Office of Financial Aid Duke University School of Medicine

1. FinancialAid for the Doctor of Physical Therapy Program Office of Financial Aid Duke University School of Medicine

2. Topics of the day • Duke’s Financial Aid Package • Types of Financial Aid • How to apply for Financial Aid

3. Cost of Attendance for 2012-2013 • Tuition & Fees $36,303 • Living Expenses $22,392 • $1,866 / monthly • $834 – rent • $490 – food • $366 – miscellaneous • $176 - transportation • Books $2,485 • Estimated loan fees $1,611 • 1st year total COA $ 62,791

4. Duke Financial Aid Package • Federal Direct Student Loans Unsubsidized Stafford Loan Grad PLUS Loan

5. Federal Direct Student Loans cont’d • Unsubsidized Stafford Loan 6.8% interest – interest accrues while in school Maximum award per academic year - $20,500.00

6. Federal Direct Student Loans cont’d • Grad PLUS Loan 7.9% interest – interest accrues while in school Maximum award per academic year – up to total cost of attendance (remainder of budget)

7. Scholarships • Helen Kaiser Scholarship • Recipients selected by DPT Scholarship Committee • Award notification directly to student and Office of Financial Aid by program • Scholarship funding replaces loan in financial aid award • Aid awarded in the 2nd year of the program

8. State Loan Program • Forgivable Education Loan for Service (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

9. Other loans • Alternative Loans • Private loans – variable interest rates, stringent credit checks. • Private loans are an option for international students who do not qualify for federal loan programs. Typically, a US co-signer is required.

10. Other funding sources • Veterans Benefits – Yellow Ribbon Program • National Guard Tuition Assistance • Armed Forces Scholarships • Civic Organizations • Health Care Organizations • School affiliations • Professional Organizations • Home state affiliations • www.StudentAid.ed.gov

11. 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

12. Your FAFSA 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” is not valid for processing of aid award • IRS data retrieval or IRS tax transcript

13. To – Do List • Send in your documentation no later than April 15, 2013 • Check your credit report! • Students who borrow 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

14. Adverse Credit per the Department of Education • Bankruptcy (Chapters 7, 11 or 12 within past 5 years) • Voluntary surrender within past 5 years • Repossession within past 5 years • Foreclosure proceedings started • Foreclosure within past 5 years • Deed in lieu of foreclosure • Accounts currently 90 day or more delinquent • Unpaid collection accounts • Charge offs / write offs • Wage garnishment within past 5 years • Defaulted loan that has been claim paid • Lease or contract terminated by default • County/State/Federal tax lien within past 5 years

15. Applying for loans • All federal educations loans offered through Direct Lending • www.studentloans.gov • Apply for loans • E-sign Master Promissory Notes • Complete Mandatory Entrance Counseling • Stafford/Grad Plus

16. Financial Aid Timeline • 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)

17. Federal Loan Facts • Stafford Unsubsidized Loan • 6.8% fixed interest rate • 6 month grace period • Repayment lengths based on payment plan selected • GradPLUS Loan • 7.9% fixed interest rate • No grace period. 1st payment due 60 days after final disbursement • May request deferment for up to 6 months

18. Loan facts cont’d • Fulfill service commitment for any loan and/or scholarship provided • Select repayment plan suitable for you • www.studentloans.gov • Keep track of your federal education loan debt • www.nslds.ed.gov • Keep lender informed of any changes to your name, address, telephone numbers or Social Security number

19. Details to consider • Arrive with at least 1 month of living expense on hand. 2 months is even better. • Disbursement of loans will not take place until 1st day of classes…..see above! • Arrive with reliable transportation. Loans may not be used to purchase a vehicle. • Pay down consumer / credit card debt. High debt may impact ability to obtain Grad PLUS loan funding. Consumer debt is not considered part of the cost of attendance.

20. Contact Information • Office of Financial Aid Suite 0368, 3rd Floor Seeley G Mudd Building Box 3067 DUMC Durham NC 27710 ph: 919-684-6649 fx: 919-684-4322 finaid@dm.duke.edu http://medschool.duke.edu/education/financial-aid-office

21. Questions?