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PMAP Financing Your Medical School Education

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by

Jessica Le Duc

on 4 November 2016

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Transcript of PMAP Financing Your Medical School Education

Know Your Credit
Annualcreditreport.com
is the only authorized source to get your free annual credit report under federal law.
Shows your report

myFICO.com
Compare your FICO Scores from all 3 bureaus
Details of factors impacting your score
Details on your Experian credit history
Discussion Topics

Financial Aid Office (FAO) Mission
The Office of Financial Aid is committed to educate and provide resources which help facilitate and empower students in making wise financial decisions.
How to Receive Financial Aid
FAFSA Tips
Fill out your name exactly as it appears on your social security card

Don’t leave any questions blank

Ask school for deadlines:
UA’s priority service date: March 1st

Estimate if you haven’t filed taxes
You can update your FAFSA after you file
Use the IRS Data Retrieval option on your FAFSA

Ask school about parental data requirement
UA does not require
Graduate/Professional students are “independent for financial aid purposes”

Available Resources
AAMC FIRST
Financial Literacy 101
MLOC

Studentloans.gov
Entrance Counseling
Financial Awareness Counseling

NSLDS
Monitor fed loans

Studentaid.gov
Info
Financial Aid Flowchart
Develop a spending plan:

Track cash inflow & outflow
Cash & Expenses
Budget for 12 months

Monthly spending
housing, food, utilities, phone/cell, transportation, & etc...

Popular Budgeting Apps
Bill Tracker

Mint.com Personal Finance

MoneyWiz Personal Finance

Accounts 2 Checkbook

YNAB
Assessing Financial Position
Medical Student Loan Debt
Other Award Types
Cash flow > expenses = discretionary income

Expenses > cash flow = negative available income


Debt Management
Discretionary Income
only accept the amount of loans needed for reasonable spending

Negative Available Income
Reduce unnecessary expenses



Needs vs. Wants
Netflix vs. Cable

Home cooking vs. dinning out

Movie rental vs. movie theater

Home brewed coffee vs. designer coffee

Roommate vs. single apartment

Wedding vs. elopement
Award Package Examples
Credit Cards
$8K average credit card debt at graduation (2014, AAMC)
Cannot be deferred
Federal loans do not cover credit card bill
Payments alone could consume 25% of your net income
Average credit card rate = 17.06% (2013, Index Credit Cards)


Most Common Student Debt
Educational loans

Credit Cards
Reminder
Managing your spending today can dramatically affect your finances tomorrow!

Federal Aid Types

Federal Direct Unsubsidized Loan
(Summer)
5.31% variable-fixed interest rate
Accrues while in school
1.069% origination fee


Required FAFSA Info

Resist impulse buying
Know your interest rate
Understand terms and conditions
Pay down quickly
Live within means
Suggestions
Why is this important?
Graduate Plus Federal Loans are contingent on your credit worthiness

The reality is it is highly likely you will need to borrow under this program

Check your credit now

If you find there is an issue then get it resolved

Check for identify theft
Financial Aid
Federal Financial Aid Overview
Federal Financial Aid Process
Award Types
Award amounts
Scholarships
Institutional
Outside
Programs



Personal Budget
Key points
Assessing financial position
Wants vs. Needs
Reduce Expenses
Know your credit

3 options for filing:
Online: https://fafsa.ed.gov/
Complete a PDF FAFSA for mailing
Call to request a paper FAFSA: 1-800-4-FED-AID
*6-8 weeks processing time

File your FAFSA
PMAP: 2016-2017 AY & 2017-2018 AY
Renew each new academic year
FSA ID

Last year’s tax return and W-2

Social Security number

Driver’s license number

Asset and investment information

Federal Direct Graduate PLUS Loan
(Summer)
6.31% variable-fixed interest rate
Accrues while in school
Credit Based
4.276% origination fee

No Federal Need-Based Aid
Pell Grant (not for Graduate/Professional students)
Subsidized Loans
Federal Direct Unsubsidized Loan Annual Max
-- Health Education Assistance Loan (HEAL) for Medical

Federal Direct Graduate PLUS
No annual maximum

Applicant must be
credit worthy

Must be awarded within the cost of attendance

Cost of Attendance: Resident
*Cost of living = rent/housing, utilities, phone/cell, food, transportation, and miscellaneous
*Cost of ed expense = books/supplies, medical insurance, computer, and loan fees
Cost of Attendance: Non-Resident
UA Class of 2016 Average = $176,894



Scholarships
Grants
Tuition Waiver
Stipends
Scholarships
Departmental scholarships
UA’s Internal Scholarships
UA’s Scholarship Universe
AZ Community Foundation
AZ Dept. of Ed
Fast Web
Tribal scholarships
AIGC scholarships
Cobell scholarship
Hispanic Scholarship Fund

Grad College
Helen Roberti
Sloan (TBD)
Grants
Departmental
UA Grad College
Research & project grants
GPSC travel grants
UA specific grants
Workforce grant
Grad Access



Stipends
Tuition Waiver
UA’s Qualified Tuition Reduction (QTR):
Employee/Spouse = $25 tuition
Dependent = 75% tuition discount + fees
additional eligibility criterion
Tax withholding liability


Complete an internet search
Loan Repayment
Standard Repayment
10 year repayment
Higher monthly payment
Lower total cost



Income Driven Repayments
Options
IBR: 15% discretionary income
PAYE/REPAYE: 10% discretionary income
Calculated on income; $0 is a payment
Residency transition option
If financial Hardship eligible:
Subsidy maintained on subsidized loan up to 3 years potentially

Loan Postponement
Forbearance
:
No payment owed during forbearance
Request annually from lender/servicer
Interest accumulates on subsidized and unsubsidized loans
All medical residents are eligible for this
Does
not
impact your credit score
Capitalization typically occurs before and after you enter this status results in higher debt

Deferments
Suspends payments for a period of time
Subsidized Loans retain subsidy
Must apply and meet criteria established
For a complete list and details contact your servicer
Types of Deferments:
Graduate fellowship deferment
In-school deferment
Military deferment
Post active duty deferment
Unemployment deferment

Forgiveness & Loan Repayment Programs
Indian Health Service

NIH Loan Repayment Programs

National Health Service Corp

Public Service Loan Forgiveness
Make 120 payments to Direct Loans
Must work 10 years in Public Service
Does not have to be continuous work
Payments made after October 1, 2007
What is considered Public Service
Non-profit, tax exempt, 501(c)(3) organizations. Many teaching hospitals qualify.
Federal, state or local government
Military service
Public schools and Universities

Budgeting
Financing Your Medical School Education
*Cost of living = rent/housing, utilities, phone/cell, food, transportation, and miscellaneous
*Cost of ed expense = books/supplies, medical insurance, computer, and loan fees
Scholarship Search Tips

2017-2018 Interest Rates
Set to change July 1,2017
More details later
2017-2018 Origination Fees
Set to change October 1, 2017
More details later
P-MAP Cost of Attendance Estimates

Summer 2017 (estimated) Budget
*Only if all of your unsub was not used during the 15-16 AY
Lifetime loan max for Grads = $138.5K

Lifetime loan max for Meds = $224K

You will exceed lifetime max with $46, 465+ Sub/Unsub pre-med debt before completing med school

Grad PLUS is still available based on eligibility
Federal Direct Unsubsidized Loan Lifetime Max
Review for graduate eligibility
Search frequently; January is usually the start of new AY scholarships
Designate time for scholarship applications
Once you write one personal statement it only needs updating for the new scholarship
Review for those that specific to your field of interest/situation
Review for general scholarships
UA's Life Work & Connections Housing & Childcare subsidy
Research specific
UA Grad College
Outreach funding
*Only if you are not at your lifetime max
17-18 AY (estimated) budget
Jessica Le Duc
Director

Victor Navarro
Program Coordinator, Sr.

https://grad.arizona.edu/diversityprograms/funding
http://grad.arizona.edu/funding/opportunities
Full transcript