g. dino koff associate dean of student affairs and director of financial aid may 12, 2014 may 12,...
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G. Dino KoffAssociate Dean of Student Affairs and Director of Financial AidMay 12, 2014
May 12, 2014 | HANOVER, NH
GEISELMED.DARTMOUTH.EDU
How Do You Pay For College?• Grants• Scholarships• Powerball• Loans• Savings• Work• Service Awards
GEISELMED.DARTMOUTH.EDU
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
GEISELMED.DARTMOUTH.EDU
Cost of Attendance
• Tuition and Fees• Room and Board• Books and Supplies• Personal Expenses• Transportation• Dependant care• Actual cost of a computer• Disability needs
GEISELMED.DARTMOUTH.EDU
Why Financial Management?• Average Public Medical School Cost
of Attendance? (year 1)– $55,061 (in state) $78,731 (non-
resident)
• Average Private Medical School Cost of Attendance? (year 1)– $ 74,401
– Source: AAMC Tuition and Fees Questionnaire, 2013
GEISELMED.DARTMOUTH.EDU
Why Financial Management? (Part II)
• Average Public Medical School Debt?– $144,072
• Average Private Medical School Debt?– $160,105
– Does not include pre-medical school debt– Source: AAMC LCME Part IB, 2013
Geisel School of Medicine Average
Debt 2013: ~$142,000
GEISELMED.DARTMOUTH.EDU
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)
GEISELMED.DARTMOUTH.EDU
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…
GEISELMED.DARTMOUTH.EDU
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
went away 7/1/12 for grad students
GEISELMED.DARTMOUTH.EDU
Direct Stafford Loans
• Total of $42,700 per year • Interest rate – fixed at 5.41% for life
(this year)–Every July 1, rates can change
• 6 Month grace period after enrollment ends
• 0-4% origination/guarantee fee• Unsubsidized Only
GEISELMED.DARTMOUTH.EDU
GRAD PLUS Loans
• Federal Loan• Not Parent, not Undergraduate
Study
• Yes Loan !• Up to COA less other aid• Fixed fixed at 6.41% for life (this
year)• 4% Origination/Default Fee
GEISELMED.DARTMOUTH.EDU
What Financial Aid Package is Better?
A B C
Scholarship
$37,000 $41,000 $40,000
Unsub Stafford
$10,000 $11,000 $14,000
School Loan
$5,000 $5,000 0
Total: $52,000 $57,000 $54,000
School Loan A: 5% after residency; School Loan B: 8% after grad
GEISELMED.DARTMOUTH.EDU
Options
•National Health Service Corps•Health Professions Scholarship Program (Military)
GEISELMED.DARTMOUTH.EDU
Portion of AGI Available for Loan Payment in IBR
Portion of AGI Available for Other Expenses
Portion of AGI Needed to Cover Basic Needs(150% of poverty guideline)
Portion of AGI Available for IBR Loan Payment(15% of remaining AGI)
Slide: Jeff Hanson, Access Group