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Financial Aid for the Doctor of Medicine Program. Office of Financial Aid Duke University School of Medicine. Topics of the day. The Financial Aid Process Applying for Financial Aid The Award Package Other Options/Resources Available Cost of Attendance Sample Packages
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FinancialAid for the Doctor of Medicine Program Office of Financial Aid Duke University School of Medicine
Topics of the day • The Financial Aid Process • Applying for Financial Aid • The Award Package • Other Options/Resources Available • Cost of Attendance • Sample Packages • Financial Aid Timeline • Questions
The Financial Aid Process • Two Pathways to Financial Aid • Apply for loans and grants • parent information required • Apply for Federal Loans ONLY • no parental information required
The Financial Aid Process (continued) • Financial Aid Application must be complete before a decision will be made. • Students can track the status of their package on their ACES account. Grants & LoansLoans Only Need Access FAFSA FAFSA 1040/W-2s parent 1040 student
Applying for Financial Aid • Complete the 2013-2014 FAFSA- Free Application for Federal Student Aid, www.fafsa.ed.gov E00161 – Duke University School of Medicine • Complete the 2013-2014 Need Access Form, www.needaccess.org
Your FAFSA • Step Two • Tax Return Filed? • Must have one of the following status in order to calculate EFC and determine eligibility • COMPLETED • NOT FILING • Status of “WILL FILE” not valid for processing of aid award • IRS data retrieval recommended
Need Access- for need based financial aid • Parental income information must be provided. Copies of parental (custodial and non-custodial) 2012 federal tax returns (to include all schedules) and all W-2 forms. • Estimated tax information will not be used. Actual tax return figures must be provided. • Siblings in college progressing toward 1st baccalaureate degree only will impact expected family contribution – once sibling graduates EFC will likely increase
Additional Student Documentation Requirements • IRS Tax Return Transcript – required of student if 2012 federal tax return filed (only if unable to complete FAFSA using data retrieval) • Duke Non-Filer statement required if 2012 federal tax return not filed
Need Based Financial Aid • Cost of Attendance – Expected Family Contribution = Demonstrated Financial Need • Demonstrated financial need for the 2012-2013 academic year was met with 55% grant and 45% loan funding. This may change for the 2013-2014 academic year and we are unable to provide the actual percentages at this time.
Duke Financial Aid Package • Federal Direct Student Loans Unsubsidized Stafford Loan Grad PLUS Loan • Need-based School of Medicine Grant (determined annually) • External Scholarship – replaces loan funding • Merit Scholarship - replaces loan funding (approximately 15 awards of full-tuition for 2012-2013)
Federal Direct Student Loans cont’d • Unsubsidized Stafford Loan 6.8%interest – interest accrues while in school 1.0%loan origination fee Maximum anticipated award per academic year - $47,166
Federal Direct Student Loans cont’d • Grad PLUS Loan 7.9% interest – interest accrues while in school 4.0% loan origination fee Maximum award per academic year – up to total cost of attendance (remainder of budget)
Scholarships – replaces loan funding in aid award • Dean’s Merit Scholarship • full tuition only for 4 years • Dean’s Tuition Scholarship • full tuition only for 4 years • 3rdYear Research Scholarships • Replaces loan, then grant funding
Scholarships cont’d • Senior Scholarship $10,000 award to 4th year medical students 10 – 15 awards annually
Financial Aid Package – International Students • Duke University School of Medicine Grant • Duke University Institutional Loan - 7% interest Determination of split between grant funding and loan funding will be determined by the number of international applicants
State Loan Program • Forgivable Education Loan (available to NC residents only) • Administered through College Foundation of North Carolina, separate application by student • Maximum award of $14,000.00 per academic year • Service commitment in NC is required – 1 year of service for each year of loan Link on our website to AAMC state loan forgiveness programs
Other funding sources • Armed Forces Scholarships • Veterans Benefits – Yellow Ribbon Program • National Guard Tuition Assistance • National Health Service Corp • Civic Organizations • Health Care Organizations • School affiliations • Professional Organizations • Home state affiliations • www.StudentAid.ed.gov
Cost of Attendance / 2012-2013 • Tuition & Fees $53,439 • Living Expenses $22,392 • $1,866 / monthly • $834 – rent • $490 – food • $366 – miscellaneous • $176 - transportation • Books $ 300 • Medical Instruments $ 1,100 • Loan Fees $ 472 • 1st year total COA $77,703
Example: $20,000 Family Contribution • Paul Smith is from a family of five. His father is a pharmacist and his mother a teacher; one sibling is a college sophomore and the second will be a freshman. The family’s annual income is $350,000; equity in their home is $200,000 and they have $20,000 in savings and investments. Student has no resources or income earned from work. Cost of Attendance: $77,703 Family Contribution: $20,000 Demonstrated Need: $57,703 Financial Aid Package: Duke Grant: $31,737 Unsub Stafford: $45,966
Example: $40,000 Family Contribution • Barb Clark is from a family of three. Her father is a professor and her mother a mortician; The family’s annual income is $300,000; equity in their home is $150,000 and they have $10,000 in savings and investments. Student has no resources or income earned from work. Cost of Attendance: $77,703 Family Contribution: $40,000 Demonstrated Need: $37,703 Financial Aid Package: Duke Grant: $20,737 Unsub Stafford: $47,166 Grad PLUS $ 9,800
Financial Aid Timeline • March 2013- Admissions Offer • April 2013 - Financial Aid awards • May 2013- deadline to notify Admissions of decision • June 2013- access to on-line acceptance of aid open to matriculated students (should be done early June) • July 2013- loan entrance counseling and Master Promissory Note completion deadline (early July) • August 2013- financial aid disburses to student account 10 days prior to classes beginning • August 2013- refunds issued to students for living expenses (first week of classes)
Trends • # of borrowers in 2012-2013: 276 • Amounts of loans borrowed: $8.2 million • National average loan indebtedness of medical students- class of 2011; public $150,612; private $176,675 • Average loan debt of 2012 Duke graduates: $126,525 (with prior debt) $119,589 (without prior debt) $107,132 (median loan debt) • # of borrowers with debt greater than $150,000: 25 • 2012 graduate debt range: $8,500 to $246,687
Ways You Can Reduce Your Debt. • Outside Scholarships • Loan repayment programs • NIH Loan Repayment Programs • www.lrp.nih.gov • National Health Service Corp LRP • http://nhsc.bhpr.hrsa.gov/loanrepayment • State Loan Forgiveness Programs • https://services.aamc.org/fed_loan_pub/index.cfm?fuseaction=public.welcome&CFID=7563505
To – Do List • Send in your forms no later than April 15, 2013 • Check your credit report! • Student who borrows Grad PLUS loan will undergo a credit check by Direct Lending • Must not have adverse credit history or a co-endorser may be required • www.annualcreditreport.com • Check report with each credit reporting agency
Contact Information • Office of Financial Aid 8 Searle Center Drive Seeley G. Mudd Building, Room 0383 Box 3067 - DUHS Durham NC 27710 ph: 919-684-6649 fx:919-684-0251 financial email@example.com web: medschool.duke.edu
Things To Remember • This is one of the biggest investments you will make for your future. • FAO provides financial literacy and loan counseling to our students. • One on one loan counseling available with an expert in the field. • Our door is always open and we welcome you to come by anytime.