G dino koff associate dean of student affairs and director of financial aid may 12 2014
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G. Dino Koff Associate Dean of Student Affairs and Director of Financial Aid May 12, 2014. May 12, 2014 | HANOVER, NH . How Do You Pay For College?. Grants Scholarships Powerball Loans Savings Work Service Awards. Where Does Aid Come From?. Federal Loans Scholarships (Service)

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G. Dino Koff Associate Dean of Student Affairs and Director of Financial Aid May 12, 2014

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G dino koff associate dean of student affairs and director of financial aid may 12 2014

G. Dino KoffAssociate Dean of Student Affairs and Director of Financial AidMay 12, 2014

May 12, 2014 | HANOVER, NH


How do you pay for college

How Do You Pay For College?

  • Grants

  • Scholarships

  • Powerball

  • Loans

  • Savings

  • Work

  • Service Awards


Where does aid come from

Where Does Aid Come From?

  • Federal

    • Loans

    • Scholarships (Service)

    • Loan Repayment

  • State

    • Loans

    • Grants

    • Loan Repayment

  • Institutional

    • Loans and Scholarships/Grants

  • Private Resources

    • Foundations

    • Companies

    • Undergrad Institutions


Cost of attendance

Cost of Attendance

  • Tuition and Fees

  • Room and Board

  • Books and Supplies

  • Personal Expenses

  • Transportation

  • Dependant care

  • Actual cost of a computer

  • Disability needs


Why financial management

Why Financial Management?

  • Average Public Medical School Cost of Attendance? (year 1)

    • $55,061 (in state) $78,731 (non-resident)

  • Average Private Medical School Cost of Attendance? (year 1)

    • $74,401

  • Source: AAMC Tuition and Fees Questionnaire, 2013


Why financial management part ii

Why Financial Management? (Part II)

  • Average Public Medical School Debt?

    • $144,072

  • Average Private Medical School Debt?

    • $160,105

    • Does not include pre-medical school debt

    • Source: AAMC LCME Part IB, 2013

Geisel School of Medicine Average Debt 2013: ~$142,000


Clinical clerkships electives usmle on doctoring and local transportation

Clinical Clerkships, Electives, USMLE, On Doctoring and Local Transportation

  • Cost of Attendance increase for students who:

    • Live at a distance from the Medical School

    • Incur travel expenses in excess of the amount included in the budget ($250)


G dino koff associate dean of student affairs and director of financial aid may 12 2014

Books: Budget figures reflect average book purchases in each class. Students whose necessary book purchases go beyond this level may seek a budget adjustment through the Financial Aid Office.

Computer, PDA, Equipment: The COA can be increased one time in a students 4 year degree for a computer and PDA. This does not include warranties, printers, cameras…


My parents are not helping me and my

“My parents are not helping me and my…


You can do this

You Can Do This

  • Federal Stafford Loans

    • Subsidized $8,500

    • Unsubsidized $34,200 (1st year, increase each year)

  • Federal Graduate PLUS Loan

    • Up to the COA

went away 7/1/12 for grad students


G dino koff associate dean of student affairs and director of financial aid may 12 2014

Student loans are debt, but they’re also anINVESTMENT


Direct stafford loans

Direct Stafford Loans

  • Total of $42,700 per year

  • Interest rate – fixed at 5.41% for life (this year)

    • Every July 1, rates can change

  • 6 Month grace period after enrollment ends

  • 0-4% origination/guarantee fee

  • Unsubsidized Only


Grad plus loans

GRAD PLUS Loans

  • Federal Loan

  • Not Parent, not Undergraduate Study

  • Yes Loan !

  • Up to COA less other aid

  • Fixed fixed at 6.41% for life (this year)

  • 4% Origination/Default Fee


How do i

How do I …


What financial aid package is better

What Financial Aid Package is Better?

School Loan A: 5% after residency; School Loan B: 8% after grad


Options

Options

  • National Health Service Corps

  • Health Professions Scholarship Program (Military)


Portion of agi available for loan payment in ibr

Portion of AGI Available for Loan Payment in IBR

Portion of AGI Available for Other Expenses

Portion of AGI Available for IBR Loan Payment

(15% of remaining AGI)

Portion of AGI Needed to Cover Basic Needs

(150% of poverty guideline)

Slide: Jeff Hanson, Access Group


Financial aid organizer

Financial Aid Organizer


G dino koff associate dean of student affairs and director of financial aid may 12 2014

Get Out of Debt Before Medical School


Check it out

Check it Out!

  • Facebook: Geisel School of Medicine Financial Aid


Questions

Questions

  • G. Dino Koff

  • [email protected]

  • 603-650-1111


  • Login