Office of Financial Aid Duke University School of Medicine

1. FinancialAid for the Pathologists’ Assistant Program Office of Financial Aid Duke University School of Medicine

2. Topics of the day • Duke’s Financial Aid Package • Types of Financial Aid • How to apply for Financial Aid

3. ESTIMATED Cost of Attendance for 2014-2015(subject to change and Board of Trustees approval) • Tuition & Fees $31,754 • Living Expenses $ 23,184 • $1,932 monthly • $863 – rent • $504– board • $379 – miscellaneous • $1803- transportation • Books $687 • Loan fees $1,610 • 1st year total COA $ 57,235

4. Duke Financial Aid Package • Federal Direct Student Loans Unsubsidized Stafford Loan Grad PLUS Loan

5. Federal Direct Student Loans cont’d • Unsubsidized Stafford Loan • 5.41% fixed interest rate for loans disbursed July 1, 2013 – June 30, 2014. Interest accrues while in school. Interest rates for loans to be disbursed after July 1, 2014 not yet available as tied to 10 year Treasury Note. • interest rate cannot exceed 9.50% • 1.072% loan origination fee (after 10/01/13) Maximum award per academic year - $20,500.00

6. Federal Direct Student Loans cont’d • Grad PLUS Loan • 6.41% fixed interest rate for loans disbursed July 1, 2013 – June 30, 2014. Interest accrues while in school. Interest rates for loans to be disbursed after July 1, 2014 not yet available as tied to 10 year Treasury Note. • interest rate cannot exceed 10.50% • 4.288% loan origination fee (after 10/01/13) Maximum award per academic year – up to total cost of attendance (remainder of budget)

7. Other loans • Alternative Loans • Private loans – variable interest rates, stringent credit check, typically not available for federal loan consolidation or federal loan forgiveness programs

8. Other funding sources • Veterans Benefits – Yellow Ribbon Program • Civic Organizations • Health Care Organizations • School affiliations • Professional Organizations • Home state affiliations • www.StudentAid.ed.gov

9. Applying for Financial Aid • Complete the 2014-2015 FAFSA Free Application for Federal Student Aid, www.fafsa.ed.gov 002920 Duke University / School of Medicine

10. 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 • Please do not submit a FAFSA with a “WILL FILE” status as it is not valid for processing of aid awards • IRS data retrieval tool

11. To – Do List • Send in your forms no later than April 15, 2014 • 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 co-endorser may be required • www.annualcreditreport.com

12. Adverse Credit per the Department of Education • 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

13. Financial Aid Timeline • June 2014- access to on-line acceptance of aid open to matriculated students (should be done early June) • July 2014- loan entrance counseling and Master Promissory Note completion deadline (early July) • August 2014- financial aid disburses to student account 10 days prior to classes beginning • August 2014- refunds issued to students for living expenses (first week of classes)

14. 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

15. Federal Loan Facts • Stafford Unsubsidized Loan • 5.41% fixed interest rate (for 2013-2014) • 6 month grace period • Repayment lengths based on payment plan selected • GradPLUS Loan • 6.41% fixed interest rate (for 2013-2014) • No grace period. 1st payment due 60 days after final disbursement • May request deferment for up to 6 months

16. 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

17. Details to consider • Arrive with at least 1 month of living expense on hand. 2 months is even better. • Cost of Attendance may not be increased to cover expenses for spouse and/or dependents. • 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.

18. Office of Financial Aid staff Lori Crooks – Director of Financial Aid Karen Woodlief, Associate Director Mitsi Norton – Staff Specialist Steven Wilson – Student Services Officer

19. 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: 919-684-0251 finaid@dm.duke.edu http://medschool.duke.edu/education/financial-aid-office

20. Questions?