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Dino Koff May 7, 2012

Dino Koff May 7, 2012. How Do You Pay For College?. Grants Scholarships Powerball Loans Savings Work Service Awards. Where Does Aid Come From?. Federal Loans Scholarships (Service) Loan Repayment State Loans Grants Loan Repayment Institutional Loans and Scholarships/Grants

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Dino Koff May 7, 2012

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  1. Dino Koff May 7, 2012

  2. How Do You Pay For College? • Grants • Scholarships • Powerball • Loans • Savings • Work • Service Awards

  3. 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

  4. Cost of Attendance • Tuition and Fees • Room and Board • Books and Supplies • Personal Expenses • Transportation • Dependant care • Actual cost of a computer • Disability needs

  5. Why Financial Management? • Average Public Medical School Cost of Attendance? (year 1) • $51,307 (in state) $73,749 (non-resident) • Average Private Medical School Cost of Attendance? (year 1) • $69,913 • Source: AAMC Tuition and Fees Questionnaire, 2012

  6. Why Financial Management? (Part II) • Average Public Medical School Debt? • $137,197 • Average Private Medical School Debt? • $151,874 • Does not include pre-medical school debt • Source: AAMC LCME Part IB, 2011 Geisel School of Medicine Average Debt 2011: ~$137,000

  7. 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)

  8. 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…

  9. “My parents are not helping me and my…

  10. 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 Going away 7/1/12 for grad students

  11. Student loans are debt, but they’re also anINVESTMENT

  12. Direct Stafford Loans • Total of $42,700 per year • Interest rate – fixed at 6.8% for life • “new” loans after July 1, 2006 • No rate reduction being discussed in front of Congress currently • 6 Month grace period after enrollment ends • 0-2% origination/guarantee fee • Unsubsidized Only

  13. GRAD PLUS Loans • Federal Loan • Not Parent, not Undergraduate Study • Yes Loan ! • Up to COA less other aid • Fixed 7.9% Interest Rate • 3% Origination/Default Fee

  14. How do I …

  15. What Financial Aid Package is Better? School Loan A: 5% after residency; School Loan B: 8% after grad

  16. Options • National Health Service Corps • Health Professions Scholarship Program (Military)

  17. 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

  18. Financial Aid Organizer

  19. Check it Out! • http://dinodms.wordpress.com/ • Facebook: Dartmouth Medical School Financial Aid

  20. Questions • G. Dino Koff • Dino.Koff@Dartmouth.edu • 603-650-1919

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