Budgeting & Money Matters

1. Budgeting & Money Matters Admissions and Enrollment Management Presented by: La Shaundria ThomasProgram Manager, Medical Student Financial Services

2. Welcome Welcome to financial aid disbursements, bill due dates, and budgeting 101

3. Agenda • The Big Picture: 4-Year Plan • Goals • Cost of Attendance • Financial Aid • Loans • Billing • Payments/Disbursements • Due Dates • Refunds • Budgeting Tips • Contact Information • Resources • Questions and Answers

4. The 4-Year Plan MS1-MS4 • Correspondence provided on how to apply for financial aid and budgeting • Individual meetings/phone calls • Check Facebook and emails periodically for financial tips • Learning Community discussions throughout medical school • Annually, a budget planning workbook will be provided for all students MS3 • During the MS3 meeting, you will be reminded of the residency interview expensesand how to save throughout medical school MS4 • Before the mandatory MS4 meeting, students will be sent a checklist of Exit Interview items to complete. Once the checklist is completed, you have the option of making an individual appointment with Medical Student Financial Services Program Manager to discuss in detail • During the MS4 year, a speaker from FIRST (AAMC) will present repayment plan options for Federal Student Loans • During the MS4 year, a FREE Financial Planner will speak and be available to advise students/graduates throughout residency

5. Goals: C.E.A.C. Confident and Empowered about money matters Assured you will be able to pay back your student loans We want you to concentrate on your medical school education.

6. What is Cost of Attendance? • The cost of attendance (COA) includes tuition and fees, books and supplies, room and board, transportation, insurance, origination fees, and personal expenses. • The university adjusts the COA annually to reflect changes to these costs. • The COA for UABSOM for the 2018-2019 academic year is:

7. Financial Aid It is not too late to apply for federal student aid for the 2018-2019 academic year. Visit: www.fafsa.ed.gov To log in you will need your FSA ID Username and Password

8. Need more money? Applying for the Federal Direct Grad PLUS Loan is still an option

9. Loans: Federal Direct Grad PLUS • Apply by visiting www.studentloans.gov • Approval of the loan is based on credit. No adverse credit history in addition to other requirements • Limit= COA – other aid (including scholarships) • Must complete the PLUS Loan Master Promissory Note if approved • The interest rate is determined on an annual basis during July of the calendar year. The interest rate currently is 7.6% for the 2018-2019 academic year.

10. Federal vs Private Loans: Considerations • Interest rates • Accruals • Deferment benefits • Death benefits

11. Loans: Reminder • If you borrowed loan previously, be sure to stay in contact with your servicer regarding postponement of payment • In-School Deferment Eligibility – must have begun attending school • Enrollment Reporting – Registrar • Automatically reported every 30-60 days

12. Billing: Tuition Tuition assessed twice annually Fall Semester Spring Semester

13. Disbursement Dates Fall 2018: July 23, 2018 Spring 2019: January 14, 2019

14. Billing: Due Dates Fall 2018 tuition is due September 1, 2018 Spring 2019 tuition is due January 1, 2019

15. Billing: Funds in Excess of Tuition • Direct Deposit is the fastest way to receive a refund • Funds are typically deposited 3-5 business days after financial aid disbursement • Sign up for direct deposit by visiting your BlazerNet> My Financial Aid> Direct Deposit> Add/Enroll for Direct Deposit Account • Paper checks are mailed within 5 days after financial aid disbursement

16. Budgeting Tips SAVE There are ways to save money during medical school! • Direct deposit your entire financial aid disbursement into a Savings Account • Transfer money from your Savings account to your Checking Account monthly as if you were receiving a paycheck • Know when to expect your disbursements and how much it should total • Complete a budget and stick to it Be frugal  Be a penny pincher

17. Budgeting Tips • Borrow only what is needed AFTER you budget • You may borrow up to the COA throughout the academic year • Interest accrues from the time the loan is disbursed • Visit the AAMC/FIRST for helpful resources • Always looks for ways to save • Live like a medical student when you are a medical student • Live like a resident when you are a resident • Do not hesitate to contact Medical Student Financial Services with any questions or concern

18. Budgeting Tips Nearly 40% of millennials overspend buying things they can’t afford – on credit cards Winning at money is 80% behavior and 20% head knowledge.

19. Budgeting Tips: Components of a Monthly Budget

20. Budgeting Tips: How Much Should I Borrow? Tuition + fees + Budgeted living expenses -Scholarship money -Funds saved for medical school -Support from family Amount you should consider borrowing You can always borrow more later up to the cost of attendance, if needed

21. Budget: Your Monthly Budget-at-Glance

22. Budgeting Tip: How Much Should I Borrow

23. Want to Schedule an Individual Appointment?

24. Contact Information La Shaundria L. Thomas Program ManagerMedical Student Financial Services 205-934-2332 medschoolscholarship@uab.edu Regarding: Scholarships/Money Matters

25. Resources • https://studentaid.ed.gov/sa/fafsa#how-fill-out-fafsa • https://studentaid.ed.gov/sa/fafsa/filling-out#documents • https://fafsa.ed.gov/ • http://www.uab.edu/medicine/home/future-students/admissions/tuition-financial-aid-scholarships/school-of-medicine-scholarships • http://www.uab.edu/medicine/home/future-students/admissions/tuition-financial-aid-scholarships/external-scholarships • https://www.collegedata.com/cs/content/content_payarticle_tmpl.jhtml?articleId=10065 • https://www.aamc.org/services/fao-first/445960/first-audience.html • https://www.daveramsey.com/blog/cars-wealthy-people-drive • https://www.google.com/search?q=saving+money+habits+how+does+the+us+compare&rlz=1C1GGRV_enUS782US782&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjzvom_qu_cAhWKq1MKHXxCBvUQ_AUICigB&biw=1536&bih=760&dpr=1.25#imgrc=miqXjxiXvmqqWM: • https://www.creditkarma.com/insights/i/fomo-spending-affects-one-in-four-millennials/ • https://quotefancy.com/quote/1377805/Dave-Ramsey-Winning-at-money-is-80-percent-behavior-and-20-percent-head-knowledge-What-to

26. Questions and Answers

27. Thank You