1. Financial Basics for Entering Medical Students
Marti Trujillo | Director of Financial Aid Stanford University School of Medicine
Hello, welcome and thank you for attending this financial basics session as part of your orientation to medical school. While I/we represent the financial aid office, the information provided here is relevant to all students, regardless of the source of funding of their medical education. With our limited time, we can’t cover all the resources that are available but use this time to high light what we think you need to know to get off to a good start!

2. The Financial Aid Team md_financial_aid@stanford.edu
Abera Metaferia
Financial Aid Advisor
(650)
Lawson Roberts
Financial Aid Analyst
(650)
Martha (Marti) C. Trujillo, MPA
Director of Financial Aid
(650)
Let me start by introducing our medical school financial aid team which cumulatively, have over 60 year in providing financial aid services.

3. Financial basics Understanding your university bill
Managing your money
Reviewing payment options
Additional Resources
The intent of todays presentation is to give you a general understanding : 1, 2, 3, 4

4. Medical career tuition
Tuition residency requirement
12 Full Tuition Quarters
Tuition tiers
Full Tuition – $19,399
Reduced Tuition Rate – $3,878
Assessed when conducting 100% research
OR after 12 Full Tuition Quarters have been paid
Graduation quarter – $150
All students in the MED career will be assessed the MED tuition rate. Tuition is not fixed, and it has historically increased by 3.5% each year. All students pursuing the MD degree are required to pay 12 quarters of “full” tuition. These quarters to not have to be contiguous. The reduced tuition rate may be assessed after paying 12 full tuition quarters or when engaging in full-time research. The research quarter is not required but can be requested (one quarter only) prior to graduation – it allows students who have completed their degree requirements to remain in campus housing and also, keep federal and instructional loans in the “in-school” status – e.g. grace period and/or repayment periods do not kick-in. Also, the medical school does not have a per unit tuition rate.

5. Tuition and enrollment
Maximum units allowed:
39 Units – Autumn quarter of first AND second year
26 Units – All other quarters
Units above these limits are assessed additional tuition “surcharge” of $1,293 per unit
If you take only 10 units, you will still be assessed the full tuition rate. If you exceed the maximum unit cap, your will be assessed an additional $1,293 above the full tuition rate of $19,399.

6. University billing process
Quarterly charges may include:
Tuition
on-campus housing or subsidized off campus housing
health insurance (Cardinal Care)
Campus Health Service Fee
Grad Student Activities Fee
Monthly charges may include:
Card Plan charges
Cable TV
Any loans and/or support for tuition will be applied to your student account, if paid in full the balance is refunded to you.
A refund doesn’t always mean your account is paid in full.
Grant “Permissions” to ensure loan funds are applied to all charges
Sign up for Direct Deposit!
Self explanatory – most important, avoid delays in getting your refunds – apply for direct deposit.

7. University disbursement and billing schedule
Aid Disburses
Bill Deadline
Autumn
~9/16/18
10/15/2018
Winter
~1/1/2019
1/15/2019
Spring
~3/26/2019
4/15/2019
Summer
~6/16/2019
7/15/2019
Bills are sent out ~20th of each month and due on the 15th of the following month (except autumn quarter)
Charges not paid by the due date are subject to a late payment fee of 1% (assessed monthly until paid)
Late fees, unless due to administrative error, cannot be waived – students are responsible for.

8. Sample bill Housing Technology Fee Housing Early Arrival
Posted
Item
Amount
8/10/2018
Grad. Student Activities Fee
$44.00
EV 2BR Eff Housing Charges 
$3,131.00
EV House Dues
$20.00
0/2018
Housing Technology Fee
$71.00
Housing Early Arrival
$502.11
Medical Tuition
$20,692.00
Document  Fee
$250.00
Health Insurance
$1,736.00
Campus Health Service Fee
$217.00
Total Charges:
$26,663.01
Additional $1,293 assessed for 1 unit above 39 maximum
This is an actual example of one of your bills. Note that the tuition is $20,692 instead of $19,399 – this student exceeded the maximum unit cap of 39 by one unit and is assessed the additional $1,293 per unit fee. This student should reduce enrollment by the one unit before the enrollment deadline.

9. Paying your bill Payment can be made by you or authorized payer.
Payment methods include:
eCheck via Stanford ePay
Wire Transfer
Check via mail
In Person at Tresidder Union
Stanford University does not accept credit card payments against student bill
Note that the medical school financial aid office does not accept cash payment on your behalf, you must make payments using the pay methods listed above.

10. Paying your bill The following payments may also reduce your bill:
Grants and Loans
Teaching and Research Assistantships
MedScholars Fellowship
Outside Awards and Scholarships

11. Mind Over Money
The Mind Over Money program is a collaborative effort led by Student Financial Services and 19 other offices with the mission to equip students with the knowledge to make informed financial decisions during Stanford and in their careers beyond the Farm. 
Financial Literacy Workshops
Budgeting
Saving
Credit and loans
Much more!
Online Resources
sfs.stanford.edu/mind-over-money
View loan history functionality will be added in AXESS allowing students to track borrowing level (Stanford only) in real time

12. AAMC’s Financial Information, Resources, Services, and Tools (FIRST)
Review strategies for managing your financial aid and daily finances while you’re in school
Help in making best financial decisions during and after medical school.
Additional FIRST resources including videos, fact sheets, and articles can be found on the Financial Aid page at:
The tools and resources available through FIRST are unique to medical students career paths and offer a wealth of resources, including webinars. The FAO will publicize.

13. PDF available at http://med.stanford.edu/md/financial_aid

14. Financial Aid Entrance Counseling Session
Wednesday, September 12, :00 - 6:30 PM TBD ? (Dinner provided)

15. Questions?