Financing your Medical Education An Excellent Investment Melet Leafgreen, Director of Student Financial Aid
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Financing your Medical EducationAn Excellent Investment
Melet Leafgreen, Director of Student Financial Aid
Resident Tuition & Fee ComparisonAssociation of American Medical Colleges
2017-2018
Average cost – Private Medical School $54,329
Average cost – Public Medical School $33,604
UT Southwestern
$20,521
“Cost of Attendance”
*Books & Supplies figure includes a $2,500 computer allowance
Your Estimated Cost of Attendance
Tuition and Fees $20,521
UT Southwestern Medical School Direct Cost $20,521
Room & Board $12,631
Books & Supplies* $5,570
Transportation $3,235
Personal $5,032
Estimated Indirect Cost $26,468
Estimated Cost of Attendance $46,989
Sources of Financing
UTSW will assess your eligibility for:
• Scholarships
• Grants*
• Loans
(Fed*, State*, UTSW)
Other Sources:
• Relatives
• Private Sources
* Requires FAFSA
Have you filed your
Free Application for Federal Student Aid?
File it anytime, at fafsa.gov
DON’T pay someone to help you
Use 2016 tax data (and don’t update it later)
Use the IRS Data Retrieval process
FAFSA on the web
Pick the right FAFSA (2018-2019)
FAFSA on the web
Use the right tax & income information
When a Student Is Attending
College
When a Student Can Submit a
FAFSA
Which Year's
Income and Tax
Information To Use
July 1, 2018–June 30, 2019 Oct 1, 2017–June 30, 2019 2016
July 1, 2019–June 30, 2020 Oct 1, 2018–June 30, 2020 2017
July 1, 2020–June 30, 2021 Oct 1, 2019–June 30, 2021 2018
July 1, 2021–June 30, 2022 Oct 1, 2020–June 30, 2022 2019
Financial Aid Award Notification
Scholarship & Grant Processing
• Accept FA awards
• Certain scholarships require a
Thank You note from you
• Some scholarship checks must be
picked up at our office
Loan Processing – Federal
• Unsubsidized Stafford Direct Loan
1. accept FA award
2. studentloans.gov
MPN & entrance counseling
• Grad PLUS Loan
1. accept FA award
2. studentloans.gov (credit check!)
MPN & entrance counseling
6.00% interest
1.066% fee
7.00% interest
4.264% fee
Gotta have a budget. Seriously.
Why?
• helps you achieve academic and financial goals
• makes it easier to plan, to save, and to control your
expenses
• helps you avoid unnecessary debt and build or
improve your credit
When you budget, you decide where
your money goes, instead of wondering
where it all went.
Gotta have a budget. Seriously.
How?
• There’s an app for that.
– Mint
– You Need a Budget (YNAB)
– Every Dollar
• Coming in – Going Out =
better not be negative
Budget - Expenses
The smaller your budget, the
lower your debt.
Tips for saving money
• Live with a roommate
• Shop around for best utility rates
• Eat at home/ take your lunch
• Keep driving your old car
• Ride your bike or walk
• Use Student Wellness services
when possible
Typical Borrowing – Year 1
Your Estimated Eligibility for Other Programs
Student Loans
Federal Unsubsidized Stafford Loan $40,500
Total Loans $40,500
Estimated Remaining Cost After Financial Aid $6,489
Additional Sources of Aid
Federal Graduate PLUS Loan $6,489
Remaining Cost After Other Resources $0
Repayment Estimates
Monthly Payment Estimator for Medical Students –
Direct Unsubsidized Loans
Assumes 4 years of medical
school, then a six-month
grace period with the
capitalization of all accrued
interest occurring at the end of
the grace period.
Resident Tuition & Fee ComparisonAssociation of American Medical Colleges
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
Public Medical School Resident Tuition & FeesUT Southwestern
Alabama
Washington
Tennessee
Wisconsin
North Carolina
UC-San Fran
UC-Los Angeles
Utah
UC-San Diego
Kansas
Michigan
UC-Davis
Colorado
Oregon
2017-2018
Websites to know
fafsa.gov
studentaid.ed.gov
www.aamc.org/FIRST
fa.financialavenue.org
Office of Student Financial Aid
214-648-3611
Bryan Williams Student Center
Questions???
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