office of financial aid and scholarships financial aid and the md/mba program 2011-2012
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Office of Financial Aid and Scholarships
Financial Aid and the MD/MBA Program
2011-2012
Uniqueness of MD/MBA Students are enrolled
both as MD and MBA students once accepted and now have single student identification number.
Students complete both programs and receive both degrees in 5 years.
5 Year MD/MBA Schedule
School Yea
r
Summer Fall Winter Spring
1 MD
2 MD
3 MD
4 MD MBA MBA MBA
5 MD MD MBA MBA
Challenges
• Federal law allows for higher yearly Stafford loan maximums for health professions programs (MD) than graduate programs (MBA) although the costs are similar.
• MBA program has limited scholarships/fellowships to help with the difference.
Opportunities
6 years of curriculum/living expenses for the cost of 5 to total a savings of a full year ($55,000 approximately).
Estimated Budget
MD
$33,000 tuition/fees/yr
$19,000 living expenses/yr*
=$52,000/yr
X 4 years
=$208,000
MD/MBA
$33,000 tuition/fees/yr
$19,000 living expenses/yr*
=$52,000/yr
X 5 years
=$260,000
*Approximation based on living on campus in Verano Place (FY 10)
Federal Stafford Loan Maximums
MD$8,500 Subsidized$30,00 Unsubsidized$38,500/yrX 4 years=$154,000
MBA$8,500 Subsidized$12,000 Unsubsidized$20,500/yrX 1 year=$20,500
Federal Graduate Plus loans, grants and scholarships to cover remaining eligibility
5 yr MD/MBA=$154K + $20.5K = $174,500 total maximum Stafford federal loan
MBA Faculty Scholarship Maximum
$ 12,000 max scholarship
+ $174,500 max Stafford Fed loan
= $186,500 total in aid
MD/MBA• $260,000 budget• -$186,500 aid (max)• =$73,500 minimum gap over
5 years (can use grant funds, Federal Graduate Plus loans or out of pocket)
Minimum Difference in Cost
Minimum Difference in Cost
MD$208,000 budget
-$154,000 aid (max)=$54,000 minimum gapFederal Graduate Plus loans
or out of pocket
$73,500 MD/MBA (5years)
$54,000 MD (4years)
=$19,500 more of a gap
Minimum Difference in Gap
Why Deadlines Are Important
• Grant funds are limited and are awarded to those students with need AND who meet the deadlines.
• Important dates: – March - FAFSA deadline for academic year– May – Deadline for any requested documents for
academic year
Where to go for Assistance
• Best resource for students:
– On-line financial aid file at www.ofas.uci.edu• personalized student information available
– School of Medicine Contact:• (949) 824-4605
– Paul Merage School of Business Contact:• Alda Ruggiero (949) 824-7967• [email protected]