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Financing Your Medical Education
April 11, 2015
• www.fafsa.gov• Federal School G41672• TCMC Need-based grants; must
provide parental data on FAFSA• Federal Loans – uses student data
only to determine eligibility
Apply for Financial Aid
Federal Loan Programs
• Federal Unsubsidized Direct Loan
• Federal Graduate PLUS Loan
Federal Loan Programs
• Federal Unsubsidized Direct Loan– not based on financial need, interest is
charged during all periods, even while the student is in school and during grace and deferment periods.
– Current interest rate is fixed at 6.21%
Federal Loan Programs• Federal Graduate PLUS Loan– additional unsubsidized loan available
to graduate/professional students. In addition to the annual loan limits and can be used to help pay for educational expenses up to the cost of attendance minus all other financial aid.
– PLUS loan borrowers cannot have an adverse credit history (a credit check is done at the time of application). Good for 120 days (new regulation)
– Current interest rate is fixed at 7.21%
Federal Loan Program Amounts
• Unsubsidized - $20,500 graduate student base amount
• Unsubsidized additional amount for MD students– $21,111 for 9.5 month academic year
$40,500 2nd year– $22,222 for 10 month academic year – $26,667 for 12 month academic year – Amounts prorated based on 9 months– Total Unsubsidized for 9.5 month
$41,611
Federal Loan Program Amounts
• Federal Graduate PLUS Loan Amount
– Cost of Attendance minus other financial aid equals the maximum that can be borrowed in PLUS Loan
– Example $79,873 Cost of Attendance (PA Resident)
- $41,611 Unsubsidized - ? Any other aid (grants /scholarships)
= maximum PLUS Loan amount for the year
Cost of Attendance – PA ResidentsPennsylvania Residents
• Educational Expenses• Tuition $51,492• Student Service Fee $545 • Technology Fee $1,420 • Books/Medical Equipment $2,180• Health Insurance est $5,122 - opt out if covered under
another plan
• Disability Insurance $50• Living Expenses • Rent/Utilities $7,721• Food $2,574• Miscellaneous $5,529 Indirect expenses• Transportation $3,240
Total Budget $79,873
Direct Expenses pay to TCMC
Cost of Attendance Non-PA Residents
Non-Pennsylvania Residents • Educational Expenses• Tuition $57,287• Student Service Fee $545 • Technology Fee $1,420 • Books/Medical Equipment $2,180• Health Insurance est $5,122 - opt out if covered under another
plan
• Disability Insurance $50• Living Expenses • Rent/Utilities $7,721• Food $2,574• Miscellaneous $5,529 Indirect expenses• Transportation $3,240
Total Budget $85,668
Direct Expenses
Loan Application Process
• Entrance Counseling Before any Unsubsidized or Direct PLUS Loan can be disbursed to your account, you must complete entrance loan counseling - a federal requirement that helps you to understand your responsibilities regarding your loan.
• You can complete this requirement on line at www.StudentLoans.gov.
• Sign in under Manage My Direct Loan using your PIN and then click on Entrance Counseling.
Loan Application Process
• Complete a Master Promissory Note– The MPN is a legal document in which
you promise to repay your loan(s) and any accrued interest and fees to the Department.
– You will not have to fill out a new MPN for future loans.
–Will have to complete separate MPNs for the Direct Unsubsidized and Direct PLUS Loan if you will be borrowing through both loan programs.
Loan Application Process• PLUS Process– The PLUS Request is a 4-step process.
Step 4 includes a credit check (New Regulation-credit check expires after 120 days). At the end of the PLUS process, an acknowledgement is created and sent to the borrower and the college.
– The acknowledgement is used by the Financial Aid Office to certify your eligibility for the loan. You can request up to the amount of the cost of attendance or a lesser amount.
Loan Funds
• Loan funds will be disbursed to TCMC at the beginning of each semester.
• One half the approved amount, less fees, will be sent to the college in the fall and one half the approved amount will be sent in the spring.
• Origination fees – Unsubsidized Current Rate 1.073%
Grad PLUS Current Rate 4.292%
Loan Funds
• Credit Balance Refunds– Amounts exceeding balance due TCMC
create credit balance on student’s account
– Credit balance refunds issued to student by Bursar’s Office within first 2 weeks of semester
Budgeting Your Expenses• Live like a student now; you don’t
want to live like a student later• Don’t use credit cards; pay with cash• Bring your own coffee• Carpool• Roommate(s)• Cook in; don’t eat out• Vacations – limit
Loan Calculators/Repayment Tools
• AAMC - MedLoans Organizer and Calculator www.aamc.org/first
• AAMC – Financial literacy• NSLDS - National Student Loan Data System -
federal database stores your federal loan records www.nslds.ed.gov
• Private Loans – contact servicer for information on in-school deferment or forbearance
• SALT-provides practical information on money management, budgeting, debt management and more! www.Saltmoney.org/AAMCstudent
Private/External Scholarships
Explore private sources of fundingListing on TCMC financial aid websiteMilitary ScholarshipsNational Health Service Corps
ScholarshipNational Health Service Corps Loan
Repayment Program