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funding MY EDUCATION

funding MY EDUCATION. MEDICAL SCHOOL AND OTHER MEDICAL RELATED GRADUATE SCHOOLS. Know the cost of your undergraduate education. UNDERGRADUATE Tuition and Fees Books and Supplies Living Expenses Workforce Absence Application Costs Interview Expenses Savings MCAT Prep.

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funding MY EDUCATION

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  1. funding MY EDUCATION MEDICAL SCHOOL AND OTHER MEDICAL RELATED GRADUATE SCHOOLS

  2. Know the cost of your undergraduate education UNDERGRADUATE • Tuition and Fees • Books and Supplies • Living Expenses • Workforce Absence • Application Costs • Interview Expenses • Savings • MCAT Prep POSSIBLE COSTS • Mini Med School • Research Options • Study Abroad • Private Tutoring • Loan Interest Costs • Graduate School Visits • Preparatory Classes • Hidden Pre-Requisites

  3. Know what funding is available UNDERGRADUATE • PELL/Grants • Scholarships • Part-Time Work • Family Support • Budgeting • Loans

  4. Undergraduate funding • Everyone should complete FASFA • Scholarships • Valenciacollege.org (college foundation) • Fastweb.org (free scholarship searches) • Loans • Subsidized • Unsubsidized (pay interest while in school) • Parent • Private

  5. Undergraduate continued • Family Support • Living at home vs. living independently • Part-Time work (1-15hrs per week) • Budgeting • Living on a shoestring

  6. Know the cost of your Graduate education GRADUATE • Tuition and Fees • Books and Supplies • Living Expenses • Workforce Absence • Residency expense • Relocation Expense POSSIBLE COSTS • Application services fees • Travel for interviews • Study aids • Mal-practice insurance • Uniforms and supplies

  7. Know what graduate funding is available GRADUATE • Loans • Budgeting • Fellowships • Research Assistant • Public Service Forgiveness • Family Support • Part-Time Work

  8. Graduate funding • Loans • Subsidized – interest starts accruing after graduation • Unsubsidized – interest starts accruing immediately (recommend making monthly interest payments while in school) • Budgeting • Reality of a shoestring budget • Fellowships – work programs • National Health Service Corps • COSTEP Commissioned Officer Student Training and Extern program • Lambarini Medical Student Fellowship for work in Africa • Tylenol Future Care Scholarships • Professional Organizations • Research Assistant • Public Loan Forgiveness Programs • National Health Service Corps Loan Repayment Program • Family support

  9. Reducing education costs • Education plan (no w/d,retakes,150%) • Used or rented books • Budget/Saving • Live w/family • Shared living expenses • No credit card debt • Modified transportation • Deferred gratification

  10. Pitfalls of repayment • Loan fees – most loan have an interest fee of 1-3% and a origination fee if 1-3%. These fees can be paid with your loan or rolled into your loan. • If you pay with your loan this payment will be deducted from the check you receive- barrow $10,000 receive $9,400 • If you rolled it into your loan you barrow $10,600 but only receive $10,000

  11. Pitfalls continued • Loan consolidation, deferment or forbearance extends number of years of payments in exchange for lower payments. (adds more interest costs to principle) • Capitalization – this refers to the amount of interest being added to your principle based on how often interest is compounded. • (If you have a 10,000 loan at 8% that you defer that means year 1 of your deferment you are adding $800 to your principle. Year two you are adding $880 to your principle, year three you added $928. So in 3 years you now owe 12,608 even though you did not barrow any additional money)

  12. Good news!!! • Your education can be affordable if: • You are informed • You plan for your success • You are honest about needs vs. wants • You are passionate about your education and career goals

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