Orientation for the Entering Class of 2013

1. Orientation for the Entering Class of 2013 Welcome!! Mary Jean Allen Assistant Dean for Student Affairs

2. What should you have done so far? Financial Aid Application Process: • 2013-14 FAFSA – www.fafsa.ed.gov • 2013-14 Institutional Application and Credit Policy Statement • Federal Direct Loan Master Promissory Notes and Entrance Counseling - www.studentloans.gov • Check SOLAR for “to do” items • Complete “to do” items • Accept/Decline/Reduce aid on SOLAR • Set up direct deposit on SOLAR, wait for the $$ to roll in!

3. Anything else? • Make appointment with your PCP for physical exam and completion of SOM Health Form • Titers – Measles, Mumps, Rubella, Varicella and Hep B – need numerical value results • Meningitis Statement on SOLAR • Completed health form must be submitted by August 1 for Fall semester registration • VAMC Forms: send to Mary.Menken@va.gov http://www.stonybrookmedicalcenter.org/som/prospectivestudents

4. 2013-14 First Year Cost of Attendance NYS residents: $57,973* Out of state residents: $83,163* Includes tuition/fees; room/board; books/supplies; transportation expenses; personal expenses/health care and health insurance *subject to change

5. What have we been doing?? • Posted to your SOLAR account • You’ll receive an e-mail from SOLAR when awards are posted and ready to accept • On SOLAR – Accept/Reduce/Decline • Awards are disbursed per semester First disbursement: August 26 Second disbursement: January 6 • Billed charges paid directly first • Refunds for living expenses can be direct deposited or issued by paper check. • Direct Deposit happens w/in 24 hours

6. Sample disbursement process Full award acceptance: $57,973 Semester Disbursement amount: $28,986 Semester tuition/fees: $17,430 $28,986 - $17,430 = $11,556 $11,556 to be used for your living expenses from end of August through end of January Second disbursement/refund to be used for your living expenses from February through June

7. Living Poor – it’s easier than you think Say “NO” to • Living alone • Eating out • Bottled water • Starbucks • Wedding/shower/bachelor party invites • Sushi • Heat and air conditioning • Credit cards • Dating other students • Living like a doctor now; unless you want to be paying your student loans when your kids are in college Say “YES” to • Any friend, relative offering you money. This is no time to be proud. • Home cooked meals and home brewed coffee • Carpooling • Joining a med school student organization = LUNCH • Sweaters, mittens, ski socks…..indoors….in the winter…especially in lecture halls • Maintaining a monthly budget using newfound cash management skills • Living like a student now

8. Orientation Highlights Friday August 16 First Day of Orientation Sunday August 18 White Coat Ceremony 2:00 p.m. Friday August 23 5:00 p.m. Barbecue at Dr. Kaushansky’s Home

9. Things to do this summer Join the Class of 2017 Facebook group Find a place to live and lots of roommates to share expenses! Familiarize yourself with SOLAR Practice living “poor”

10. Loan Entrance Interview AAMC Education Debt Manager • Education Debt/Loan Basics • Credit • Budgeting • Financial Literacy

11. Class of 2011 Indebtedness Median Figures • Public Schools = $155,000 • Private Schools = $180,000 • All Schools = $162,000 Stony Brook Class of 2013 = $154,000 Average debt = $152,000

12. Finding Your Federal Loans www.nslds.ed.gov To access provide: SSN DOB First two letters of surname FAFSA PIN (www.pin.ed.gov)

13. Finding Other Loans www.annualcreditreport.com To access, provide: Name Address DOB SSN

14. Medloans Organizer and Calculator www.aamc.org/FIRST Organize and keep track of your student loan info Develop repayment strategies using the calculator The ONLY calculator designed specifically for medical students!

15. Rights and Responsibilities as a Borrower Rights: • Prepay any federal loan without penalty • Request a shorter repayment schedule • Change repayment plans • Request a deferment or forbearance Responsibilities: • Make on-time payments • Make payments despite receipt of bill • Notify lender/servicer of changes in contact info • Attend an exit counseling session Rights and Responsibilities are included on Promissory Note

16. Interest Rates • Direct Stafford Loans (disbursed on/after 7/1/06): 6.8% • Direct PLUS: 7.9% • Perkins/PCL/LDS: 5% • Private Loans: Typically variable • Direct Consolidation Loans: Fixed rate based on weighted average interest rate of underlying loans, rounded up to the nearest one-eighth of one percent. Capped at 8.25%

17. Interest Subsidy Financial Assistance granted by the government to cover accruing interest while in-school, in grace, or in qualifying deferment. Examples: Perkins Loans; Primary Care Loans; LDS Loans; Institutional Loans; Subsidized Stafford Loans ; Consolidation loans (underlying subsidized loans).

18. Unsubsidized Loans No interest subsidy granted by the government Unsubsidized Stafford; Direct PLUS; Private Loans; Consolidation Loans (underlying unsubsidized loans). Interest capitalizes on unsubsidized loans; unpaid interest is added to principal.

19. Things to keep on top of this summer…. • Keep checking SOLAR for “to do” items • Common “to dos”: Entrance Counseling, MPN, Financial Responsibility Statement, Meningitis Statement • Complete “to do” items • Accept/Decline/Reduce aid on SOLAR • Set up direct deposit on SOLAR, wait for the $$ to roll in!

20. Other Student Affairs-type issues… PARKING All medical students can purchase cards to access the HSC Garage. Access to the garage does not equal a guaranteed parking space.

21. Health Insurance Health Insurance is a university requirement. All students are billed for the university plan. With documentation of private coverage, you can waive the charge for the university plan. Documentation must be submitted to Student Affairs Office. Will be kept on file.

22. Health Requirements for Med Students • Initial Health Form – submitted prior to matriculation. • New students will be registered without initial health form, have one month to submit. • Annual requirements – Each year, must submit documentation of an updated physical exam and PPD reading. • Without annual updates, cannot do any clinical activities!!

23. First Day of Orientation – August 16 Morning: Student Affairs Presentations Afternoon: ID Photos, Class composite Photos, Locker assignments, IT Presentation. • For the IT Presentation you will need your Net ID. • To get a Net ID, you have to be registered. • To be registered you must complete all checklist items that will block your registration: Meningitis statement, Financial Responsibility Statement (FRN).

24. Questions??