medical school and other medical related graduate schools 7/2/2012
TRANSCRIPT
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FUNDING MY EDUCATION
MEDICAL SCHOOL AND
OTHER MEDICAL RELATED
GRADUATE SCHOOLS
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KNOW THE COST OF YOUR UNDERGRADUATE EDUCATION
UNDERGRADUATE Tuition and Fees Books and Supplies Living Expenses Workforce Absence Application Costs Interview Expenses Savings MCAT Prep
POSSIBLE COSTS Mini Med School Research Options Study Abroad Private Tutoring Loan Interest Costs Graduate School
Visits Preparatory Classes Hidden Pre-
Requisites
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KNOW WHAT FUNDING IS AVAILABLE
UNDERGRADUATE
PELL/Grants Scholarships Part-Time Work Family Support Budgeting Loans
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UNDERGRADUATE FUNDING Everyone should complete FASFA Scholarships
Valenciacollege.org (college foundation)Fastweb.org (free scholarship searches)
LoansSubsidizedUnsubsidized (pay interest while in school)ParentPrivate
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UNDERGRADUATE CONTINUED Family Support
Living at home vs. living independently Part-Time work (1-15hrs per week) Budgeting
Living on a shoestring
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KNOW THE COST OF YOUR GRADUATE EDUCATION
GRADUATE Tuition and Fees Books and Supplies Living Expenses Workforce Absence Residency expense Relocation Expense
POSSIBLE COSTS Application services
fees Travel for
interviews Study aids Mal-practice
insurance Uniforms and
supplies
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KNOW WHAT GRADUATE FUNDING IS AVAILABLEGRADUATE Loans Budgeting Fellowships Research Assistant Public Service Forgiveness Family Support Part-Time Work
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GRADUATE FUNDING Loans
Subsidized – interest starts accruing after graduation Unsubsidized – interest starts accruing immediately (recommend
making monthly interest payments while in school) Budgeting
Reality of a shoestring budget Fellowships – work programs
National Health Service Corps COSTEP Commissioned Officer Student Training and Extern
program Lambarini Medical Student Fellowship for work in Africa Tylenol Future Care Scholarships Professional Organizations
Research Assistant Public Loan Forgiveness Programs
National Health Service Corps Loan Repayment Program Family support
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REDUCING EDUCATION COSTS Education plan (no w/d,retakes,150%) Used or rented books Budget/Saving Live w/family Shared living expenses No credit card debt Modified transportation Deferred gratification
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PITFALLS OF REPAYMENT Loan fees – most loan have an interest
fee of 1-3% and a origination fee if 1-3%. These fees can be paid with your loan or rolled into your loan. If you pay with your loan this payment will
be deducted from the check you receive- barrow $10,000 receive $9,400
If you rolled it into your loan you barrow $10,600 but only receive $10,000
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PITFALLS CONTINUED Loan consolidation, deferment or
forbearance extends number of years of payments in exchange for lower payments. (adds more interest costs to principle)
Capitalization – this refers to the amount of interest being added to your principle based on how often interest is compounded. (If you have a 10,000 loan at 8% that you defer that
means year 1 of your deferment you are adding $800 to your principle. Year two you are adding $880 to your principle, year three you added $928. So in 3 years you now owe 12,608 even though you did not barrow any additional money)
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GOOD NEWS!!! Your education can be affordable if:
You are informedYou plan for your successYou are honest about needs vs. wantsYou are passionate about your education
and career goals
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