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Financial Aid for Medical School. March 8th, 2014 Daniel Hewitt Director of Financial Aid – Virginia Campus. Agenda. Costs at VCOM Financial aid options and why loans are good, realistic options Budget planning and repayment options that are manageable. Costs At VCOM.

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financial aid for medical school

Financial Aid forMedical School

March 8th, 2014

Daniel Hewitt

Director of Financial Aid –

Virginia Campus

agenda
Agenda
  • Costs at VCOM
  • Financial aid options and why loans are good, realistic options
  • Budget planning and repayment options that are manageable
costs at vcom
Costs At VCOM
  • VCOM Tuition $40,600
  • Federal Student Loan Fees* $ 1,669
  • Living and Other Educational Expenses $31,171

(see expense estimates below)

  • Total Cost of Attendance $73,440
  • SUPPLIES AND
  • EQUIPMENT $ 4,594
  • HOUSING AND
  • UTILITIES $10,604
  • MEALS $ 3,861
  • TRANSPORTATION
  • AND TRAVEL $6,828
  • MEDICAL AND
  • PERSONAL EXPENSES $5,284

* Federal student loan fees are included only if federal student loans are used.

financial aid options
Financial Aid Options
  • Scholarships
    • VCOM’s website: http://www.vcom.vt.edu/financial/
  • Service Contracts
    • National Health Service Corps (NHSC) Scholarship Program
    • Military Health Professions Scholarship Program (HPSP)
    • State agencies and individual hospitals
  • Students Loans
    • Unsubsidized Stafford
    • Graduate PLUS
    • Private
applying for loans
Applying For Loans
  • 2014-2015 Free Application for Federal Student Aid (FAFSA)

http://www.fafsa.ed.gov

  • 2014-2015 VCOM Financial Aid Application

http://www.vcom.vt.edu/2018/

  • Loan applications
loan eligibility
Loan Eligibility
  • Cost of Attendance - Scholarships and Service Contracts = Unsubsidized Stafford Loan
  • Cost of Attendance - Scholarships and Service Contracts - Unsubsidized Stafford Loan = Graduate PLUS or Private loan
unsubsidized stafford loans
Unsubsidized Stafford Loans
  • Fixed interest rate, set June 1st
  • 1.072% origination fee
  • Interest starts accruing right away
  • No credit check, but cannot be in default on any student loan
  • Maximum amount of $47,197 (12-month calendar)
    • $44,944 maximum for OMS1 (11 month calendar)
graduate plus and private loans
Graduate PLUS and Private Loans
  • Graduate PLUS loan
    • Fixed interest rate
    • 4.288% origination fee
    • Interest starts accruing right away
  • Private (Alternative) loan
    • Variable or fixed interest rate
      • Rates based on your credit score and the market rate
    • Interest starts accruing right away
    • Maximum amount for either loan is

Cost of Attendance minus other aid

loan applications
Loan Applications
  • For Unsubsidized Stafford and Graduate PLUS loans:
    • only require an Award Letter response
  • For Private loans:
    • require an Award Letter response, and
    • require a separate application with a lender
  • All loan types require Promissory Notes (MPNs) through the Direct Loans website or through the lender’s website
borrowing responsibly
Borrowing Responsibly

The approximate cost of your education:

  • Unsubsidized Stafford – 5.41% fixed (currently)
  • Graduate PLUS – 6.41% fixed(currently)
the long term cost
The Long-Term Cost
  • Borrower 1 is financing to maximum Unsubsidized Stafford loan limits and supplementing with Graduate PLUS
  • Borrower 2 is financing as above, minus $5,000 each year in

Graduate PLUS

  • These examples assume a 3-yr residency and 25-yr repayment
breakdown
Breakdown

If you adjust your expenses by less than $14 a day for the next four years,

you could save yourself $55,000!

determine your income
Determine Your Income
  • Employment
  • Personal savings
  • Family support
  • Financial aid funds
identify your expenses
Identify Your Expenses

Fixed Expenses:

  • Tuition and fees
  • Rent
  • Child care
  • Taxes
  • Insurance premiums
identify your expenses1
Identify Your Expenses

Variable Expenses:

  • Utilities
  • Food
  • Clothing
  • Transportation
  • Other living expenses
cost of a daily latte
Cost of a Daily Latte

Daily $4

Weekly $20

Monthly $87

Annually $1,040

Cost over 4 years $4,160

Repayment over

25 years at 6.41%$11,400

loan repayment
Loan Repayment
  • Repayment Plan Length
    • Normal = 10 years
    • Extended = up to 25 years
  • Repayment Plan Type
    • Standard – fixed, equal monthly payments
    • Income-Based – monthly payments go up and down with your income
loan repayment1
Loan Repayment
  • Postponement Options
    • Deferments

ex. – In-School Deferment

    • Forbearances

ex. – Residency Forbearance

early repayment
Early Repayment
  • No early repayment penalties of any kind
  • Within 120 days of disbursement, loan fees and accrued interest are negated
  • Extra payments go to accrued interest first, then to principal
  • Death, or Total and Permanent Disability

Discharge

review
Review
  • Costs at VCOM
  • Financial aid options and why loans are good, realistic options
  • Budget planning and repayment options that are manageable
questions

Questions?

Daniel Hewitt Eloise Turner

[email protected]@vcom.vt.edu

(540) 231-6021 (540) 231-5923

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