1. University of Louisville School of Medicine Financial Aid
Leslie R. Kaelin M.Ed.
Financial Aid Director
UofL School of Medicine

2. SOM Financial Aid Office Part of SOM Student Affairs
Staff:
Leslie R. Kaelin-Director, School of Medicine
Cynthia Morse-Financial Aid Advisor, Senior
Location:
Instructional Bldg. Room B-230 (Ped-way)
Office hours:
M-F 9:00 a.m.-5:00 p.m.
phone:

3. SOM Financial Aid Office Services
Financial Aid/Loan Counseling
SOM Financial Aid Website:
Financial Literacy Programing and Information
”The Price is Right”-Setting Goals & Budgeting-M1
Fashion $ense Show-M1
”So you want to be a Millionaire?”-Credit-M2
”Financing a House” Webinars-M3 & M4
AAMC Webinars, wide range of topics-All Classes
“Ask a Doc” Panel-M3 & M4
Loan Entrance and Exit Counseling-Individual and Group Sessions
Fiscal & Posting Responsibility for SOM Scholarship Accounts
Credit Counseling Assistance and Referral
Budgeting and Loan Borrowing Planning
LCME & Federal Financial Aid Reporting
Catch All-”If you don’t know, just ask and we will get you to the correct office or find the answer”.

4. Now that I have been accepted…How am I going to pay for my Medical School education?
Applying for and receiving Federal Financial aid is much easier than what you had to do to get admitted!

5. So…what will it cost to attend UofL SOM?
UofL Tuition* (18-19)
KY Resident $38,286
Non KY Resident $58,196
Technology Fee* $1,250
Recreation Fee* $196
HSC Health Fee* $105
Disability Insurance Fee* $46
Major Health Insurance* $2,345
(May be waived with proof of insurance)
Books and Supplies*(1st yr.)$1,223
*All figures are estimated until Board of Trustee Approval

6. What about Living Expenses?
Room & Board, Transportation, Personal Expenses, Loan Fees & Major Health Insurance…
Approx. $2,020 per month is allowed in the financial aid budget or (COA) for these non-direct educational student expenses
1st year $20,242 (10 months)
2nd year $22,222 (11 months)
3rd year $24,202 (12 months)
4th year $20,242 (10 months)

7. Cost of Attendance-(COA)
Always includes:
Tuition & Required Fees
Required Books & Supplies, Board Exams, Room & Board, Transportation, Health and Misc. Personal Expenses
May Include:
Dependent child care expenses-PJ
Expenses associated with a disability-PJ
Excessive Medical expenses of the student-PJ

9. What Charges will be on my Student Billing Statement from the Bursar’s office? (Estimated 2-16-18)
Tuition-
KY Resident $38,286 ($19,143 per semester)
Non-Resident (unsubsidized position) $58,196 ($29,098 per semester)
HSC Health fee -$105 ($52.50 per semester)
Technology fee-$1,250 ($625 per semester)
Health Insurance $2,345 ($1, per semester)
Can waive, if you have major medical insurance.
Recreation fee-$196 ($98 per semester)
Disability Insurance fee-$46 (Fall only)

10. UofL Admissions
UofL Endowed Scholarship Accounts are used to fund the following types of Admissions Scholarship awards:
Diversity
Underrepresented in Medicine (URM)
Academic/GEMS
MD/PhD
Misc.
All incoming student scholarship awards are offered by the SOM Admissions Office. No application is needed

11. Some Types of Outside Scholarships
Military HPSP
Religious Affiliation
Ethnicity
Employer offered
Practice interests
Commitment-NHSC
Misc.

12. % SOM Graduates with Federal Loan Debt: 76% (Class of 2016)
Most students borrow Federal Loans to finance their Medical School education
% SOM Graduates with Federal Loan Debt:
83% (Class of 2017)
76% (Class of 2016)
90% (Class of 2015)
83% (Class of 2014)

13. Medical School Indebtedness 2015-16 Average Indebtedness for Graduates WITH DEBT
ALL U.S. Medical Students $168,392*
U of L Medical Students
$193,968* (76%-Class of 2016 w/Debt)
*Figure does not include prior educational debt-medical debt only.
(Data from the Financial Aid Summary Report-AAMC)

14. Free Application for Federal Student Aid (FAFSA)
Student’s personal and financial information required to perform need analysis is collected on the “Free Application for Federal Student Aid” (FAFSA)
Complete each year
Electronic FAFSA on the Web:

15. in applying for Federal Aid
Obtain a FSAID at
Complete the FAFSA on the Web at
Complete any forms requested by Financial Aid Office
Complete MPN’s on-line (Direct Unsubsidized & Direct Graduate PLUS) as needed
UofL on-line “Financial Aid Notification” (FAN): Accept, Reject or Reduce Federal Loans offered (You do not have to accept scholarship aid)
Any residual funds sent to “Bank Mobile” to disburse based on your selection

17. Common Errors on FAFSA Social Security Numbers Untaxed income
U.S. income taxes paid
Real estate and investment net worth
For PCL or LDS eligibility consideration:
Divorced/remarried parent information
Income earned by parents/stepparents
Household size
Number in college

18. Should you provide parental information on the FAFSA?
Only students that are interested in being considered for the DHHS Loan Programs
Primary Care Loan (PCL)
or the
Loan for Disadvantaged Students (LDS)

19. Financial Aid Award (FAN) Notification
The FAN notification is ed to student (found on-line at the ULINK web site).
The SOM will have a link to click on for specific SOM information
The FAN outlines the:
Type and amount of aid offered
How and when aid will be disbursed (FALL/SPRING)
Terms and conditions of aid awarded (Full time, Promissory Note, etc.)

20. Federal Aid Department of Education Title IV Direct Unsubsidized Loan
Direct Graduate/PLUS Loan

21. Direct Unsubsidized Maximum limit-Up to COA: After Scholarships
Maximum Direct Unsubsidized Loan up to:
$42,722 per 10 month academic year (M1 & M4)
$44,944 per 11 month academic year (M2)
$47,167 per 12 month academic year (M3)
(Max. Combined Aggregate Sub. & Unsub. Limit: $224,000)
“Non Need Based”
6.0% fixed rate (July 1, 2017) (will change changes yearly)
Requires Master Promissory Note (MPN) (once for Medical School)
Loan Fee: 1.066% (subject to change)
“Unsubsidized” interest during all periods: Grace, Forbearance, Deferment
Repayment options: 10 yr. Level, Extended, Graduated, IBR, PAYE & REPAYE
-”Public Service Loan Forgiveness” (PSLF)-for Eligible Loans
-“NHSC Loan Forgiveness Program”-for Eligible Loans
-“NHSC Students 2 Service Loan Forgiveness Program”-for Eligible Loans

22. Direct Graduate PLUS
Maximum limit-Up to COA: After Scholarships and Direct Unsubsidized Loan
“Non Need Based”
Graduate/Professional Student as Borrower (not the parent!)
7.0% fixed rate (July 1, 2017) (will change changes yearly)
Requires Master Promissory Note-MPN (once for Medical School)
Loan Fee: 4.264% (may change )
“Unsubsidized” interest during all periods: Grace, Forbearance, Deferment
Repayment options: 10 yr. Level, Extended, Graduated, IBR, PAYE & REPAYE
-”Public Service Loan Forgiveness” (PSLF)-for Eligible Loans
-“NHSC Loan Forgiveness Program”-for Eligible Loans
- “NHSC Students 2 Service Loan Forgiveness Program”-for Eligible Loans

23. Department of Health and Human Services-Title VII Loan Programs
To be considered, the student must provide parental data on FAFSA !!!
Primary Care Loan (PCL)
Loan for Disadvantaged Students (LDS)

24. Primary Care Loan (PCL)
Subsidized during school and approved primary care residency period
Fixed Interest Rate- 5%
Determination of PCL award based on parental & student income data
10 year Level Repayment (120 payments)
Not eligible for federal forgiveness programs

25. Primary Care Loan Continued…
Must be in Primary Care Residency & Practice: Pediatrics, Internal Medicine, Medicine/Pediatrics, Family Practice and Preventive Medicine
–NO SPECIALITIES
The PCL Loan Cannot be forgiven under:
-”Public Service Loan Forgiveness” (PSLF)
-“NHSC Loan Forgiveness Program”
-“NHSC Students 2 Service Loan Forgiveness Program”
Penalties for non-primary care Residency or Practice-becomes a 7% interest rate and immediate repayment required
Contact SOM Financial Aid-Leslie or Cynthia if you would
like to be considered for PCL during any year of Medical School

26. Loan for Disadvantaged Students (LDS)
Subsidized during School and Residency
Fixed Interest Rate 5%
Determination of award based on parental & student income data. Students from PEPP counties given priority. Low income, ”Need Based”
10 year Level Repayment (120 payments)
No Application needed-Parental data will be reviewed (only if provided), on the FAFSA. Individual student eligibility determined and offered as limited funds are available
-”Public Service Loan Forgiveness” (PSLF)-Eligible Loan-Only if consolidated with Direct Consolidation Loan
-“NHSC Loan Forgiveness Program”-Eligible Loan*
-”NHSC Students 2 Service Loan Forgiveness Program”-Eligible Loan*

27. Outside Scholarships & Loans
All outside scholarships or aid must be reported to Financial Aid as soon as you know of the award
Some EXAMPLES:
Military Scholarships-HPSP
NHSC Scholarships
Daviess County Medical Society
Community or Outside Scholarships
National Medical Fellowships Scholarships

28. UofL Bank Mobile-Student Refunds Bursar’s Office sends by early July to new UofL students
Select from Two Refund Choices:
1. Bank Mobile Vibe Checking Account OR
2. Transfer to your personal checking account (ACH)
(ACH is Strongly recommended!)
(It will contain your UofL “Personal Code” to secure access to the Bank Mobile Refund Selection Website.)

29. Basic information Bursar’s Office-Billing & Student Account 852-6503
Health Insurance
Bank Mobile
Student Loan Deferment Forms-Your Loan Servicer
ULink
-Go to “for first time users”
-Will get user ID & Password
-Click on Student Services Tab
-Category “Financial Aid”
-Click on “View my to do list”
-Print forms requested

30. Credit 101 www.annualcreditreport.com (TransUnion, Experian & Equifax)
Credit Report-provides a snapshot of a borrower’s creditworthiness and helps lenders calculate the amount of risk they will assume when providing a borrower access to borrowed funds.
Credit Score-is a numerical calculation that is based on your financial behavior as reported on your credit report
(Payment History, Amounts Owed, Length of Credit History, New Credit & Types of Credit Used)
Benefits of Good Credit…
Better loan offers, lower interest rates, faster credit approvals, increased leasing & rental options, reduced security deposits & reduced premiums on auto, home, and renter’s insurance

31. FIRST Financial Information, Resources, Services and Tools www. aamc
FIRST Financial Information, Resources, Services and Tools
What can FIRST do for you?
Help you navigate the complexities of student debt
Provide resources to expand your financial literacy skills
Assist you with managing your student debt wisely
-Education Debt Manager (EDM) for Matriculating
Medical School Students-(Essential Reading)
-Education Debt Manager (EDM) for Graduating
Medical School Students-(Essential Reading when you graduate)
-Medloans Organizer and Calculator
-$ALT-Money Management & Saving and Investing
-FIRST Financial Aid FACT Sheets
-FIRST Videos & Webinars
-Budgeting Worksheets for Students & Residents

32. What did she say???

33. University of Louisville School of Medicine
Congratulations to the Class of 2022 !
See you in July ! Leslie & Cynthia