Interview Day: Financial Aid A Quick Guide to Financing Your Medical Education
Financial Aid Application Process- Step 1: Completing the FAFSA WHY complete it? – It determines Federal Funding eligibility o Visit www.fafsa.ed.gov to access and complete the FAFSA o Application Deadline: March 1 st or 2 weeks after acceptance (for students accepted after March 1 st deadline). o Please remember to add our school code to the application when prompted so that it gets to us: 001402 2
Financial Aid Application Process- Step 2: Completing the Institutional Application WHY complete it? – It determines Institutional Funding eligibility We do require parental/spousal o information on your FAFSA in order to distribute need-based aid equitably. We also have merit scholarship o opportunities on our webpage Application Deadline: March 1 st or 2 o weeks after acceptance (for students accepted after the March 1 st deadline) 3
Apply Early: • Paying attention to deadlines is crucial! • Obtain, read, complete and turn in applications on time, preferably early. • If you wait until the last minute to apply, you may not qualify for a financial aid offer simply because of a missed deadline 4
Direct Stafford Loans 101 What is a Direct Stafford Loan? A federal fixed-rate loan for students who enroll at least half-time. Check Federal student loans (if any) at: www.nslds.ed.gov (National Student Loan Data System) How is Eligibility Determined? Eligibility for Stafford Loan determined by completion of the FAFSA 5
BORROWING 101 An Introduction to the World of Credit Tips to Manage your Credit The Impact of Bad Credit: Wisely: • Failure to qualify for • Pay bills on time. purchases of home, car, etc. • Don’t “max out” your credit • Loss of job opportunities if card(s). employer conducts a credit check. • Check your credit report annually at: • Difficulty renting an www.annualcreditreport.com apartment. 6
Budgeting Basics: Managing Your Money During the Lean Years BENEFITS OF BUDGETING: • MAINTAIN BETTER CONTROL OF YOUR SPENDING. • COVER ALL ESSENTIAL EXPENSES BEFORE MAKING OPTIONAL PURCHASES. • PREPARE FOR UNEXPECTED EXPENSES BY BUILDING AN EMERGENCY FUND. • BUDGETING IS IMPORTANT! AVOID RUNNING INTO CREDIT PROBLEMS. 7
AAMC AND FIRST FIRST includes: 1. Financial Information – u i.e. Monthly Payment estimator 2. Resources – u i.e. podcasts/publications 3. Services – u i.e. webinars/debt management workshops 4. Tools – u i.e. online calculator For more information, visit: u www.aamc.org/first 8
MEDICAL STUDENT EDUCATION: DEBT, COSTS, AND LOAN REPAYMENT PROVIDES: 1. Median cost of medical school 2. Median loan amounts 3. As well as repayment sample displaying: Estimated monthly payments • Accrued interest • And total repayment amounts • 9
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Speaking of Debt, Costs, and Loan Repayment, We Offer Several Debt Management Sessions Throughout the Year: • Budgeting • Borrowing Wisely • National Health Service Corp. • Credit Basics and Credit Score • Armed Forces Day • Indian Health Service • Identity Theft and Credit Repair • Public Service Loan Forgiveness • Real World Finances 11
DEADLINES REVIEW • FAFSA and Merit Scholarship Applications due March 1 st OR 2 weeks after you have been accepted (if after March 1 st ). • Award Letters issued Mid to late April. 12
QUESTIONS? Contact
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