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Paying for Medical School

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by

Jessica Le Duc

on 5 April 2016

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Transcript of Paying for Medical School

62
ECG
bpm
Thank you for letting us support your med student!
Le Duc Bunch

How does a medical student fund their education?
AZ Resident Cost of Attendance
Quick Class of 2015 Stats
84% graduate with medical school debt

$163,049 average UA Med Debt
$172, 751 national public average
$193,483 national private average

$4K average scholarship



Presented by:
Jessica Le Duc, M.S.
Director, COM Financial Aid Office

Paying for Medical School
Check your financial vitals; it makes perfect cent$.
We are committed to educate and offer resources that help empower students in making wise financial decisions for successful debt management.
Financial Aid
Cycle
Non-Resident Cost of Attendance
2014-2015 LCME Part I-B Student Financial Aid Questionnaire
Federal Direct Loans
What types of loans does a medical student awarded?
Federal Direct Unsubsidized Loan
Federal Direct Graduate PLUS Loan
5.84% fixed interest rate
Until 07/01/2016

Accrues while in school

1.068% origination fee
Until 9/30/2016
6.84% fixed interest rate
Until 07/01/2016

Accrues while in school

4.272% origination fee
Until 9/30/2016
No Federal Need-Based Aid
Pell grant
Subsidized loans
Federal Direct Graduate PLUS
No specified max

Credit worthy applicant

Must be within the cost of attendance
Award Philosophy
Other Award Types
Scholarships
Grants
Tuition Waiver
UA COM Scholarships

UA's Scholarship Universe

Scholarship Programs
NHSC
IHS
NIH
Armed Forces (HPSP)
Scholarship Opportunities
COM Recruitment Scholarship
No separate scholarship application
AMCAS application reviewed


Holistic review
Occurs only once during Admissions
Need-based award (emphasis)
Merit-based award
COM mission


Grants & Stipends
COM set-aside grants

Departmental
MSRP
PSF
RHPP

Program-based
MD/PhD

External
NIH
IHS
NHSC

Tuition Waiver
UA's Qualified Tuition Reduction
Employee/Spouse
Dependent


WICHE
Loan Repayment
Standard Repayment
Income-Driven Repayment
10 year repayment
Higher monthly payment
Lower total cost
Calculated based on income

Options:
IBR: 15% discretionary income
PAYE: 10%
REPAYE: 10%

Residency transition option

AAMC EDM 2016
Loan Postponement
Forgiveness & Loan Repayment Programs
Resources
Financial Literacy Program sessions

Individualized counseling

Walk-ins

Debt management challenges

Other departmental liaison

Current topic updates

Loan Tools & Resources
National Student Loan Data System
www.nslds.ed.gov

AAMC's MedLoans® Organizer & Calculator

Federal Direct Loan Servicer
Federal Vs. Private Loan
Federal
Private
Flexible repayment options
Fixed market-based interest rate
Various financial hardship options
Loan discharge/forgiveness
Limited repayment options
Fixed & variable
sometimes lower than federal
Usually no loan discharge
No forgiveness possibilities
Forbearance

available during repayment

capitalized interest before and after

Mandatory Medical Internship/Residency Forbearance

No credit impact
Deferment

in-school deferment (auto)

no interest capitalization

sub loans retain subsidy


Federal Direct
Public Service Loan Forgiveness (PSLF)
Loan Repayment Programs
Work for a qualifying public service organization

Have eligible loans

Make 120 qualifying payments
NHSC

NIH

IHS

Armed Forces

State

Hospital & network benfits
Debt impacts specialty choice

Little to no current evidence linking student debt and physician specialty choice

Most important:
personal interests/skills
work-life balance
role-model

It may be a small factor & cause of frustration

Increasing debt levels can change current evidence
Association of American Medical Colleges Medical School Graduation Questionnaire: 2013 All Schools Summary Report
Other Resources:
AAMC's SALT My Money 101

AAMC FIRST

Studentaid.gov

financial-aid.medicine.arizona.edu

Studentloans.gov
Full transcript