1. Budgeting & Money Matters
Admissions and Enrollment Management
Presented by:
La Shaundria Thomas Program Manager, Medical Student Financial Services

2. Welcome
Welcome to financial aid disbursements, bill due dates, and budgeting 101

3. Cost of Attendance Financial Aid Billing Budgeting Tips
Agenda
The Big Picture: 4-Year Plan
Goals
Cost of Attendance
Financial Aid
Loans
Billing
Payments/Disbursements
Due Dates
Refunds
Budgeting Tips
Contact Information
Resources
Questions and Answers

4. The 4-Year Plan MS1-MS4 MS3 MS4
Correspondence provided on how to apply for financial aid and budgeting
Individual meetings/phone calls
Check Facebook and s periodically for financial tips
Learning Community discussions throughout medical school
Annually, a budget planning workbook will be provided for all students
MS3
During the MS3 meeting, you will be reminded of the residency interview expenses and how to save throughout medical school
MS4
Before the mandatory MS4 meeting, students will be sent a checklist of Exit Interview items to complete. Once the checklist is completed, you have the option of making an individual appointment with Medical Student Financial Services Program Manager to discuss in detail
During the MS4 year, a speaker from FIRST (AAMC) will present repayment plan options for Federal Student Loans
During the MS4 year, a FREE Financial Planner will speak and be available to advise students/graduates throughout residency

5. Goals: C.E.A.C.
Confident and Empowered about money matters Assured you will be able to pay back your student loans We want you to concentrate on your medical school education.

6. What is Cost of Attendance?
The cost of attendance (COA) includes tuition and fees, books and supplies, room and board, transportation, insurance, origination fees, and personal expenses.
The university adjusts the COA annually to reflect changes to these costs.
The COA for UABSOM for the academic year is:
1st Year
Tuition/ Fees
Books/ Supplies
Living Expenses
Cost of Attendance
In-State
$31,550
$4,856
$22,655
$59,061
Out-of- State
$65,854
$23,421
$94,131

7. To log in you will need your FSA ID Username and Password
Financial Aid
It is not too late to apply for federal student aid for the academic year.
Visit:
To log in you will need your FSA ID Username and Password

8. Applying for the Federal Direct Grad PLUS Loan is still an option
Need more money?
Applying for the Federal Direct Grad PLUS Loan is still an option

9. Loans: Federal Direct Grad PLUS
Apply by visiting
Approval of the loan is based on credit. No adverse credit history in addition to other requirements
Limit= COA – other aid (including scholarships)
Must complete the PLUS Loan Master Promissory Note if approved
The interest rate is determined on an annual basis during July of the calendar year. The interest rate currently is 7.6% for the academic year.

10. Federal vs Private Loans: Considerations
Interest rates
Accruals
Deferment benefits
Death benefits

11. Loans: Reminder
If you borrowed loan previously, be sure to stay in contact with your servicer regarding postponement of payment
In-School Deferment Eligibility – must have begun attending school
Enrollment Reporting – Registrar
Automatically reported every days

12. Tuition assessed twice annually
Billing: Tuition
Tuition assessed twice annually
Fall Semester
Spring Semester

13. Fall 2018: July 23, 2018 Spring 2019: January 14, 2019
Disbursement Dates
Fall 2018: July 23, 2018
Spring 2019: January 14, 2019

14. Fall 2018 tuition is due September 1, 2018
Billing: Due Dates
Fall 2018 tuition is due September 1, 2018
Spring 2019 tuition is due January 1, 2019

15. Billing: Funds in Excess of Tuition
Direct Deposit is the fastest way to receive a refund
Funds are typically deposited 3-5 business days after financial aid disbursement
Sign up for direct deposit by visiting your BlazerNet> My Financial Aid> Direct Deposit> Add/Enroll for Direct Deposit Account
Paper checks are mailed within 5 days after financial aid disbursement

16. Be frugal  Be a penny pincher
Budgeting Tips
SAVE There are ways to save money during medical school!
Direct deposit your entire financial aid disbursement into a Savings Account
Transfer money from your Savings account to your Checking Account monthly as if you were receiving a paycheck
Know when to expect your disbursements and how much it should total
Complete a budget and stick to it
Be frugal  Be a penny pincher

17. Borrow only what is needed AFTER you budget
Budgeting Tips
Borrow only what is needed AFTER you budget
You may borrow up to the COA throughout the academic year
Interest accrues from the time the loan is disbursed
Visit the AAMC/FIRST for helpful resources
Always looks for ways to save
Live like a medical student when you are a medical student
Live like a resident when you are a resident
Do not hesitate to contact Medical Student Financial Services with any questions or concern

18. Winning at money is 80% behavior and 20% head knowledge.
Budgeting Tips
Nearly 40% of millennials overspend buying things they can’t afford – on credit cards
Winning at money is 80% behavior and 20% head knowledge.

19. Budgeting Tips: Components of a Monthly Budget

20. Budgeting Tips: How Much Should I Borrow?
Tuition + fees + Budgeted living expenses -Scholarship money -Funds saved for medical school -Support from family Amount you should consider borrowing You can always borrow more later up to the cost of attendance, if needed
Spreadsheet is coming!

21. Budget: Your Monthly Budget-at-Glance
TYPICAL MONTHLY BUDGET
Fill in the gray boxes with the your typical monthly expenses and savings to determine your monthly budget.
Monthly Expenses
Helpful Notes
Rent/Mortgage:
Keep rent down by living with roommate(s)
Renters' Insurance:
Be sure to have insurance!
Electricity:
May or may not be included with rent
Gas:
Water:
Sewage/Trash:
Groceries:
Eating at home is much cheaper than eating out.
Cable/Internet:
Include other expenses like Netflix, Hulu
Phone:
Health Insurance/Co-Pays:
Include if you pay for your own health insurance
Life Insurance:
Credit Card:
Car Payment/Note:
Car Insurance:
Car Expenses (fuel/parking):
Clothing/Personal care:
Clothing, health and beauty aids, haircuts
Entertainment:
Funds for going out, spotify, netflix, etc
Other:
What have we missed? Pet supplies?
Total Expenses: $
Total Approximate Monthly Expenses $
Amount should populate from above total
Savings
What do you want to set aside for savings?
Total Monthly Budget

22. Budgeting Tip: How Much Should I Borrow
How much should I BORROW in Federal Student Loans?
Fill in gray boxes on this sheet. Do NOT make changes to any other cells - there are formalas in the other cells to make the calculations.
Are you an Alabama Resident? (In gray box to right, type Y for Yes and N for No)
example: Y
What year of school are you? (In gray box to right, type MS1, MS2, MS3 or MS4)
please do not include spaces or other characters
MS3
Expenses
Tuition
Tuition based on your state residency and year of medical school should automatically populate.
Fees $
Fees based on your year of medical school should automatically populate. If field to left is blank, make sure you added class year above in cell C6)
Personal Living Expenses (From your monthly budget)
This amount is your monthly budget x 12 months.
Books
MS2: USMLE Step 1
$610 included in Cost of Attendance budget
MS3: USMLE Step 2 CK and CS
$1895 included in Cost of Attendance budget
MS4: USMLE Step 2 CS travel to Atlanta
$400 included in Cost of Attendance budget
MS4: ERAS Fees
$1184 included in Cost of Attendance for ERAS/NRMP fees (combined)
MS4: NRMP Match Fees
MS4: Estimated Travel Costs*
No funds are included in Cost of Attendance - see note * below
Total Annual Expenses (Tuition, Fees, Living/Other Expenses)
Sources of Funds (other than loans)
Scholarship Funds
Enter all internal and external scholarships you will receive this year.
Funds Saved for Medical School
Enter your total contributions (saved funds) for this year.
Support From Family
Enter total contribution your family will provide for this year. If applicable, include spouse income that will be used toward living expenses and/or tution and fees.
Total Funds Available from Sources other than Loans
Funds Needed from Loans or other Sources
Funds needed - before loan origination fees**
These are the funds you need to cover your expenses (your expenses minus your sources of funds other than loans).
Approximate origination fees
See note ** below concerning origination fees.
Amount of funds you need to cover including origination fees
Maximum amount to borrow (based on Cost of Attendance)
You can only receive funds (scholarships and loans combined) up to the total Cost of Attendance. Check the table below to verify that the amount to the left represents your total cost of attendance based on 1) resident or non-resident(NR) and 2) your class year (MS1,2,3,4).
Over budget
If there is a balance to the left, you are over budget for the max allowed for loans/scholarships. You need to either reduce expenses or find sources of support (family,etc). If you are over budget due to MS4 residency travel, you may be eligible for an increase in cost of attendance. See * below.
Amount of unsubsidized loan you may wish to borrow for this academic year
Unsub loan have the lower interest rate and origination fees. We recommend you borrow up to the max allowed of unsub loans before borrowing Grad Plus loans. See max amounts for unsub loans in table below.
Amount of Grad Plus you may need to borrow to cover budget for this academic year
Grad Plus are allowed up to your total Cost of Attendance and require credit checks and/or co-signers.

23. Want to Schedule an Individual Appointment?

24. Regarding: Scholarships/Money Matters
Contact Information
La Shaundria L. Thomas Program Manager Medical Student Financial Services
Regarding: Scholarships/Money Matters

25. Resources https://studentaid.ed.gov/sa/fafsa#how-fill-out-fafsa

26. Questions and Answers

27. Thank You