Applying for Financial Aid - Duke University School of Medicine

Report
Financial Aid for the
Physician Assistant
Program
Office of Financial Aid
Duke University School of Medicine
Topics of the day
• Duke’s Financial Aid Package
• Types of Financial Aid
• How to apply for Financial Aid
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Cost of Attendance for 2012-2013
• Tuition & Fees
• Living Expenses
– $1,866 / monthly
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$41,461
$ 22,392
$834 – rent
$490 – food
$366 – miscellaneous
$176 - transportation
• Books
• Loan fees
$2,485
$1, 611
• 1st year total COA
$ 67,949
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Duke Financial Aid Package
• Federal Direct Student Loans
Unsubsidized Stafford Loan
GradPLUS Loan
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Federal Direct Student Loans cont’d
• Unsubsidized Stafford Loan
6.8% interest – interest accrues while in school
Maximum award per academic year - $20,500.00
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Federal Direct Student Loans cont’d
• Grad PLUS Loan
7.9% interest – interest accrues while in school
Maximum award per academic year – up to total
cost of attendance (remainder of budget)
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Scholarships
• National Health Service Corps
– Pays tuition and required fees directly to
school
– Pays monthly living stipend directly to student
$1,289.00 for 2012-2013 academic year
– Service commitment is required
• minimum of 2 years / full-time
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Scholarships
• Duke Physician Assistant Program Scholarship
– Recipients selected by PA Scholarship
Committee
– Award notification directly to student and
Office of Financial Aid by program
– Scholarship funding replaces loan in financial
aid award
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State Loan Program
• Forgivable Education Loan for Service (available to
NC residents only)
– Administered through College Foundation of
North Carolina, separate application by
student
– Maximum award of $10,000.00 per academic
year
– Service commitment in NC is required – 1 year
of service for each year of loan
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Other loans
• Physician Assistant Loan
– Offered at the discretion of the program
• Perkins Loan
– Federal loan – offered as funding is available
• Alternative Loans
– Private loans – variable interest rates
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Other funding sources
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Veterans Benefits – Yellow Ribbon Program
National Guard Tuition Assistance
Armed Forces Scholarship
Civic Organizations
Health Care Organizations
School affiliations
Professional Organizations
Home state affiliations
www.StudentAid.ed.gov
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Applying for Financial Aid
• Complete the 2013-2014 FAFSA
Free Application for Federal Student Aid,
www.fafsa.ed.gov
E00161
Duke University School of Medicine
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Your FAFSA
• Step Two
– Tax Return Filed?
• Must have one of the following status in order to
calculate EFC and determine eligibility
– COMPLETED
– NOT FILING
– Status of “WILL FILE” not valid for processing
of aid award
– IRS data retrieval or IRS tax transcript
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To – Do List
• Send in your forms no later than April 15, 2013
• Check your credit report!
– Students who borrow Grad PLUS loan will
undergo a credit check by Direct Lending
– Must not have adverse credit history or a coendorser may be required
– www.annualcreditreport.com
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Adverse Credit per the Department of Education
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Bankruptcy (Chapters 7, 11 or 12 within past 5 years)
Voluntary surrender within past 5 years
Repossession within past 5 years
Foreclosure proceedings started
Foreclosure within past 5 years
Deed in lieu of foreclosure
Accounts currently 90 day or more delinquent
– Unpaid collection accounts
– Charge offs / write offs
Wage garnishment within past 5 years
Defaulted loan that has been claim paid
Lease or contract terminated by default
County/State/Federal tax lien within past 5 years
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Applying for loans
• All federal educations loans offered through
Direct Lending
• www.studentloans.gov
– Apply for loans
– E-sign Master Promissory Notes
– Complete Mandatory Entrance Counseling
• Stafford/Grad Plus
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Applying for loans –cont’d
• Perkins Loan and Physician Assistant Loan
– E-sign Master Promissory Note
– Complete Mandatory Entrance Counseling
Perkins Loan and Physician Assistant Loan, if
offered, will be serviced by ECSI. Noted MPN and
entrance counseling will be completed online via the
ECSI website. You will be contacted via email
regarding access to this information by the Duke
Student Loan Office.
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Financial Aid Timeline
- June 2013- access to on-line acceptance of aid open
to matriculated students (should be done early June)
- July 2013- loan entrance counseling and Master
Promissory Note completion deadline (early July)
- August 2013- financial aid disburses to student
account 10 days prior to classes beginning
- August 2013- refunds issued to students for living
expenses (first week of classes)
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Federal Loan Facts
• Stafford Unsubsidized Loan
– 6.8% fixed interest rate
– 6 month grace period
– Repayment lengths based on payment plan
selected
• GradPLUS Loan
– 7.9% fixed interest rate
– No grace period. 1st payment due 60 days after
final disbursement
– May request deferment for up to 6 months
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Loan facts cont’d
• Fulfill service commitment for any loan and/or
scholarship provided
• Select repayment plan suitable for you
– www.studentloans.gov
• Keep track of your federal education loan debt
– www.nslds.ed.gov
• Keep lender informed of any changes to your name,
address, telephone numbers or Social Security
number
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Perkins Loan Facts
5% interest – May be cancelled in full after 5 years of
qualifying service as follows:
• • 15% of the original principal loan amount—plus the
interest that accrued during the year—for each of the first
and second years;
• • 20% of the original principal loan amount—plus the
interest that accrued during the year—for each of the third
and fourth years; and
• • 30% of the original principal loan amount—plus any
interest that accrued during the year—for the fifth year.
• A “year of service” consists of 12 consecutive months of
service
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Details to consider
• Arrive with at least 1 month of living expense on
hand. 2 months is even better.
• Disbursement of loans will not take place until 1st day
of classes…..see above!
• Arrive with reliable transportation. Loans may not
be used to purchase a vehicle.
• Pay down consumer / credit card debt. High debt
may impact ability to obtain GradPLUS loan funding.
Consumer debt is not considered part of the cost
of attendance.
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Contact Information
• Office of Financial Aid
Suite 0368, 3rd Floor
Seeley G Mudd Building
Box 3067 DUMC
Durham NC 27710
ph: 919-684-6649
fx: 919-684-4322
[email protected]
http://medschool.duke.edu/education/financial-aid-office
All Rights Reserved, Duke Medicine 2007
Questions?

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