Processing – Federal
Unsubsidized Stafford Direct Loan
1. accept FA award
2. studentloans.gov
MPN & entrance counseling
Grad PLUS Loan
2. studentloans.gov (credit check!)
5.31% interest
1.069% fee
6.31% interest
4.276% fee

12. Gotta have a budget. Seriously.
Why?
helps you achieve academic and financial goals
makes it easier to plan, to save, and to control your expenses
helps you avoid unnecessary debt and build or improve your credit
When you budget, you decide where
your money goes, instead of wondering
where it all went.

13. Gotta have a budget. Seriously.
How?
There’s an app for that.
Mint
You Need a Budget (YNAB)
Every Dollar
Coming in – Going Out =
better not be negative

14. Budget - Expenses

15. The smaller your budget, the lower your debt.
Tips for saving money
Live with a roommate
Shop around for best utility rates
Eat at home/ take your lunch
Keep driving your old car
Ride your bike or walk
Use Student Wellness services
when possible

16. Typical Borrowing – Year 1

17. Repayment Estimates Monthly Payment Estimator for Medical Students –
Direct Unsubsidized Loans
Assumes 4 years of medical school, then a six-month grace period with the capitalization of all accrued interest occurring at the end of the grace period.

18. Resident Tuition & Fee Comparison Association of American Medical Colleges

19. Websites to know
fa.financialavenue.org

20. Office of Student Financial Aid
Bryan Williams Student Center Questions???