Financial aid for medical school
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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

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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 HewittEloise Turner

[email protected]@vcom.vt.edu

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


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